I saw the following online:

"The answer is you can save money in your savings account without worrying about OSAP giving you less money. They mainly base your loan on your income and your family income, not your savings. Although on the form they ask how much asset you have all you need to do is open a joint account. What i did is i am getting loans and grants(first year only) and i opened a PC savings account. I plan to add my girlfriend's name on the account to make it a joint account, it is because she does not need any osap. So when next year comes even though all the money in the account is mine i'm only going to put i own very little of it. Although this falls inbetween the lines of ethics i don't care."

Can I actually do this? Would it still work if the joint acc is between my mom and me? I have $6000 in my bank acc and Im pretty sure having that as an asset would lead OSAP to give me less money.

oh, and btw, if it's a joint account, does that mean my mom or I can take money off of it without the other's consent? or does it require both our signitures or something? Finally, does each one of us get a checkbook for the account? or can I be the only one to keep track of the money instead?

Originally Posted by Joyceyblank

I saw the following online:

"The answer is you can save money in your savings account without worrying about OSAP giving you less money. They mainly base your loan on your income and your family income, not your savings. Although on the form they ask how much asset you have all you need to do is open a joint account. What i did is i am getting loans and grants(first year only) and i opened a PC savings account. I plan to add my girlfriend's name on the account to make it a joint account, it is because she does not need any osap. So when next year comes even though all the money in the account is mine i'm only going to put i own very little of it. Although this falls inbetween the lines of ethics i don't care."

Can I actually do this? Would it still work if the joint acc is between my mom and me? I have $6000 in my bank acc and Im pretty sure having that as an asset would lead OSAP to give me less money.

oh, and btw, if it's a joint account, does that mean my mom or I can take money off of it without the other's consent? or does it require both our signitures or something? Finally, does each one of us get a checkbook for the account? or can I be the only one to keep track of the money instead?

I don't know about the assets stuff, but from what I've read by googling it the assets are split up. So you could say you own little of the assets...

No consent it needed.

You should be able to access the bank account online, which means that both you can your mom can view the account transactions (the account shows up in both your online banking account and your mom's online banking account). Or if you mean cheques, then the cheques are in both you and your mom's name.