Panacea Posted June 17, 2015 Report Share Posted June 17, 2015 Is OSAP able to check how much money I have in my bank account? I was thinking of transferring some of my money to my parents in order to minimize my bank balance. Any thoughts? Link to comment Share on other sites More sharing options...
cbarne01 Posted June 17, 2015 Report Share Posted June 17, 2015 They ask for your balances as of the beginning of the 16 week pre-study period, about May 18 this year. I wish I'd looked into it earlier, I could have made an RRSP contribution. Link to comment Share on other sites More sharing options...
schmitty Posted June 23, 2015 Report Share Posted June 23, 2015 They ask for your balances as of the beginning of the 16 week pre-study period, about May 18 this year. I wish I'd looked into it earlier, I could have made an RRSP contribution. Except you are obliged to report any RRSP assets to OSAP as well. Link to comment Share on other sites More sharing options...
rmorelan Posted June 23, 2015 Report Share Posted June 23, 2015 Except you are obliged to report any RRSP assets to OSAP as well. true but you are allowed some RRSP contributions under OSAP without a reduction in your allowed amount. Link to comment Share on other sites More sharing options...
schmitty Posted June 23, 2015 Report Share Posted June 23, 2015 true but you are allowed some RRSP contributions under OSAP without a reduction in your allowed amount. Also true! I think the limit is $2000 max per year for each year out of high school, so I suppose that could make a decent difference. Link to comment Share on other sites More sharing options...
rmorelan Posted June 23, 2015 Report Share Posted June 23, 2015 Also true! I think the limit is $2000 max per year for each year out of high school, so I suppose that could make a decent difference. absolutely Link to comment Share on other sites More sharing options...
JohnGrisham Posted June 24, 2015 Report Share Posted June 24, 2015 So you have money, but want to minimize what they think you have...in order to get more. Link to comment Share on other sites More sharing options...
rmorelan Posted June 24, 2015 Report Share Posted June 24, 2015 that pretty much sums up what we all will be doing for our entire lives from a tax point of view (tax avoidance). Maximizing gain within what ever the rules actually are. It is expected after all - that is what the rules are for actually. side note RRSP is a form of tax deferral. If you point the money in your RRSP now when you income is low, your tax savings immediately if you use the credit would be very low as well due to the fact you are in a low marginal tax bracket (you basically are paying percentage wise a low amount or even nothing for income tax). When you withdraw it oh say 40 years or so from now you won't be in a low marginal rate after a long career in medicine. You will be in a high one. There is a balancing effect there (so pro tip - do not use the RRSP tax credit until later, much later, as in when you are a staff etc. you are allowed to defer it) Link to comment Share on other sites More sharing options...
House,M.D Posted June 24, 2015 Report Share Posted June 24, 2015 I actually cannot find anywhere on my OSAP app that asked for my bank balance. It does ask for my expected income in the 16 week pre-study period, but that is it. So should I make an attempt to temporarily funnel my money over to my parents? Or is there nothing to worry about. And I should mention that OSAP already sent me their official funding estimate. Link to comment Share on other sites More sharing options...
penguin04 Posted June 24, 2015 Report Share Posted June 24, 2015 I actually cannot find anywhere on my OSAP app that asked for my bank balance. It does ask for my expected income in the 16 week pre-study period, but that is it. So should I make an attempt to temporarily funnel my money over to my parents? Or is there nothing to worry about. And I should mention that OSAP already sent me their official funding estimate. ^ThisI always thought that OSAP wasn't allowed to look in your bank account. Plus, my financial advisor told me not to list money in my chequing account as an asset for OSAP because it doesn't appreciate in value. Link to comment Share on other sites More sharing options...
cbarne01 Posted June 24, 2015 Report Share Posted June 24, 2015 ...my financial advisor told me not to list money in my chequing account as an asset for OSAP because it doesn't appreciate in value... Was that a bank advisor or a financial aid advisor? Link to comment Share on other sites More sharing options...
penguin04 Posted June 24, 2015 Report Share Posted June 24, 2015 Was that a bank advisor or a financial aid advisor? MD Financial advisor. Link to comment Share on other sites More sharing options...
lemons22 Posted March 22, 2016 Report Share Posted March 22, 2016 Bumping an old topic... did anyone ever get the answer to this question? I'm in a similar situation... have some money from my grad stipend saved up in a savings account but don't want OSAP to give me less money cause of it. Link to comment Share on other sites More sharing options...
