The Indian Residential Schools Settlement Agreement stipulates that once all Common Experience Payments (CEP) have been made, if more than $40 million remains in the Trust Fund, the funds are to be made available to CEP Recipients, upon application, in the form of non-cash Personal Credits of up to $3,000 each for educational purposes.
- CEP Recipients will be able to choose to transfer their Personal Credits to certain Family Members as defined in the Indian Residential Schools Settlement Agreement and the Terms and Conditions;
- Terms and Conditions for Personal Credits have been developed by Canada and the Assembly of First Nations and by Canada and Inuit Representatives to determine which Education Entities and Groups and which Educational Programs and Services are eligible;
- Once the Personal Credits have been distributed, any amount remaining in the Trust Fund on June 1, 2015 is to be paid to the National Indian Brotherhood Trust Fund and the Inuvialuit Education Foundation to be used for educational programs.
The deadline for CEP recipients to submit a Personal Credits Acknowledgement form has been extended: postmarked by March 9, 2015.
The deadline for educational entities and groups to submit Redemption forms has been extended: postmarked by June 8, 2015.
The deadline for completion of courses or activities supported by Personal Credits has been extended to August 31, 2015, thus allowing additional time to access educational opportunities.
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