I have a question about my OSAP application. I've already sent my application, and I was just checking it's status. It says that the funding has been calculated and the application was received.

One of my parents' income changed slightly last week, so am I required to report this to OSAP or SFAS? Because I was looking through my application, and they asked for my parent's "Total income as indicated on line 150 of his or her 2010 income tax return". The income changed this summer, meaning 2011, so does it still make the difference? OSAP only asked for the 2010 income.

Also, when I did my Payment Agreement, I didn't select the OSAP plan because I hadn't applied for OSAP at the time. Should I go back and select the OSAP plan now or what? I'm really confused.

Thanks.

I applied for OSAP also for the upcoming school year but as you said they only asked for the 2010 income. I would call the SFAS anyway and let them know and hear what they have to say, they can answer your question the best to be honest.

Originally Posted by Driftking24

I have a question about my OSAP application. I've already sent my application, and I was just checking it's status. It says that the funding has been calculated and the application was received.

One of my parents' income changed slightly last week, so am I required to report this to OSAP or SFAS? Because I was looking through my application, and they asked for my parent's "Total income as indicated on line 150 of his or her 2010 income tax return". The income changed this summer, meaning 2011, so does it still make the difference? OSAP only asked for the 2010 income.

Also, when I did my Payment Agreement, I didn't select the OSAP plan because I hadn't applied for OSAP at the time. Should I go back and select the OSAP plan now or what? I'm really confused.

Thanks.

If you applied for OSAP before July 15th you should be able to select it as your payment choice on the payment agreement. But if you have enough money to pay your tuition on your own there isn't really a need for you to select OSAP for your payment option, although you still could of course if you wanted to

No you dont need to report it to OSAP or SFAS. OSAP only asked for the amount your parents made in the previous fiscal year (2010), and any changes in 2011 won't matter.
Also, when you submit your signature pages, they check with Revenue Canada, so they know exactly how much taxable income your parents made.
Dont bother calling SFAS.

If you want to deduct the 60% of your OSAP that you receive in Sept from your tuition, then should change your payment agreement. Unless you've already submitted payment to SFAS, in which case I wouldnt bother changing it.

I recently began working full time for the summer season, and I expect to earn around $4000 before I go back to school in September. In addition to my summer income, I like many other students will be receiving some form of financial aid through the OSAP program. My concern stems from the fact that before I began working this summer, my OSAP entitlement was around $12 000, whereas this amount decreased to about $10 000 after I had received my first paycheck which was around $1000. I guess my question is...will my OSAP entitlement continue to decrease as I receive more money from my summer employment? I understand that other factors may have contributed to this decrease in funding entitlement, such as parents' income or change in assets etc, but I would like to know if the funding decrease is a result of my change in income. I did report on my application that I would earn around $2000 in the summer, but even then my entitlement was still around $12000.

Also, I was wondering how the government checks to verify your financial information. Do they check your bank account balances? Do they look at your income tax reports? After all, I did provide my SIN number in the online application.

I'll answer the second part first. No the government doesn't typically check that information because there are too many applicants and that would really slow down processing. However, what they're saying in the fine print is that you agree to be honest and that the information can be verified if necessary. I've heard things about people however, who had large amounts in their bank accounts and still got OSAP. Not sure how that works out.

Secondly, a change in your parental income is probably the biggest reason for the funding drop. If you expect to receive more summer income than you originally reported, email SFAS ([email protected]) and tell them. I'm not sure what that will do to your entitlement, but it's worse if you don't report the income. I believe, though I am not 100% on this, that could be considered fraud.

Additionally, you could ask them why your entitlement dropped from your original estimate. OSAP has no record of your paycheques, I would imagine, and therefore it should not be dropping as you receive more income. That is largely why you fill out those values on your application from your previous year's tax returns, which is where they get that information (along with your emailed updates about changes to your/parental income). IMO, it is probably a change in parental income, but I would check.

Originally Posted by goodnews.inc

I'll answer the second part first. No the government doesn't typically check that information because there are too many applicants and that would really slow down processing. However, what they're saying in the fine print is that you agree to be honest and that the information can be verified if necessary. I've heard things about people however, who had large amounts in their bank accounts and still got OSAP. Not sure how that works out.

Secondly, a change in your parental income is probably the biggest reason for the funding drop. If you expect to receive more summer income than you originally reported, email SFAS ([email protected]) and tell them. I'm not sure what that will do to your entitlement, but it's worse if you don't report the income. I believe, though I am not 100% on this, that could be considered fraud.

Additionally, you could ask them why your entitlement dropped from your original estimate. OSAP has no record of your paycheques, I would imagine, and therefore it should not be dropping as you receive more income. That is largely why you fill out those values on your application from your previous year's tax returns, which is where they get that information (along with your emailed updates about changes to your/parental income). IMO, it is probably a change in parental income, but I would check.

