Hi Omer!
Welcome to MacInsiders! Thanks for joining.
I assume you're staying in residence this Fall? If so, residence students are required to get a meal plan. You can learn all about it here:
http://hospitality.mcmaster. ca/mea...2016-2017.html
It can definitely seem confusing at first, with all those confusing account names.
Here's the plans for 2016-2017 available to all rez students:
First, you pick a meal PLAN, which are those 4 types on the left.
I personally recommend you go with the MINIMUM plan, so that you're paying the least amount of money and 'locking' that money into having to buy food on campus (and nearby 'partner' food places off-campus).
Once you pick a plan, you have 3 spending 'accounts' within your plan that are allocated various amounts of money. Basic, Freedom, and Flex.
This year the "minimum plan" is $3595. $3170 of that has to be used on-campus to buy food and is
NON-REFUNDABLE, they call that your 'Basic account'. The advantage of this account is that all food you buy on-campus is tax-free (you save paying 13% tax). All other students
without the meal plan or a flex account, have to pay 13% HST when they buy food on campus. You can use your money in this account to buy from
on-campus locations listed here.
The "Flex account" is an account you can refill anytime, and gives you the ability to buy on-campus tax-free. It's REFUNDABLE at the end of the term. Think of it like an 'overflow' account if you run out of the money in your Basic Account (the $3170) and need to top up to add more money.
That plan then has "$250" in a "Freedom Account". The FREEDOM account gives you ability to purchase confectionary and non-food items on campus at Hospitality Services locations and to dine at the participating
Off-Campus vendors. All purchases made from the FREEDOM account you pay taxes on. It's REFUNDABLE at the end of the term.
Here is a list of off-campus restaurants and 'vendors' you're allowed to use your McMaster Meal Plan Freedom dollars at.
You're allowed to ask them to move money between your Freedom and Flex accounts.
Personally, I don't see why anyone would want to pick any of the meal plans higher than "Minimum" because the amount in the BASIC account stays the same.... it just puts more money into the Freedom account, which you then don't get any tax advantage on, and have to spend on-campus or off-campus locations. Why lock your money into having to buy food at locations off-campus that McMaster partners with? If you have cash or a debit/credit card.. you can walk over to any restaurant around McMaster and buy food lol. With the Freedom account you're basically using your meal plan like a debit card at their off-campus partner locations, but you're forced to only be able to buy from those locations.
Here's the scenario I would pick if I were going into residence:
1. I would get the minimum plan. Lowest amount of money upfront. I know now that I have $3170 to spend on food on-campus sitting in my account ready to go.
2. I would then ask them to move the $250 from my 'Freedom account' to my 'Flex account' so that I can actually get an advantage on that money of saving the tax on my purchases. I now know that I have $3170 non-refundable I have to spend + $250 extra sitting in my Flex account.
3. I get a debit/credit card to buy food off-campus anywhere I want, with no restrictions.
4. Once the $3170 is spent on food on campus, if I feel like I really liked buying meals on campus and want to continue, I start tapping into that $250 Flex money until it's gone.
5. Once the $250 Flex is gone, if I really want to keep buying food on campus, I would refill my Flex account and pay-as-I-go. Any money left over that I don't spend, I would get refunded or roll into the next term.
Hope that helps!
Here's a list of FAQs that might help answer any other questions you have:
http://hospitality.mcmaster. ca/mealplan/faq.html
