Canada's most populous province is offering free university and college for low-income students.

The pledge in the Ontario government's 2016-17 budget is to introduce a student grant that would entirely pay for college or university tuition for students from families with incomes of $50,000 or less.

The Canadian Federation of Students applauded the move in an era in which students graduate with "mortgage-sized" debt.

University and college is already far cheaper in Canada than the U.S.

Ontario's Liberal government also said Thursday it is on track to eliminate a $5.7 billion Canadian (US$4.2 billion) deficit in the next budget.