What is Canada GSL Deposit?

Just received a bank deposit with the description “Canada GSL” or “Canada GSL ETU”? Don’t panic!

It’s natural to start asking questions upon receiving the GSL deposit; it has no clear description.

But that’s only one out of the many deposits you may receive from the government with no clear descriptions.

However, you must spend it with caution by first understanding the reason behind it.

Canada GSL is one of the student aid programs that the Canada Revenue Agency administers on behalf of the federal government and the provincial/ territorial governments.

So receiving the GSL deposit in your bank account means you’re eligible for the federal government, your province/territory grants and loans.

But what exactly is Canada GSL ETU? How do you qualify for this deposit? How much are you entitled to?

Here I provide answers to these questions and many other questions to clear all your doubts about the GSL deposit in your bank account.

What is Canada GSL Deposit?

Canada GSL refers to the federal government and provincial/territorial grants and loans that the Canada Revenue Agency administers to eligible students.

Like Canada Pro, Canada RIT, Canada Fed and Canada FPT, Canada grants and loans deposits don’t have clear descriptions. This explains why it confuses many recipients.

As an abbreviation for Canada Government Student Loan, Canada GSL aims to offset the post-secondary expenses of low-medium-income Canadian families, students with permanent disabilities and students with dependents.

However, recipients of GSL are not required to repay the grants but must repay loans with interest after graduation.

Depending on your eligibility, you may qualify for more than one grant in your province or territory.

As you continue reading, you will learn more about the government student grants and loans and how much you can receive.

How Canada GSL Funding Works?

The Canadian federal government works in partnership with the provincial/territorial government to administer the Canada GSL ETU.

As a result, you need to apply for student grants and loans in your province/territory.

However, not all Canadian provinces and territories offer Canada GSL.

For example, Nova Scotia, Manitoba, Alberta and Prince Edward Island offer provincial/territorial student aid alongside the Canada GSL.

Yukon has only territorial grants but also offers the Canada Student Grants and Loans (Canada GSL)

On the other hand, British Columbia, Ontario, Saskatchewan, Newfoundland and Labrador and New Brunswick offer integrated student grants and loans.

Additionally, Quebec, Northwest Territories and Nunavut operate different student aid programs without Canada GSL.

Is Canada GSL Taxable?

Now that you know the reason behind the grant and loan deposit in your account, you must be wondering if it’s tax-free.

Fortunately, the government all grants and loans are tax-free. This means you can spend them without including them in your annual tax return.

However, as mentioned previously, you need to repay the loan part of the program with interest in due time.

Who is Eligible for GSL Canada?

Your eligibility for GSL Canada depends on your province or territory.

That said, there are no general requirements for GSL Canada since each province or territory has different requirements.

However, common requirements for the grants and loans include:

• Being a Canadian citizen or permanent resident.
• Enrolling in an applicable educational program.
• Residing in a Canadian GSL-supported province or territory.

How Much GSL Deposit You Can Receive?

The amount of GSL deposit you may be entitled to depend on many factors such as your:

• Family income
• Family size
• Province or territory of residence
• Living expenses
• Tuition fees
• Health status (i.e. whether you have a disability or not)

That said, your province or territory determines how much GSL deposit you can receive during your application.

However, you can use the federal student aid estimator to determine your potential GSL amount.

Finally, you can receive a grant of up to $6,000 or up to $3,600 if you’re a Full-Time or Part-Time student for the 2022 to 2023 school year.

Do I Have to Repay Canada GSL?

You don’t have to repay the grant portion of the program, but it’s compulsory to repay the loan.

However, you don’t repay the loan while you’re still in school. Also, you don’t have to repay it if you’re a reservist Canadian in the Canadian Forces.

But 6-month after graduation, you’re expected to start paying your student loan.

The 6-month after graduation implies the period when you:

• Completed your final school session.
• Leave school or defer a school session.
• Change your studies from Full-Time to Part-Time.

However, you don’t have to wait for 6-month after graduation to start paying your student loan. You can do so anytime you want.

In fact, repaying your loan ahead of time saves you from paying interest.

Finally, the National Student Loan Services Center (NSLSC) contains your loan details and the repayment period.

What If I Can’t Repay the GSL?

If you find it difficult to repay your student loan at due time, you can reduce your monthly payment based on how much you can pay or seek repayment assistance.

However, bear in mind that missing your student loan payment can hurt your credit history and limit your chances of qualifying for other loans in the future.

But there are three major options that can help you in repaying your student loan. These are:

1. Visiting National Student Loans Service Centre (NSLSC) account to find a customized repayment plan.
2. Contact your province/territory to help you with a loan repayment solution.
3. Reaching out to the NSLSC to find a way out.

I will advise you to follow the above steps one after the other, and you’re likely to see results.

How to Apply for GSL Deposit?

As mentioned previously, GSL is not available in all the provinces and territories of Canada.

But each Canadian province or territory has a student grant and loans program.

So unless your province or territory offers GSL, you can apply.

Click on your province or territory below to be directed to the application page of the grants and loans program:

• British Columbia Student Aid
• Alberta Student Aid
• Manitoba Student Aid
• Nova Scotia Student Assistance
• Newfoundland and Labrador Student Aid
• Yukon Student Financial Assistance
• New Brunswick Student Financial Services
• Nunavut Student Funding
• Prince Edward Island Student Financial Services
• Northwest Territories Student Financial Assistance
• Quebec Student Financial Aid
• Ontario Student Assistance Program (OSAP)
• Saskatchewan Student Loans

By visiting the application page, you will see the requirements and entitled amount.