rmorelan Posted March 22, 2016 Report Share Posted March 22, 2016 Bumping an old topic... did anyone ever get the answer to this question? I'm in a similar situation... have some money from my grad stipend saved up in a savings account but don't want OSAP to give me less money cause of it. hasn't changed - it is still an asset and such be listed by the rules. Nothing special about a bank balance - it is just like any of the other assets that aren't protected. OSAP is just another form of social assistance - I really thing that point is forgotten - and like most if not all forms of social assistance there is a means based test attached. Too much income, or too many assets and you are dinged. There are so many ways is applied unfairly but there it is. Now that doesn't mean most people include it or that they find out the balance - but by the rules yes it is an asset and should be listed. I was make a point that it is important all the pressures associated with maxing out OSAP and temptations with the failing to report things, because later one we are all going to run into a lot of people for a variety of reasons in our practise trying to do the same thing on social assistance - often just to simply survive and have even minimal comforts. I have already heard the same people that hid significant assets in medical school complain about people on disability doing the same thing. That is hypocrisy (and worse they did it knowing eventually they would have a good income. People on ODSP often never will get out their current situation). You don't get to complain about your tax dollars being wasted as much when you in fact "wasted" money similarly - someone is paying for those OSAP bursaries. Anyway this the one and only time most med students will encounter something like this personally, and I think it an important lesson as a result (doesn't mean we should ignore people cheating the system - just humanizes some parts of it a bit). Link to comment Share on other sites More sharing options...
JohnGrisham Posted March 22, 2016 Report Share Posted March 22, 2016 hasn't changed - it is still an asset and such be listed by the rules. Nothing special about a bank balance - it is just like any of the other assets that aren't protected. OSAP is just another form of social assistance - I really thing that point is forgotten - and like most if not all forms of social assistance there is a means based test attached. Too much income, or too many assets and you are dinged. There are so many ways is applied unfairly but there it is. Now that doesn't mean most people include it or that they find out the balance - but by the rules yes it is an asset and should be listed. I was make a point that it is important all the pressures associated with maxing out OSAP and temptations with the failing to report things, because later one we are all going to run into a lot of people for a variety of reasons in our practise trying to do the same thing on social assistance - often just to simply survive and have even minimal comforts. I have already heard the same people that hid significant assets in medical school complain about people on disability doing the same thing. That is hypocrisy (and worse they did it knowing eventually they would have a good income. People on ODSP often never will get out their current situation). You don't get to complain about your tax dollars being wasted as much when you in fact "wasted" money similarly - someone is paying for those OSAP bursaries. Anyway this the one and only time most med students will encounter something like this personally, and I think it an important lesson as a result (doesn't mean we should ignore people cheating the system - just humanizes some parts of it a bit). Great posts as usual. Have come across this with many of my classmates in informal conversations. Its a bit disheartening actually. Especially the ones who hid alot of assets, or the fact that their parents paid for everything etc etc...and then got very large bursaries from the university. While those of us who have worked for a long time and much more independent, got much less for being honest. When you get 10-15K+ in bursaries...but then go ahead and spend most of that on a euro trip or a new car(though i think this will bite them in the behind)... you definitely didn't deserve that large bursary. Link to comment Share on other sites More sharing options...
_ _ Posted March 22, 2016 Report Share Posted March 22, 2016 Great posts as usual. Have come across this with many of my classmates in informal conversations. Its a bit disheartening actually. Especially the ones who hid alot of assets, or the fact that their parents paid for everything etc etc...and then got very large bursaries from the university. While those of us who have worked for a long time and much more independent, got much less for being honest. When you get 10-15K+ in bursaries...but then go ahead and spend most of that on a euro trip or a new car(though i think this will bite them in the behind)... you definitely didn't deserve that large bursary. This kind of thing frustrates me so much. Filling out admission bursary apps, I've come to realize that having worked 3 jobs this year to pay for the applications/travel, and needing to work full time+ this summer to pay rent/pay off my visa from paying a deposit to one school already, I'll have ~18K income this year. Which, compared to my wealthy peers who didn't work during school, and maybe even managed to afford rent in the summer without working, who will have 0 income, means I'll qualify for much less bursary/govenment loans than these people. Despite that my parents can't afford to help me and make less combined than say, a teacher would. So compared to peers who don\t even need to work, it seems like my working will force me to put more of med school on an LOC, putting me even further behind, while richer peers get to enjoy more bursaries/OSAP grants because our bursaries/loans are now contingent on personal income, rather than parents Link to comment Share on other sites More sharing options...
lemons22 Posted March 22, 2016 Report Share Posted March 22, 2016 hasn't changed - it is still an asset and such be listed by the rules. Nothing special about a bank balance - it is just like any of the other assets that aren't protected. OSAP is just another form of social assistance - I really thing that point is forgotten - and like most if not all forms of social assistance there is a means based test attached. Too much income, or too many assets and you are dinged. There are so many ways is applied unfairly but there it is. Now that doesn't mean most people include it or that they find out the balance - but by the rules yes it is an asset and should be listed. I was make a point that it is important all the pressures associated with maxing out OSAP and temptations with the failing to report things, because later one we are all going to run into a lot of people for a variety of reasons in our practise trying to do the same thing on social assistance - often just to simply survive and have even minimal comforts. I have already heard the same people that hid significant assets in medical school complain about people on disability doing the same thing. That is hypocrisy (and worse they did it knowing eventually they would have a good income. People on ODSP often never will get out their current situation). You don't get to complain about your tax dollars being wasted as much when you in fact "wasted" money similarly - someone is paying for those OSAP bursaries. Anyway this the one and only time most med students will encounter something like this personally, and I think it an important lesson as a result (doesn't mean we should ignore people cheating the system - just humanizes some parts of it a bit). Thanks for your reply. I am not trying to hide my assets, just trying to figure out how OSAP works exactly. I owe my family some money for tuition and likely won't have enough to pay for med, so just trying to plan accordingly. That's unfortunate that some students are complaining about patients on disability. It's really not fair to those who actually require assistance. Link to comment Share on other sites More sharing options...
