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07-03-2012 at 09:53 PM
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#1
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osap/resp
I had a question about OSAP and RESP; I'm going into second year and have...a significant amount in my RESP account, but in my OSAP application I wrote I had a lot less. The reason is that I want to keep my RESP for the future, for grad/professional school and not use it up now (since the application asked me how much I intended to use THIS year).
A: how much would OSAP penalize me for technically being dishonest on my OSAP application.
B: If I were to write the full amount of RESP in next year's OSAP application (ie. for the 2013/14 school year), would I get in trouble?
thanks for any advice 
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07-03-2012 at 09:58 PM
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#2
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Quote:
Originally Posted by drpatel
I had a question about OSAP and RESP; I'm going into second year and have...a significant amount in my RESP account, but in my OSAP application I wrote I had a lot less. The reason is that I want to keep my RESP for the future, for grad/professional school and not use it up now (since the application asked me how much I intended to use THIS year).
A: how much would OSAP penalize me for technically being dishonest on my OSAP application.
B: If I were to write the full amount of RESP in next year's OSAP application (ie. for the 2013/14 school year), would I get in trouble?
thanks for any advice |
It states that you are to put how much RESP you will be withdrawing this year, not the total amount.
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Jeremy Han
McMaster Alumni - Honours Molecular Biology and Genetics
Pennsylvania College of Optometry at Salus University Third Year - Doctor of Optometry
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07-03-2012 at 11:00 PM
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#3
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Quote:
Originally Posted by jhan523
It states that you are to put how much RESP you will be withdrawing this year, not the total amount.
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So they won't penalize me for not stating how much RESP I have in total?
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07-03-2012 at 11:04 PM
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#4
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Quote:
Originally Posted by drpatel
So they won't penalize me for not stating how much RESP I have in total?
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No, only if you withdraw more than you told them you would in which case you would have to fill out a form to amend your application once you know you are going to withdraw more than you said.
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Jeremy Han
McMaster Alumni - Honours Molecular Biology and Genetics
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07-10-2012 at 02:24 PM
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#5
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sweet, thanks
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07-10-2012 at 02:37 PM
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You know how there is a section of "other assets" - is that where you are supposed to state everything else you have? like the total in my savings account?
I have never stated the amount of money I have, because I don't want them to assume I'm using it for school - I'm not, its my life savings that I don't touch!
Is that wrong of me?
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07-10-2012 at 03:24 PM
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#7
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I don't know about that...you may want to inquire about that in the event that they do indeed take offence at x amount saved vs. x amount given as loan. I'd look into it if I were you
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07-10-2012 at 03:43 PM
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#8
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Definitely would contact SFAS about it. If you don't report the right asset and the government finds out then you would have to repay a certain amount of your loan right away and you may not be eligible for further funding.
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Jeremy Han
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07-10-2012 at 05:07 PM
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#9
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Quote:
Originally Posted by Melanieee
You know how there is a section of "other assets" - is that where you are supposed to state everything else you have? like the total in my savings account?
I have never stated the amount of money I have, because I don't want them to assume I'm using it for school - I'm not, its my life savings that I don't touch!
Is that wrong of me?
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I stated the amount of money in my bank accounts, less the income that I already told them I had made for the year. I don't think they assume all of the money is for school, and as Jeremy said, there are pretty serious consequences for lying on your application. |
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07-11-2012 at 08:32 PM
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#10
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Quote:
Originally Posted by nerual
I stated the amount of money in my bank accounts, less the income that I already told them I had made for the year. I don't think they assume all of the money is for school, and as Jeremy said, there are pretty serious consequences for lying on your application.
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Sooo going back to my original question-I have X amount of RESP in my account (well technically, my dad's account) but I did not declare any of it on the actual OSAP application since I don't plan on using it this year; I'm saving it up for grad school, where OSAP will be given...less.
anything wrong with my plan here? any gaping holes?
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07-11-2012 at 08:35 PM
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#11
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Quote:
Originally Posted by drpatel
Sooo going back to my original question-I have X amount of RESP in my account (well technically, my dad's account) but I did not declare any of it on the actual OSAP application since I don't plan on using it this year; I'm saving it up for grad school, where OSAP will be given...less.
anything wrong with my plan here? any gaping holes?
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Nope. You're good.
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Jeremy Han
McMaster Alumni - Honours Molecular Biology and Genetics
Pennsylvania College of Optometry at Salus University Third Year - Doctor of Optometry
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