I currently live on res, but for personal and mainly financial reasons, I don't want to continue living here for the next term. Is it possible to move out by the end of this term and have some money returned? Or am I stuck paying for the entire year? Thanks in advance.

if you're living on res, why don't you just go to one of the service desks and ask? I'm sure they'd provide more info

If you want to move out of residence, I suggest you talk to Residence Admissions (Housing and Conference Services in the Commons 101 i think) asap. You'll get your money back on a prorated basis. That is, you'll get your money back for the four months you haven't lived on res and won't get your money back for the months you have. You'll get credited in your student account. Talk to your residence manager for better info and visit this site

housing.mcmaster(dot) ca/Residence_Admissions/withdrawal.html