Elimination of Canada Apprentince Loan Interest
Effective April 1st, 2023, the Government of Canada has permanently eliminated the accumulation of interest on all Canada Apprentice Loans including loans currently being repaid. You continue to be responsible to pay any interest that may have accrued on your loan before April 1, 2023.
Maintaining your Canada Apprentice Loan
While you are a registered Red Seal apprentice:
You do not have to make payments on your Canada Apprentice Loan.
If you are no longer a registered Red Seal Trade apprentice:
You will have to start making payments on your loan 18 months after the end of your technical training or 18 months after your province or territory last confirmed your status as a Red Seal apprentice.
How to maintain payment-free status
While you are still in training:
Your registration in a Red Seal Trade apprenticeship program must be confirmed by your province/territory or technical training provider.
If you are returning to technical training:
If you apply and qualify for Canada Apprentice Loan funding before your Apprenticeship End Date, we will confirm that you are enrolled in technical training and will make sure your loan is in payment-free status.
If you are not applying for a new loan, you may continue to qualify for payment-free status on your previous loan(s) as long as we can confirm that you are still registered as a Red Seal apprentice. We will communicate with your province/territory of registration to confirm your registration and notify you of the result using your preferred method of communication (online/paper). It is important that you keep your contact information up to date. If you need to update your information, please contact us.
If you have additional questions or you need help maintaining your Canada Apprentice Loan, contact us.
If you are not returning to technical training:
If you are not returning to technical training, we will communicate with your province/territory of registration to confirm that you are still a registered Red Seal apprentice. We will notify you of the result using your preferred method of communication (online/paper). It is important that you keep your contact information up to date. If you need to update your information, please contact us.
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