Large amounts of money in your bank account mean nothing to OSAP when its calculating funding. I don't think the government has access to that kind of information. Though the government DOES have access to records being kept by Canada Revenue Agency, that's how they'd verify your income and thus use that information (and other factors of course) to calculate your funding.

An estimate is an ESTIMATE! It's a quick guess from the system right after you hit 'Submit'. So after things have been processed, it's subject to change as mine did as well. I don't think it's too big of a surprise, but if you're curious definitely ask someone.

Yo, I have a quick question about OSAP.

For "Income Received During 2011" it doesn't say to discount OSAP, so if I had some OSAP money released in the first few days of January 2011 (for my second year of university) I have to find that amount and include it? Loans and grants?

However for "Source of Income" it says do not count OSAP, so I only count McMaster based bursaries and scholarships in that section?

Thanks

Originally Posted by Alchemist11

Yo, I have a quick question about OSAP.

For "Income Received During 2011" it doesn't say to discount OSAP, so if I had some OSAP money released in the first few days of January 2011 (for my second year of university) I have to find that amount and include it? Loans and grants?

However for "Source of Income" it says do not count OSAP, so I only count McMaster based bursaries and scholarships in that section?

Thanks

You don't report any OSAP as income. Unless you got a bursary (in which case, email the SFAS or list that down on your app). The reason why is because OSAP already has a record of how much they've released to you and can review that at the touch of a button. It's redundant. Only include non OSAP sources, even if you have some left over.

Originally Posted by goodnews.inc

You don't report any OSAP as income. Unless you got a bursary (in which case, email the SFAS or list that down on your app). The reason why is because OSAP already has a record of how much they've released to you and can review that at the touch of a button. It's redundant. Only include non OSAP sources, even if you have some left over.

That's what I thought at first too. I was apprehensive about putting down my OSAP as part of my income (I haven't actually submitted my OSAP yet or anything). However when I checked the "details" it said income to be reported includes all loans, grants, etc, and income not to be reported, it doesn't say exclude OSAP. That's why I was confused. However I'm pretty sure I never put down my OSAP money in the past. So I guess even though the "all income" part doesn't explicitly say ignore OSAP it's implied?

Originally Posted by Alchemist11

That's what I thought at first too. I was apprehensive about putting down my OSAP as part of my income (I haven't actually submitted my OSAP yet or anything). However when I checked the "details" it said income to be reported includes all loans, grants, etc, and income not to be reported, it doesn't say exclude OSAP. That's why I was confused. However I'm pretty sure I never put down my OSAP money in the past. So I guess even though the "all income" part doesn't explicitly say ignore OSAP it's implied?

Yup. I think that clause is in there for external loans and grants.
I emailed the SFAS one year about including an OSAP grant which they told me was unnecessary.
I've also never put in those numbers and never had any issues with receiving funding.

Originally Posted by particle

Large amounts of money in your bank account mean nothing to OSAP when its calculating funding. I don't think the government has access to that kind of information. Though the government DOES have access to records being kept by Canada Revenue Agency, that's how they'd verify your income and thus use that information (and other factors of course) to calculate your funding.

An estimate is an ESTIMATE! It's a quick guess from the system right after you hit 'Submit'. So after things have been processed, it's subject to change as mine did as well. I don't think it's too big of a surprise, but if you're curious definitely ask someone.

I'm not talking about the estimate...I'm talking about my actual funding that has been calculated after all the documents were processed. This funding decreased from $12000 to around $10000. My initial thought is that since I started working, the CRA collected information about the taxes I am paying through my employment, and thus my OSAP decreased...but it is only a hunch, albeit a pretty good one.

Another question...is it worth mentioning that instead of the $1000 I said I would earn in the summer, I earned $4000. I mean, if they decrease my funding even more, I may not be able to afford living on rez and everything next year. I would like to hear some of your experiences, and whether they can check how much money you made in the summer compared to the actual amount you said you would make. If they can't check your bank account, wouldn't it be better to kind of not mention it?

Originally Posted by exuberant888

Another question...is it worth mentioning that instead of the $1000 I said I would earn in the summer, I earned $4000. I mean, if they decrease my funding even more, I may not be able to afford living on rez and everything next year. I would like to hear some of your experiences, and whether they can check how much money you made in the summer compared to the actual amount you said you would make. If they can't check your bank account, wouldn't it be better to kind of not mention it?

That money will show up on the income tax statements you will have to input values from in next year's application. As well, I'm fairly certain that this can be considered fraud.

I know it sucks, but they do have their ways of finding out if they want to and in this case, it would be relatively easy to. If you lied on your application, you may be denied funding in all future years.

Originally Posted by exuberant888

Another question...is it worth mentioning that instead of the $1000 I said I would earn in the summer, I earned $4000. I mean, if they decrease my funding even more, I may not be able to afford living on rez and everything next year. I would like to hear some of your experiences, and whether they can check how much money you made in the summer compared to the actual amount you said you would make. If they can't check your bank account, wouldn't it be better to kind of not mention it?

lol it's the government man; when you file your taxes, they can see it. don't lie to them