Osap tips/advice/questions

Feb 5, 2017
1 posts
If I'm a full time student (taking 4 courses) and I drop it to 3 courses for this semester, will it effect the current and future OSAP funding that I receive?
Sr. Member
Jul 21, 2006
984 posts
does OSAP look at all your assets on a certain day. for example my TFSA etc? what day is that?
Jr. Member
Sep 2, 2015
105 posts
East York, ON
eyatree wrote:
Feb 3rd, 2017 7:41 am
Basically I returned to school for the January semester, applied for OSAP then decided I didn't want to stay in school after all and withdrew before the deadline where I'd have to pay tuition, except my OSAP had already released and I ended up getting about 5k in my account after my school returned the tuition portion back to pay off my loan (as I did not owe them tuition). My question is if I'm able to keep the 5k loan or how they regulate that as honestly it'd go a long way to help me but if there's repercussions or it counts as some sort of fraud then obviously I'll send it back. Thanks !
They explicitly tell you you have to return it ASAP. Talk to the osap office at your school.
Deal Addict
User avatar
Dec 21, 2009
1329 posts
Niagara Falls
Does anyone have any info regarding the new osap rules? Specifically their new program that allows mature students better access to osap and grants? The calculator states I can get a decent amount of grant money ( but are you blocked from receiving anything if you are still repaying a current loan? I am still paying off my osap loan for my previous education, but I returned to school in 2015 to complete my degree. I've been paying my own way, but some grants would be nice.
Feb 16, 2012
39 posts
I think the new osap rules for 2017-1018 will not be in place in time. I see only pre-election victory laps about the good things in the changes.
as long as exact rules not known, the gov can keep saying free tuition, great news, etc, winning more votes
gov says no new money, and there are big winners, there must be loosers somewhere?

The new calculator is is a joke. a first year computer student would have done it in 1 week, has no new just puts the budget doc in listboxes
very little word about the losers , so far we know:
-tax refund gone this will hurt med. law students the most
-capping increased from 7500 to 10000 this means a lot of students will loose 2500 in OSOG grants, again this will hurt med. law students the most
-federal government helped in with eliminating textbook and tuition credits too ( they give 50 mil extra in grants and take away 350 mil in tax credits!!!!), did I already say this will hurt med. law students the most?
-gov says no new money, and there are big winners, there must be loosers somewhere?
-biggest loosers : med. law students ( based on 25k tuition; 2500 OSOG grant + 3-4 k fed tax credit + 1.5k ont tax credit= -6-7000/per year)
Mar 4, 2017
13 posts
My situation: Daughter 1: 3rd year university student- Resp in bank 13k not taken out yet not reported in Osap, whats the best way to break Resp

Daughter 2: 2nd year university - Resp in bank $12 k not taken out yet not reported in Osap, whats the best way to break Resp
Feb 16, 2012
39 posts
Congratulations , you did a good thing for the kids, don't let it unfinished

There are lots of things that you did not say...child's income, did they get any grants, apart from the 15% ontario grant aka the 30% grant, how much in loans did they get, are they away from home etc. Do you have more children? Do the children plan to do postgrad studies? Medicine , law etc?

You should think of resp separately: the money you contributed (principal) and the money that is grants and gains.. The principal goes back to you , has no tax and osap implication...the rest goes to the child as an EAP and is conidered as income for her
not sure what are you waiting for... You should be able to give each child 2-3k in EAP from RESP per year without any osap or tax consequences if they do not have other income or big scholarships
if 13 k is the total value of resp, then you probably contributed 9-10 k and the rest is grant and income, you should have no problem taking it out in 2-3 years per child
Ask the bank what is the value of principal, they usually do not show on statements
Is not too late to take out 1.5-2.5 k for current year, just inform financial office,
Another way. Check how much in loans ( not grants!!!!) your child got. If you give give her less then that, there should be no might have to repay some loans early (overpayment) but those are loans..what you should care for is the federal grants

The penalties for not giving the money to the students are pretty bad: you have to pay back the grant from Steven to Justin :-) What is your exit strategy? There are some good RESP forums on the web, I no longer need those :-( You should read those and act...also ask the bank, but I found their knowledge often lacks, especially OSAP related.
Dec 29, 2014
12 posts
1 upvote
Scarborough, ON
How do you get notified of you have a overpayment?
Deal Fanatic
Oct 1, 2004
5022 posts
Is the new tuition rebate for families under $50K implemented by the Ontario government or the Federal Liberals?

if a person lives in Quebec with their parents, and is attending University of Ottawa, is there a way to be eligible for OSAP and the new tuition grant/rebate that was just implemented by the government this year?
Deal Addict
Dec 6, 2006
2113 posts
From the OSAP website: OSAP is open to Ontario residents who are a:
Canadian citizen
permanent resident or
protected person

Quebec has their own student loan program for residents of Quebec.
Apr 4, 2017
1 posts
Hey everybody,

I had a question regarding my upcoming OSAP application. Recently I've come into an inheritance of about $40,000. I received it as a non-taxable form of income because the taxes were already paid by the lawyers handling the estate before being distributed to me. I was wondering if I did, in fact, have to report this on my OSAP application for the upcoming year. I visited my Financial Aid office and I was told if it was a non-taxable form of income, I did not have to report it. The OSAP website doesn't exactly say that inheritances need to be claimed but I'm not looking to break the law or anything so I want to be absolutely sure before I fill out an application. I know OSAP checks in with the CRA to look at my bank account activity, the CRA website says that most inheritances are viewed as non-taxable forms of income. Is there anyway that I can check with the CRA to see if they will be allowing OSAP access to see that money in my bank account? I'm going back to my Financial Aid office tomorrow to reconfirm what I had been told before because the last thing I want to do is commit fraud in any sort of way. I am planning on sharing my inheritances equally amongst myself and two other family members so in the event that I do have to claim it on OSAP and I don't receive any funding for this next school year, is there a possibility I will be eligible to receive OSAP the following year with less assets in my name? Thank you kindly in advanced for any advice!
Apr 10, 2017
1 posts
Hi,.just started school and in regards to osap, it says I will be receiving 8880 and for next semester 5880, the 8880 is supposed to be direct deposit do I pay the school by cheque or do they deduct it and give me the rest which is like 3000, i know I'm supposed to pay osap back when the course is done but I just want to know if they can go in my account to take what they need or would they just deposit the 3000 alone, guidance did a calculation however on the osap site says I will be receiving 8880 first so how would the school get that do I give it to them when I get the deposit or do they randomly deduct it before it gets to my account????
Apr 11, 2017
1 posts
I thought I already submitted my income update months before.I am nearing my study completion, only one month left for school but I did not get the second funding from OSAP. My mailbox says zero funding for me.Apparently, the income update I did was not submitted when I thought I did.It was just on my profile as saved.Knowing it, I still tried to submit it and it went through.But will I still get my second funding?. They already issued my second disbusement Confused Face