rmorelan Posted March 22, 2016 Report Share Posted March 22, 2016 Thanks for your reply. I am not trying to hide my assets, just trying to figure out how OSAP works exactly. I owe my family some money for tuition and likely won't have enough to pay for med, so just trying to plan accordingly. That's unfortunate that some students are complaining about patients on disability. It's really not fair to those who actually require assistance. wasn't trying to say you were Only trying to point out the realities of the situation. If you owe money to your family your first solution is perhaps obvious - immediately pay them back reducing your assets to 0 if possible. Alternatively you can claim (as you owe your parents money) that the cash in question was from them - they did loan you money for your studies. If so by osap rules you can exclude that amount as by their rules: Do not report assets or savings that are from the following sources: money your parents or spouse transferred to you as their financial contribution to your studies (among others) osap lets you do that as they take into consideration your parent's income in computing osap. Punishing you for them actually doing it would be double dipping. Link to comment Share on other sites More sharing options...
rmorelan Posted March 22, 2016 Report Share Posted March 22, 2016 This kind of thing frustrates me so much. Filling out admission bursary apps, I've come to realize that having worked 3 jobs this year to pay for the applications/travel, and needing to work full time+ this summer to pay rent/pay off my visa from paying a deposit to one school already, I'll have ~18K income this year. Which, compared to my wealthy peers who didn't work during school, and maybe even managed to afford rent in the summer without working, who will have 0 income, means I'll qualify for much less bursary/govenment loans than these people. Despite that my parents can't afford to help me and make less combined than say, a teacher would. So compared to peers who don\t even need to work, it seems like my working will force me to put more of med school on an LOC, putting me even further behind, while richer peers get to enjoy more bursaries/OSAP grants because our bursaries/loans are now contingent on personal income, rather than parents design any system and people will work to maximize their return in it. The best solution is to understand the system so you can work within the rules to obtain the best benefit you can. It isn't just because they were "rich" that they obtained the benefit (in theory their parent's income many have reduced their osap for instance in their UG at least). Often it is simply the the rich have greater access to both knowledge and the flexibility to use it. anyway that is why the forum is here - to try where possible to equalize the knowledge. Link to comment Share on other sites More sharing options...
rmorelan Posted March 22, 2016 Report Share Posted March 22, 2016 MD Financial advisor. I have to say that is rather surprising. These are the only assets you do not report: Do not report assets or savings that are from the following sources: money your parents or spouse transferred to you as their financial contribution to your studies Registered Education Savings Plans (RESPs) and trust funds Registered Disability Saving Plans (RDSPs) Registered Retirement Savings Plans (RRSPs) and other retirement accounts the value of your principal residence and any other owned real estate clothing, furniture or personal belongings non-economic loss and/or pain and suffering awards savings through the Ontario Child Benefit Equivalent program Link to comment Share on other sites More sharing options...
_ _ Posted March 23, 2016 Report Share Posted March 23, 2016 design any system and people will work to maximize their return in it. The best solution is to understand the system so you can work within the rules to obtain the best benefit you can. It isn't just because they were "rich" that they obtained the benefit (in theory their parent's income many have reduced their osap for instance in their UG at least). Often it is simply the the rich have greater access to both knowledge and the flexibility to use it. anyway that is why the forum is here - to try where possible to equalize the knowledge. It's not only a matter of understanding the system-this summer I would have no choice in working full time, whereas those who can reply on some finacial support (or at least have parents able to support them living at home rent-free), have 0$ income and thus get higher bursary compared to those who must work full-time in the summer prior to starting school. That's the part that just isn't right, in my opinion. Goverment loans/bursary assistance shouldn't be reduced because someone needs to work and support themself Link to comment Share on other sites More sharing options...
HBP Posted March 24, 2016 Report Share Posted March 24, 2016 You'll be happy with the new liberal government: http://www.budget.gc.ca/2016/docs/plan/ch1-en.html Although the loss of the education/textbook credit is crap (especially for residents). Link to comment Share on other sites More sharing options...
crispermic Posted June 14, 2016 Report Share Posted June 14, 2016 Do you have to report funds in a TFSA for OSAP? Link to comment Share on other sites More sharing options...
freewheeler Posted June 14, 2016 Report Share Posted June 14, 2016 Do you have to report funds in a TFSA for OSAP? Yes. This is indicated in the app where it asks you to list the value of other assets that you possess. When you click on the little help icon that explains what 'other assets' means, it will show you a list where TFSA is present. Link to comment Share on other sites More sharing options...
typewriter123 Posted July 14, 2016 Report Share Posted July 14, 2016 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. Link to comment Share on other sites More sharing options...
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