Interest relief and Debt Reduction will be replaced with Repayment Assistance Plan (RAP)
You can read more about it here:
http://www.canlearn.ca/eng/after/repaym ... /rpp.shtml
Positives is that the program overall is more fair to everyone, basically everyone pays what they can afford. But on the same token, you gotta pay what they think is affordable (20% of income), no more not paying for 6 months at a time.
It is especially beneficial after the 5 year mark where basically the goverment helps you pay off the portion the you cannot afford.
Gov't is basically guaranteeing that you will be debt free after max of 15 years.
I still have some questions myself about it like how they verify a change in your status if you don't tell them (like you just got a new job), do they do an annual check with CRA, or how do they regulate this. Anyone with answers or material to add is welcome.
Ive created another thread to segregate the old system from the new.
Hm....getting old, maybe I should retire from the thread since the inside info ive collected from before no longer applies anymore...
EDIT: Thanks to Mysteek and other supporters of this thread (and the old one), I will ask for those found the threads helpful to nominate/vote for us for "Most Helpful Thread Nominations". And I say us because I obviously share this honor with CSK'sMom ^_~
http://www.redflagdeals.com/forums/show ... p?t=763768
Update: Good to see this thread is still being used =)