What are LICOs?
Statistics Canada’s Low Income Cut-Off Rate (LICO) is commonly used as the unofficial poverty measure in Canada. The LICO is a relative, proportional income-based measure that varies across the province according to population size. Therefore, a household spending more than 55% of its income on food, shelter and clothing, with little extra income to spend on transportation, health, personal care, education, household operations, recreation or insurance, will fall below its LICO.
ESTIMATED BURSARY AMOUNTS FOR 2023-2024
Based on recent low-income cut-offs, student bursaries will be available in various amounts depending on the applicant's annual household income and family size. Please see the charts below to determine whether or not your family is eligible for financial aid.
Please note that students must be admitted based on Discover Year's standard admissions criteria in order to be considered for financial aid.
| LICO | Bursary | Example |
|---|---|---|
| LICO or below | $5,000 | Applicants living in a family with an annual household income that is below the low-income cut-off may apply to receive a bursary of $5,000. |
| LICO + 15% | $4,000 | Applicants living in a family with an annual household income that is within 15% of the low-income cut-off may apply to receive a bursary of $4,000. |
| LICO + 30% | $3,000 | Applicants living in a family with an annual household income that is within 30% of the low-income cut-off may apply to receive a bursary of $3,000. |
| LICO + 45% | $2,000 | Applicants living in a family with an annual household income that is within 45% of the low-income cut-off may apply to receive a bursary of $2,000. |
To determine how much financial assistance your family is eligible for, please see the tables below. They demonstrate the annual household incomes that correspond with 15%, 30% and 45% of the low-income cut-off for family sizes of 2 to 7 persons, as well as the bursary amount.
| Family Size | Percentage | Household Income | Bursary Amount |
|---|---|---|---|
| 2 person | LICO | Less than $30,500 | $5,000 |
| LICO + 15% | $30,500 to $35,000 | $4,000 | |
| LICO + 30% | $35,000 to $39,000 | $3,000 | |
| LICO + 45% | $39,000 to $44,000 | $2,000 | |
| 3 person | LICO | Less than $37,500 | $5,000 |
| LICO + 15% | $37,500 to $43,000 | $4,000 | |
| LICO + 30% | $43,000 to $48,000 | $3,000 | |
| LICO + 45% | $48,000 to $54,000 | $2,000 | |
| 4 person | LICO | Less than $45,500 | $5,000 |
| LICO + 15% | $45,500 to $52,000 | $4,000 | |
| LICO + 30% | $52,000 to $59,000 | $3,000 | |
| LICO + 45% | $59,000 to $65,000 | $2,000 | |
| 5 person | LICO | Less than $51,500 | $5,000 |
| LICO + 15% | $51,500 to $59,000 | $4,000 | |
| LICO + 30% | $59,000 to $67,000 | $3,000 | |
| LICO + 45% | $67,000 to $74,000 | $2,000 | |
| 6 person | LICO | Less than $58,000 | $5,000 |
| LICO + 15% | $58,000 to $66,500 | $4,000 | |
| LICO + 30% | $66,500 to $75,000 | $3,000 | |
| LICO + 45% | $75,000 to $84,000 | $2,000 | |
| 7 person | LICO | Less than $64,500 | $5,000 |
| LICO + 15% | $64,500 to $74,000 | $4,000 | |
| LICO + 30% | $74,000 to $84,000 | $3,000 | |
| LICO + 45% | $84,000 to $93,500 | $2,000 |
Applying for Financial Aid
As outlined in the Discover Year Application Requirements, Canadian students who are eligible for financial aid bursaries must submit the following information with their application to be considered for a bursary:
- Copy of most recent T451E (Notice of Assessment) OR three consecutivepay stubs of all working parents/guardians in immediate family
- Letter of endorsement from a member of the community on official letterhead, testifying to the applicant’s financial need
- NOTE: The educational referee above is welcome to submit letter of endorsement, but a separate letter is required for financial aid
- Letters of endorsement must indicate applicant’s family size (including number of dependents)