After applying, you will be notified later by your province/territory of the subsequent steps.

Bear in mind that you can only make one application for both the grants and loans.

However, if you can’t make an online application, you can fill and submit the documents listed here.

Other Student Aids in Canada

Based on your eligibility, you may be entitled to other student aids in Canada toward your post-secondary education.

Here are some of the other student aids that you may be eligible for:

1. Apprentice Loans and Grants

The Canada Apprentice Loan aims to assist in starting and completing an apprenticeship in the Red Seal trade while you are in school.

This initiative is administered by the federal government of Canada and awards up to $4,000 loans to eligible students.

One thing I like about the apprentice loans is that there’s no interest in each session of technical training.

As a result, you can use the loans to fund your training tools and equipment expenses, family expenses, and even tuition.

Furthermore, you are not required to repay the loans not until you finish or resign from the apprentice program.

With the exception of Quebec that has another program in place, all Canadian provinces and territories offer the Canada Apprentice Loan.

To apply for this loan, visit the Canada Apprentice Loan Online Service page.

2. Scholarships

There are several scholarships in Canada for your undergraduate, graduate and postdoctoral studies. These include:

• Banting Postdoctoral Fellowships: These scholarships fund postdoctoral studies that impact Canada’s social, economic, and overall growth.
• Royal Military College Scholarships and Awards: These scholarships provide funds for Regular Officer Training Plan officers.
• Canada Graduate Scholarships – Master’s Program: These scholarships fund graduate research in engineering, natural sciences, health and social sciences/humanities.
• Vanier Canada: This scholarship funds outstanding students for doctoral studies.
• Indigenous Bursaries Search Tool: This scholarship funds bursary search in Canada.
• Dick Martin Scholarship Award: This is a scholarship for health and safety-related studies in Canada.
• International Scholarships Program: These scholarships cater to Canadian international studies and students outside Canada.
• Joseph-Armand Bombardier Canada Graduate Scholarships Program: These are doctoral scholarships for studies in social sciences/humanities.
• Natural sciences and engineering awards: This scholarship funds undergraduate, postgraduate and post-doctoral studies in natural sciences and engineering.
• L. Holmes Award for Post-Doctoral Studies: Post-doctoral: These are scholarships for outstanding research at famous schools.
• International Business Scholarships: Funds for studies in international business or business-related studies on sustainability or environmental studies.
• International Development Research Centre: This is a scholarship to Canadian citizens, residents, and doctoral students from developing countries.

3. Aid for Reservists

This is an opportunity to pause your loan interest while serving in a designated operation.

However, you may be required to make payments for part of your province/territory loan. But your federal government loan payment remains paused.

To qualify for the reservists’ aid, you must:

• Be a reservist.
• Have postponed your full-time studies because of a designated operation.
• Intend to continue studies after your designated operations.
• Haven’t started repaying your federal student loan.
• Reached 60% of the full course you enrolled in.

That said, you need to fill and complete the Confirmation of posting assignment for full-time students form.

After completing the form, you are expected to submit it to the address stated in the form through the National Student Loans Service Centre.

Furthermore, you are expected to attach a copy of the Department of National Defense Notification of Posting Instructions to your application form.

Final Thoughts on Canada GSL ETU

Now you know what the GSL ETU deposit entails in your bank account.

But it doesn’t end there. There are quite several other benefits that you may be entitled to as a student.

You can find information about other financial assistance programs administered by your province or territory through the student financial assistance website.

Besides student grants and loans, you can also refer to your Registered Education Savings Plan (RESP) for educational funds. If you don’t have one, you are missing a great deal.

Above all, your goal is to accumulate as many funds as possible toward a smooth graduation and post-school financial freedom.

So the more financial assistance programs you apply to, the more funds at your disposal.

Finally, I’m interested in knowing your experience in the comment section about the student financial assistance you enrolled in.

Frequently Asked Questions

What is Canada GSL Stand For?

Canada GSL is an abbreviation for Canada Government Student Loan.

What is GSL Payment?

GSL payment refers to grants and loans deposited to eligible students on behalf of the federal and provincial/territorial government of Canada.

The aim of the payment is to offset the costs of post-secondary education for low-medium-income Canadian families, students with permanent disabilities and students with dependents.

What is GSL Money?

GSL money is tax-free money given to eligible students in Canada for the cost of post-secondary education.

The money has a grant and loan portion. The grant portion is non-repayable. But the loan portion is repayable with interest.

What is Ontario Student Gant?

Ontario Student Opportunity Grant (OSOG) refers to student grants for loan repayment.

This grant assists Ontario students in repaying their debt on Canada-Ontario Integrated Student Loan (COISL).

That said, if a student is a recipient of the Ontario Student Opportunity Grant (OSOG), their entitlement will be used to redeem their COISL debt.

Furthermore, Ontario students can benefit from the Ontario Student Assistance Program (OSAP), a financial program that offers grants and loans for post-secondary education.

If you have more questions on the GLS deposit, reach out to your province/territory or the NSLSC.