2016 federal budget supports university infrastructure and students

The federal budget, announced Tuesday afternoon in Ottawa highlights the value universities and research play in developing Canada’s economy.

“The budget commitments highlight tremendous support for universities and students,” said McMaster president Patrick Deane. “It provides valuable opportunities to improve campus infrastructure through the Post-secondary Institutions Strategic Investment fund. It also provides strong support for university research with dedicated increases to the Granting Councils, as well as additional support for students with the enhancements to the Canada Student Grant and Canada Loans Program. All of these investments will contribute to world class research and excellence in learning for our students and researchers.”

Budget highlights for universities include the following:

• $2 billion dollars over three years, starting in 2016–17, for a new Post-Secondary Institutions Strategic Investment Fund. Through this fund, post-secondary institutions have the opportunity to enhance and modernize research and commercialization facilities including the expansion of on-campus incubators and accelerators.
• An additional $95 million per year to the granting councils, starting in 2016-17, and on an ongoing basis. These funds will be allocated as follows:
  • $30 million for the Canadian Institutes of Health Research;
  • $30 million for the Natural Sciences and Engineering Research Council;
  • $16 million for the Social Sciences and Humanities Research Council; and
  • $19 million for the Research Support Fund
• The budget proposes several enhancements to the Canada Student Grant and Student Loan Program including increasing the Canada Student Grant amounts by 50% for low and middle income families and part-time students) and expanding eligibility thresholds (in place for the 2017-18 academic year). It also proposes to increase the Repayment Assistance Program Threshold to ensure that no student will have to repay their Canada Student Loan until they are earning at least $25,000 per year.
• $73 million over 4 years to increase co-op placements and strengthening work integrated learning through the Post-Secondary Industry Partnership and Co-operative Placement Initiative.
• As part of the government’s upcoming Innovation Agenda, the budget commits to $800 million over four years to support innovation hubs and clusters. This will promote the importance of private sector, post-secondary institutions, governments and other stakeholders coming together to strategically achieve a greater impact in promoting Canada’s science and technology strengths.
• $14 million over two years to the Mitacs Globalink program
• $237 million to support Genome Canada;

McMaster University is a member of the U15 Group of Canadian Research Universities, which noted in its release, “The federal government’s substantial investment in research and development will ensure Canadian universities excel as world-class research and training sites, as we build the smart, innovative economy that will position Canada to meet future global challenges.”