If you see a Canada GSL (Government Student Loan) deposit on your bank statement, it means that your student loan and/or grant payment has arrived. Wondering which student loan program or grant the money is from?
Find out everything you need to know about the Canada GSL payment, along with how it works and how to repay it.
Canada GSL Snapshot
| What Does Canada GSL Stand For? | Canad GSL stands for Canada Government Student Loan. |
| Canada GSL Deposit | Canada GSL is the deposit name you’ll see on your bank statements for any loan and/or grant payments from the Canada Student Financial Assistance Program. |
| Canada GSL Repayment | This depends on whether you qualify for a loan and/or grant. The loan portion must be repaid while the grant does not need to be repaid. |
| Is The Canada GSL Deposit Taxable? | The GSL Canada Deposit is not considered taxable income. |
What Is The Canada GSL Program?
Canada GSL is the deposit name you’ll see on your bank statements for any loan and/or grant payments from the Canada Student Financial Assistance Program. GSL Canada deposit is an abbreviation to simplify your bank statements and ease the tracking of specific payments.
How Much Is The Canada GSL Deposit?
The Canada GSL deposit is a payment to help those who would otherwise be unable to access education. As a result, multiple factors impact the funding amounts. This includes your income, family composition, tuition fees, living expenses, your province or territory and whether you have disabilities. Together, these factors determine how much you can receive.
Here’s How Much You Can Get Through The Canada Student Grant Program
To give you an example, here’s how much you may receive under the Canada student grant program. These amounts don’t include any loans you may also be eligible for.
Full-Time Students
Full-time students can qualify for a grant of up to $4,200 per year or $525 per month of studies. Provided you keep a full-time course load. The $4,200 figure represents the maximum amount for which a single student can qualify during the 2023/2024 year.
Full-Time Students With Dependents
In this category, for the 2023/2024 school year, students can receive up to $2,688 per year, per dependent. This number is in addition to the full-time grant for students issued separately. This assumes that there is a financial need, determined by checking that you don’t exceed the income threshold.
Part-Time Students
For the 2023/2024 school year, part-time students can receive up to $2,520 per year of study. It is assessed based on need, with the maximum amount being low-income households with multiple dependents.
Learn how to repay your student loan debt faster.
Which Provinces Participate In The Canada GSL Program?
Through the Canada Student Financial Assistance Program, the federal government works in partnership with most (but not all) provincial and territorial governments to offer student loans and grants.
To participate in the Canada Student Financial Assistance Program (a.k.a CSFA program), students only need to submit one application with their province or territory of residence. Once this application is submitted, they will be considered for loans and grants from both the provincial and federal governments.
The federal government and the provincial governments of British Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick, and Newfoundland and Labrador offer an integrated loan program, combining grants and loans. This means repayments for the student loans are made through the National Student Loan Service Centre (NSLSC).
In Alberta, Nova Scotia, and Prince Edward Island, the provincial student aid programs are offered alongside Canada Student Grants and Loans. Students still only need to submit one application via their province of residence. However, to repay your loan, the federal portion must be repaid via NSLSC, while the provincial loan must be repaid through your province.
Which Provinces Are Not Included In The Canada GSL Program?
In Quebec, the Northwest Territories, and Nunavut, Canada Student Grants and Loans are not available. These provinces and territories operate their own student aid programs.
- Quebec Student Financial Aid
- Northwest Territories Student Financial Assistance
- Nunavut Student Funding
Yukon focuses on territorial grants (no loans), but also still offers Canada Student Grants and Loans.
Student Aid Programs Available In Canada
Whether or not your province or territory of residence participates in the Canada Student Financial Assistance Program. If you’re looking for financial assistance from the government, you can start by checking out your provincial or territory’s student aid program.
- British Columbia Student Aid
- Alberta Student Aid
- Saskatchewan Student Loans
- Manitoba Student Aid
- Ontario Student Assistance Program (OSAP)
- Quebec Student Financial Aid
- New Brunswick Student Financial Services
- Nova Scotia Student Assistance
- Newfoundland and Labrador Student Aid
- Prince Edward Island Student Financial Services
- Yukon Student Financial Assistance
- Northwest Territories Student Financial Assistance
- Nunavut Student Funding
How Do You Apply For Student Aid Programs?
- Navigate to the page for your province and identify the requirements to apply for financial assistance. It also details the amount that you are entitled to.
- Once you’ve determined that you qualify, submit your application following the on-site instructions.
- After you apply, the province or territory will follow up to indicate the next steps in the process. It is a single application for both loans and grants, making it a quick procedure online. If you are unable to submit the application digitally, you can mail the documents to your area’s office.
Eligibility Requirements For The GSL Canada Deposit
The first step in determining which student aid programs you can apply for to qualify for a GSL Canada Deposit is to determine whether you are in a territory or province that participates in the program.
The standard requirements include:
- Being a permanent resident or Canadian citizen.
- Having active enrollment in an accredited program and institution.
- Living in a part of the country that supports the Canada GSL program.
Provided you meet these standards, you are eligible to apply. However, to qualify, you’ll also need to meet the income requirements and show proof of need.
GSL Canada Income Threshold
To ensure that the money goes to the candidates most in need, a basic calculation determines eligibility. It takes into consideration two key metrics: income and family size.
For example, these are the income thresholds for the Canada Student Grant Program.
| Number of People in Household | Income Threshold For Max Grant Assistance* | Income Threshold For Grant Cut-Off** |
| 1 | $35,429 | $66,942 |
| 2 | $50,104 | $93,709 |
| 3 | $61,365 | $112,041 |
| 4 | $70,859 | $123,676 |
| 5 | $79,222 | $134,369 |
| 6 | $86,784 | $144,476 |
| 7 (or more) | $93,737 | $153,261 |
**If the income is over this threshold, then the student does not qualify for the grant.
Is The GSL Canada Deposit Considered Taxable Income?
The GSL Canada Deposit is not considered taxable income. This means that the amount does not add to your total taxable earnings during the year. Since it is a type of financing sourced directly from the government, it wouldn’t make sense to tax it; they could simply pay a lower grant amount. Student funding is structured to mitigate the tax burden of those in school in an effort to incentivize higher education.
Do You Need To Repay The Canada GSL Deposit?
Since the GSL Canada Deposit is part of a program that is designed to streamline the administrative processing of student aid financing, it consists of both your loan and grant amounts.
The money from the grant does not require repayment. It is issued tax-free to help with the cost of tuition and the cost of living as a student.
Any loan amount that was a part of the GSL Deposit does require repayment. However, any interest you pay on a student loan is a tax-deductible expense.
