Maximizing OSAP as a Mature Student?
Hi everyone, I'm 23 and have a maxed out TFSA and wanted to go back to school to get a business degree(specialized in Finance or Accounting). Unfortunately it looks like my assets severely affect the amount of osap grants given, was just wondering if we could have a thread about strategies to maximize osap grants as the difference between me declaring my TFSA and declaring $0 is over $5000 a year in grants being lost out on.
I was thinking of opening an RESP and putting my funds there as both the subscriber and beneficiary if that's possible since it's on the "excludes" list(as well as primary residence, rrsp, etc). But most brokerages ive checked with disallow this. Although strangely it says to include the value of your savings accounts but not explicitly mentioning chequing accounts. (Not sure if this is a loophole)
However it also says "Do not report assets or savings from the following sources: ... ... money your parents or spouse transferred to you as their financial contribution to your studies" -- couldn't you technically claim all your money was contributed by your parents?
Looking for some other ideas, perhaps the last plan would be selling everything off and giving it to my parents or family friends.
I was thinking of opening an RESP and putting my funds there as both the subscriber and beneficiary if that's possible since it's on the "excludes" list(as well as primary residence, rrsp, etc). But most brokerages ive checked with disallow this. Although strangely it says to include the value of your savings accounts but not explicitly mentioning chequing accounts. (Not sure if this is a loophole)
However it also says "Do not report assets or savings from the following sources: ... ... money your parents or spouse transferred to you as their financial contribution to your studies" -- couldn't you technically claim all your money was contributed by your parents?
Looking for some other ideas, perhaps the last plan would be selling everything off and giving it to my parents or family friends.