Students

Maximizing OSAP as a Mature Student?

[OP]
Newbie
Jul 14, 2018
8 posts
4 upvotes

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.
9 replies
Deal Addict
Dec 27, 2013
2158 posts
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Woodbridge
You'd probably get more help in the personal finance forum; however, I'd expect a lot of people questioning why you feel you should be able to access an assistance program designed to help students with very little income and no assets.
Sr. Member
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May 19, 2015
938 posts
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Centre of the Univer…
jvnanu wrote:
Aug 14th, 2018 1:14 pm
You'd probably get more help in the personal finance forum; however, I'd expect a lot of people questioning why you feel you should be able to access an assistance program designed to help students with very little income and no assets.
This. You have money to fund your studies, don't take it from poor students who otherwise wouldn't be able to afford to go to school. People like OP ruin things that are meant for people without an alternative choice, you have other resources, be thankful for that and pay what you have. OSAP isn't here to help you save money.

Also, if ever caught you will be blacklisted from OSAP. Forget getting grants, you won't even get a no interest loan. Enjoy paying prime + x% at banks esp with the way interest rates have been going up lately.
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[OP]
Newbie
Jul 14, 2018
8 posts
4 upvotes
SignedA wrote:
Aug 14th, 2018 8:50 pm
This. You have money to fund your studies, don't take it from poor students who otherwise wouldn't be able to afford to go to school. People like OP ruin things that are meant for people without an alternative choice, you have other resources, be thankful for that and pay what you have. OSAP isn't here to help you save money.

Also, if ever caught you will be blacklisted from OSAP. Forget getting grants, you won't even get a no interest loan. Enjoy paying prime + x% at banks esp with the way interest rates have been going up lately.
So basically you get punished for working and saving your money?

Very logical system I guess. Essentially if I bought the most expensive car I could and spent all my money on other useless crap I would be getting a ton of free money no questions asked? Who would design a system that punishes people for working and being frugal. My bad for working and saving, I shouldn't have done that.

I'm just going to withdraw my money and let my parents hold it unless I come up with a more efficient idea, osap wont catch shit anyway if they knew your assets and income why would they ask for them? Plus the CRA even recently admitted they lack the manpower to collect tens of billions in taxes...
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May 19, 2015
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guy1001 wrote:
Aug 15th, 2018 9:21 am
So basically you get punished for working and saving your money?

Very logical system I guess. Essentially if I bought the most expensive car I could and spent all my money on other useless crap I would be getting a ton of free money no questions asked? Who would design a system that punishes people for working and being frugal. My bad for working and saving, I shouldn't have done that.

I'm just going to withdraw my money and let my parents hold it unless I come up with a more efficient idea, osap wont catch shit anyway if they knew your assets and income why would they ask for them? Plus the CRA even recently admitted they lack the manpower to collect tens of billions in taxes...
How is it punishment? Nothing is taken from you. You're just not getting additional help that's meant for people in LESS fortunate circumstances. Get off your high horse and sense of entitlement. If you want to essentially scam OSAP and see nothing wrong with taking government funds meant for the less fortunate then do it.

I'm done with this conversation.
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Deal Addict
Jul 28, 2014
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Toronto, ON
guy1001 wrote:
Aug 15th, 2018 9:21 am
So basically you get punished for working and saving your money?

Very logical system I guess. Essentially if I bought the most expensive car I could and spent all my money on other useless crap I would be getting a ton of free money no questions asked? Who would design a system that punishes people for working and being frugal. My bad for working and saving, I shouldn't have done that.

I'm just going to withdraw my money and let my parents hold it unless I come up with a more efficient idea, osap wont catch shit anyway if they knew your assets and income why would they ask for them? Plus the CRA even recently admitted they lack the manpower to collect tens of billions in taxes...
lmao why won't you go apply for ontario works too, since like you said you're getting punished for working and saving money

lolol and don't forget to go apply for odsp, you shouldn't be punished for not being disabled either
Member
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Apr 1, 2015
277 posts
82 upvotes
Oakville
osap is NOT like ontario works or odsp... there are kids in my neighborhood whose parents net almost half a million+ a year who took out osap. with works or odsp you're required to have an employment service program/counselling or have your doctor correspond with the gov't about your disability claim. its a student loan, not social welfare. you're not "taking it" from anyone else who would otherwise need it
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Jul 28, 2014
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MattSF wrote:
Aug 17th, 2018 9:43 am
osap is NOT like ontario works or odsp... there are kids in my neighborhood whose parents net almost half a million+ a year who took out osap. with works or odsp you're required to have an employment service program/counselling or have your doctor correspond with the gov't about your disability claim. its a student loan, not social welfare. you're not "taking it" from anyone else who would otherwise need it
my mistake.

because it's not like osap requires you to provide your assets and income AND parent's income to determine your loan and grant amount
because fraudulently understating your assets and income to increase these amounts isn't "taking it" from someone else who would otherwise need it
Newbie
Aug 22, 2018
1 posts
Take all the money you have saved and prepay your bills for the next year. Drop a grand on your phone, utilities, taxes, visa, pay your tuition, whatever you are going to spend eventually. Do it before the end of April/beginning of May which I believe is when they check your accounts. Then you can honestly declare you have no savings. You've spent it all, not on a stupid car, but on things you actually need.
[OP]
Newbie
Jul 14, 2018
8 posts
4 upvotes
petepw wrote:
Aug 17th, 2018 12:07 pm
my mistake.

because it's not like osap requires you to provide your assets and income AND parent's income to determine your loan and grant amount
because fraudulently understating your assets and income to increase these amounts isn't "taking it" from someone else who would otherwise need it
That's some dumb logic, everyone does this shit i just need to know how they do it.

What's the point of this forum where pennypinching $2 on a toilet paper purchase is "good" but saving thousands by not following dumb rules is "immoral".
capricia wrote:
Aug 23rd, 2018 1:27 pm
Take all the money you have saved and prepay your bills for the next year. Drop a grand on your phone, utilities, taxes, visa, pay your tuition, whatever you are going to spend eventually. Do it before the end of April/beginning of May which I believe is when they check your accounts. Then you can honestly declare you have no savings. You've spent it all, not on a stupid car, but on things you actually need.
I have like $55k in total (maxed TFSA and money in savings) so that doesn't work.

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