Students

Osap tips/advice/questions

  • Last Updated:
  • May 11th, 2017 9:49 pm
Newbie
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!
Newbie
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????
Newbie
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
Deal Addict
Jan 21, 2014
1625 posts
369 upvotes
KeyboardWarrior wrote:
Apr 5th, 2017 12:20 am
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!
I thought in the application, OSAP asks how much money you current have in your account(s). Where would you put your $40K? Cash or under someone else's name?
Deal Addict
User avatar
Nov 22, 2008
2025 posts
106 upvotes
North York
Anybody here who applied get the free tuition thing this coming September? I am curious on how this new rule going to be implemented.
Newbie
Sep 2, 2015
45 posts
7 upvotes
East York, ON
Anyone from seneca on osap for summer? Have you had your enrollment confirmed yet?
Newbie
Aug 6, 2015
7 posts
Mississauga, ON
Hello,
I filed for bankruptcy in 2005 and was informed by trustee that it was discharged in 2010. However, that was untrue and I am still in a
state of bankruptcy. I would like to return to school and require OSAP. Does anyone have any information on whether I would be eligible
for OSAP while in this state? I had an illness back in 2004 and was unable to carry the debt from a divorce, and co-signed for a family
member who's debt I was saddled with. I have no government debt outstanding.
Any info would be appreciated.
Thank you
Newbie
May 9, 2017
1 posts
I am a student from York university. I first applied osap through the school website, but I got no response at all. So I then applied through the osap website at the beginning of S1 I think, but then today I got a email saying that my fund was recalculated so I went on the osap website and found that my summer application was closed . I don't know why this is happening and what i should do to reopen my application . And I really need the fund cuz my parents aren't giving my money to pay my tuition. Can any one tell me what should I do with this situation ?
Deal Addict
Nov 20, 2011
3763 posts
148 upvotes
Ontario, Canada
Already submitted my application, and got this
Estimate Not Currently Available
The estimate function is currently not available. Please check back early May to get an estimate on how much you may receive through OSAP.
SMH, hopefully by next weekNeutral Face
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