So when you reach the golden age of 60 what do you plan to do? Travel the world, spend time with family, learn some new skills or even keep on working? Well, you’re in luck if you want to keep on learning! A couple of universities in Toronto are now offering free tuition for undergraduate and graduate programs for those over 60.
The universities that offer free education are York University and Ryerson (update: free tuition has been phased out at Ryerson). It also sounds pretty easy to get the benefits. They will automatically return tuition costs if you turn 60 years old before September 1st during the application year. This tuition rebate covers individuals that study either full-time or part-time. For example, the average price of an undergraduate program at York University costs $6,907 per year, which is a massive savings for those interested.
A couple of areas require caution, specifically the tax consequences. York states that any tuition rebate is a fully taxed benefit, meaning that it will be taxed like earning extra income. So proper tax planning should be done, and a tax professional can be used if you’re unsure about the tax consequences. Further, tuition rebates can vary by program. York states the following limit, “The fee waiver is capped for senior citizens to the level of tuition fees assigned to domestic, non-professional undergraduate or graduate arts, science and other programs as defined in the tuition fee guidelines from the Ministry of Training, Colleges and Universities.” So just speak to administration to verify how much of the program is covered.
Overall, this is a great program for individuals who want to learn about new topics and ideas.
Thank you for reading, and as always, if you have any questions please contact me at info@ffcoach.ca or 647-289-0012.
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Matthew
Direct Link to the Universities’ tuition rebate websites;
York University- http://sfs.yorku.ca/fees/waivers/
