FACT: Apprenticeships can take from 1 to 4 years to complete
FACT: Technical training sessions can be from 4 to 12 weeks
FACT: Tuition fees… living expenses… costs add up!
FACT: We can help!
 
Members who are enrolled in an Apprenticeship Program are encouraged to apply for a Wainwright Credit Union Apprenticeship Student Loan for up to $5,000.00 per year.

Eligibility criteria for receiving an Apprenticeship Student Loan include:

• Borrower to be a minimum of 18 years old.
• A copy of the Confirmation of Enrolment to the trade school must be provided
• Previous Apprenticeship Student loan amounts must be paid in full prior to beginning a new technical training session. Minimum payment amount for this loan is $100.00 per month.
• A Letter of Employment from an existing employer is required, stating the member will be returning after they finish their technical training session.

Additionally, we will accept interest only payments on existing consumer loans through Wainwright Credit Union (excluding Residential Mortgages) while members are in school and one month after. If members do not require Apprenticeship Loan assistance they may, upon presentation of proof of enrolment and a letter from their employer stating they will remain employed after the schooling, apply to have interest payments only taken on their personal loans for the duration of technical training sessions.

Following is information and links that are meant to inform you about additional financial programs that are currently available for apprentices.

Three main programs:

1. AIG (Apprenticeship Incentive Grant)
2. Tradesperson’s tools deduction
3. Apprenticeship Scholarships

http://www.hrsdc.gc.ca/en/workplaceskills/trades_apprenticeship/AIG/index.shtml

1. What is the AIG?

The Apprenticeship Incentive Grant is a taxable cash grant of $1,000 per year. It is available to registered apprentices once they have successfully completed their first or second year/level/block of an apprenticeship program in one of the Red Seal trades.
Specifically, the AIG is meant to:

• help cover some of the tuition, travel and tool costs
• encourage apprentices to complete their apprenticeship program and get their Red Seal, which will allow them to apply their skills and knowledge anywhere in Canada

2. What is the new tradesperson’s tools deduction?

The new tradesperson’s tools deduction provides employed tradespersons with an annual tax deduction of up to $500 to help cover the cost of new tools necessary to their trade. The deduction applies to the total cost of eligible tools if the following conditions are met:

• the total cost exceeds $1,000;
• the tools were bought after May 1, 2006;
• the purchase was made by an employed tradesperson.

http://www.advancededucation.gov.ab.ca/appren/

3. Apprenticeship Scholarships

The Alberta Apprenticeship and Industry Training Scholarships provide more than 200 annual Scholarships of $1,000 each.
The scholarships are designed to recognize the excellence of Alberta apprentices in a trade, and trainees in a designated occupation, and to encourage recipients to complete their apprenticeship or occupational training programs.
This Scholarship Program is cosponsored by the Alberta Apprenticeship and Industry Training Board, private industry and Alberta Advanced Education and Technology.