Do I have to let the OSAP know about how much money I have in my RESP even if I’m not planning to use it through my first year.

I have an RESP that was started it 2008 by my parent and when I call their branch to ask them about my resp statue they said it was suspended in 2009 and they have not been very useful source to gain information about my resp. Due to address changes I haven’t received any letters from them. Now I have no clue about how much is in my account or if it possible to use that money for my tuition. But I know my parents have been putting money since 2008 for 4 years. I was planning to let that money stay alone and only use my OSAP to pay for university.

I’m afraid if I didn’t let OSAP know about my RESP they will consider it as a fraud.

So what should I do?

I would let them know, if they find out you haven't reported this stuff twice in a row or by a large amount they won't give you OSAP.

I notified OSAP of RESP usage 2 years ago and to my surprise they included an extra 250$ in my OSAP

Just walk into a branch of your bank its in and inquire. Yes, they do need to know any and all sources of income and assets, and you could be penalized for misreporting it.

when applying for OSAP you only indicate the amount that you will be receiving from the RESP during the upcoming academic year. If you do not plan on getting/using any then you simply put 0.

note** there is a difference between the money in your RESP and the money from your RESP you are using. They do not need to know the full amount in your RESP only the amount you will be receiving for the academic year. For instance if i have 10,000 in me RESP and I will be receiving 2000 then that is what i put under Income from RESP. if i will be receiving 0 then i put 0.

For OSAP, it is the amount you are using this year, not the amount in the pool. You can have $10k in RESP total but choose to use 0 (put 0 down for RESP slot) and use it next year.

Has the amount of funding that OSAP is providing been given to anyone yet? I checked today and it told me it would be out in Mid-June :O.

Nope, still waiting. Both mine and my brother's say "check back mid june". I think the new system probably just has them bogged down.

Mine gave me an estimate after I filled everything out, is that what you mean?

Also, I thought RESPs had to be used for school, when I cash mine out each year I have to get the registrar to fill out a form confirming that I am enrolled as a full time student. So if you're not going to use the RESP money for school, I'm not sure how it will work. Maybe they just dont award you interest.

My parents started RESPs for me and my sisters when we were born (thank god!) and the interest that was accumulated pays for my tuition. But my mom said something about the principal is garunteed, but the interest is conditional.

Originally Posted by Melanieee

Mine gave me an estimate after I filled everything out, is that what you mean?

Also, I thought RESPs had to be used for school, when I cash mine out each year I have to get the registrar to fill out a form confirming that I am enrolled as a full time student. So if you're not going to use the RESP money for school, I'm not sure how it will work. Maybe they just dont award you interest.

My parents started RESPs for me and my sisters when we were born (thank god!) and the interest that was accumulated pays for my tuition. But my mom said something about the principal is garunteed, but the interest is conditional.

I can see my estimate, but usually they give out the final number at around this time. I just wanted to make sure I wasn't the only one, though.

Same. Apparently I have to wait till Mid-June as well.

sorry, didn't feel like making another osap thread.

hopefully someone can answer me...

i was wondering if osap would cover the regular BA degrees (non- honours- 3year degree)? thanks.

yes they do, go on the website and apply, and your program should be there .