Federal Budget Pledges New Investments in Applied Research

Posted on Friday, March 31st, 2023

OTTAWA (March 31, 2023) – The federal budget released this week outlines investments related to the post secondary education sector, including $108.6 million over three years, starting in 2023-24, to expand college applied research funding through the College and Community Innovation Program. The program is administered by the Natural Sciences and Engineering Research Council (NSERC).

“Algonquin College is proud of the many partnerships it has forged with industry leaders in the research and technology fields, and the many opportunities these relationships provide to our learners,” said Algonquin College President and CEO Claude Brulé. “It is encouraging to see the federal government continue to place emphasis on applied research, and the significant role it plays in the economic growth of Canada across many sectors. New funding is critical to help us continue working with businesses to help them access the talent they need to innovate and grow.”

Last fall Algonquin College announced it had received $1.5 million in funding from NSERC to establish a Research and Development Institute. In January, Algonquin announced it was ranked third in partnerships in Canada’s Top 50 Research Colleges in 2022 by Research Infosource inc.

Other highlights of the federal budget related to the post-secondary sector include:

Work-integrated learning:

Work-integrated learning programs such as co-ops and internships play a critical role in helping students transition from post-secondary institutions to the workforce. The federal government recognizes the need to continue supporting students to develop work-ready skills, particularly in the context of an increasingly complex and evolving labour market.

Budget 2023 proposes to provide $197.7 million in 2024-25 to continue the Student Work Placement Program to provide quality work-integrated learning opportunities for students through partnerships between employers and post-secondary education institutions.

Student support:

Budget 2023 proposes to provide $813.6 million in 2023-24 to enhance student financial assistance for the school year starting August 1, 2023. This includes:

Increasing Canada Student Grants by 40 per cent—providing up to $4,200 for full-time students.

Raising the interest-free Canada Student Loan limit from $210 to $300 per week of study.

Waiving the requirement for mature students, aged 22 years or older, to undergo credit screening in order to qualify for federal student grants and loans for the first time. This will allow up to 1,000 additional students to benefit from federal aid in the coming year.

The federal government will work with students in the year ahead to develop a long-term approach to student financial assistance, in time for Budget 2024.

 

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