Jump to content
Premed 101 Forums

Osap Bank Balance


Recommended Posts

I've been saving for the past 4 years and just have enough to pay for first year's tuition. By the time I actually start med, I'll have $0 in my bank, save for my LOC (and still have to pay for housing). But as OSAP looks at income/bank balance for the previous 16 weeks, I was wondering if they would take into account the money I just spent on school fees and the reduction of my bank balance when calculating the funds they will grant.

Facing a similar situation. I had a decent chunk of change in my bank up until a few weeks ago when I had to pay some debts. But OSAP thinks I still have it. Turns out there's nothing you can do NOW. The OSAP person at my school suggested that I wait until I get my sessment, and then submit an appeal. I guess you can explain your situation in the appeal. Does anyone else have experience with this?

Link to comment
Share on other sites

  • 1 year later...
19 minutes ago, plastics91 said:

Bumping on old thread with a few questions:

1) Is there an exact date at which the pre-study date begins? Or do we manually calculate from day each respective med schools begin?

2) Does MSc stipend count as income if received within this pre-study period?

1. 

Your “pre-study period” is one of the following (whichever is fewer weeks):

• The 16 weeks immediately before the start of your current study period; or
• The number of weeks from the end of your last period of full-time high school or postsecondary studies and the start of your current study period. 

2.

Yes. This is taxable in the eyes of the CRA - hence included in income that you report.

Link to comment
Share on other sites

11 minutes ago, la marzocco said:

1. 

Your “pre-study period” is one of the following (whichever is fewer weeks):

• The 16 weeks immediately before the start of your current study period; or
• The number of weeks from the end of your last period of full-time high school or postsecondary studies and the start of your current study period. 

2.

Yes. This is taxable in the eyes of the CRA - hence included in income that you report.

Thanks for replying!

What if I technically don't have a pre-study period as I'm finishing my grad studies by June as per deadlines of many med schools but not actually convocating until Nov? 

Link to comment
Share on other sites

3 hours ago, plastics91 said:

Thanks for replying!

What if I technically don't have a pre-study period as I'm finishing my grad studies by June as per deadlines of many med schools but not actually convocating until Nov? 

I think the convocation date (i.e., Nov 2018) is just a red herring. What matters is when you're done your graduate studies, which in this case, is June 2018. I would just do a simple calc: the lesser of 16 weeks or the time between June 2018 and the start of medical school. I think most medical schools have their rosters up for 2018-2019 academic year already so you should be able to see when it starts. Use this handy calculator to find the # of weeks between two dates if you're lazy like me: https://www.timeanddate.com/date/timeduration.html

Link to comment
Share on other sites

12 hours ago, la marzocco said:

I think the convocation date (i.e., Nov 2018) is just a red herring. What matters is when you're done your graduate studies, which in this case, is June 2018. I would just do a simple calc: the lesser of 16 weeks or the time between June 2018 and the start of medical school. I think most medical schools have their rosters up for 2018-2019 academic year already so you should be able to see when it starts. Use this handy calculator to find the # of weeks between two dates if you're lazy like me: https://www.timeanddate.com/date/timeduration.html

Thanks for replying la marzocco!

Is this the form we are to submit to the financial aid services?: https://osap.gov.on.ca/prodconsumption/groups/forms/documents/forms/prdr018322.pdf

It seems the banking information we are to put in is for the start of the study period not for pre-study period, which I'm not sure how applicants would have if they have to apply for osap before the study period starts..

 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...