Originally Posted by knox

I make a good amount over the summer working in Toronto, enough to pay off my tuition and have a good chunk left over. I keep collecting OSAP so I can toss it in my savings account and make interest off it. I have enough saved up to pay it all off come graduation, so it's free interest money really.

Even if your parents can afford to send you to school, if you qualify for OSAP you should grab it anyway. You can lock that money away in a guaranteed investment account for 3 years just to make money off of it while you're in school.

But the chances are, if your parents can afford to pay for your schooling, then they make too much for you to get OSAP.
OSAP stops taking your parents income into account once you've been after highschool for 4 years (ie. after most university students finish their final year).

Originally Posted by lmasud

I agree with most of what has been written here, but I have to say one thing: OSAP does a really shitty job of tracking people's income. I'll give a couple of examples:

My dad works in the states, and when he filed his taxes last year, the conversion rate from US currency to Canadian was about 1.25...so basically for that month or so he made 25% more money, but OSAP looked at it for the whole year, so instead of his usual 60K per year, his salary for OSAP was $75K...which means i got next to nothing from OSAP (forget about bursaries or grants).

On the other hand, my friend's dad was unemployed when he filed his taxes, so his income came out to $0. He got enough $$ from OSAP to afford books, tuitions, and dorming in Mary Keyes.

It is really messed up. My dad worked full time in 2007, but he was unemployed for 10 months in 2008 (he's in the trades and there was no work). When I applied for OSAP in 2009, they looked at what he made in 2007 and said "Your dad makes too much money".

It's stupid that they look two years behind because when he lost his job at the end of 2007, there were more important things to pay/save up for than my tuition (ie. family house, car, groceries).

I ended up getting OSAP that year because I went and BEGGED them and explained our situation. But I only got $200 so it was almost pointless..

Originally Posted by knox

I make a good amount over the summer working in Toronto, enough to pay off my tuition and have a good chunk left over. I keep collecting OSAP so I can toss it in my savings account and make interest off it. I have enough saved up to pay it all off come graduation, so it's free interest money really.

Even if your parents can afford to send you to school, if you qualify for OSAP you should grab it anyway. You can lock that money away in a guaranteed investment account for 3 years just to make money off of it while you're in school.

How is that possible? If you made enough money over the summer to pay off your tuition, you can't "keep collecting OSAP" chances are you wouldn't of qualified for any OSAP if you made "a good amount over the summer".

Originally Posted by Greco

How is that possible? If you made enough money over the summer to pay off your tuition, you can't "keep collecting OSAP" chances are you wouldn't of qualified for any OSAP if you made "a good amount over the summer".

A few of my friends make $6500 in the summer (enough for tuition), and still get tons of OSAP.
OSAP doesn't just cover tuition. Some people get like $11,000 for rent, books, food, etc. too.

Originally Posted by Katia

anyone know a private accounting place that does them cheap?I know there are alot in sauga and oakville but I wouldnt drive all the way there

My dad does it on his own (ofcourse he has certifications!). He tells his friends which tax software to buy and then does taxes for everyone.

Originally Posted by Kathy2

A few of my friends make $6500 in the summer (enough for tuition), and still get tons of OSAP.
OSAP doesn't just cover tuition. Some people get like $11,000 for rent, books, food, etc. too.

So I can make 7k in the summer, yet during the school year I can only make $50/week or else my OSAP will be reduced.

This OSAP b/s is really confusing.

Originally Posted by Greco

How is that possible? If you made enough money over the summer to pay off your tuition, you can't "keep collecting OSAP" chances are you wouldn't of qualified for any OSAP if you made "a good amount over the summer".

I made nearly $20,000, mother doesn't work, dad makes average income, and I don't live at home, and I was able to collect roughly 4,000 from OSAP.

Originally Posted by Greco

So I can make 7k in the summer, yet during the school year I can only make $50/week or else my OSAP will be reduced.

This OSAP b/s is really confusing.

Yup.
The more you make in the summer, the less OSAP you will get. But if you make under a certain amount, you'll still get OSAP.