moose Posted February 13, 2008 Report Share Posted February 13, 2008 hello, I had a question about OSAP and buying a car. Upto what value can you car be before you start to lose money on your OSAP loan? I need a car, but don't want to be shot at for having one.. If anyone knows the answer to this, I'd be really grateful, thanks moose Link to comment Share on other sites More sharing options...
0T6 Posted February 14, 2008 Report Share Posted February 14, 2008 from what i've heard, it's 5G preclerkship and 10G during clerkship Link to comment Share on other sites More sharing options...
moose Posted February 14, 2008 Author Report Share Posted February 14, 2008 If I have it once, and suffer the consequences one year of having the car, do they shoot me over and over again? Like if I buy a good car now, and get nothing one year, next year am I eligible again? moose Link to comment Share on other sites More sharing options...
rocky222 Posted February 15, 2008 Report Share Posted February 15, 2008 I'm not sure the answer to your question, but have you considered getting the car under someone else's name (parents, sibling, spouse, etc.)? It only counts against you for OSAP purposes if ownership is under your name. Link to comment Share on other sites More sharing options...
moose Posted February 15, 2008 Author Report Share Posted February 15, 2008 I have yes, but since I'm out-of-province, the car has to be in my name for it to be insured, and manitoba's public insurance is WAY cheaper than Ontario's private insurance. I guess I'll get screwed over by one of them for sure, but maybe I'll just keep it my parents name and have the car insured in with Ontario plates. Link to comment Share on other sites More sharing options...
ccoh Posted February 15, 2008 Report Share Posted February 15, 2008 It has to do with how much the car is worth, not how much you paid for it. The OSAP application asks for the resale value, I believe. You can find it on Canadian Black Book. I'm not sure of the website, but there's a link on the CAA site. Link to comment Share on other sites More sharing options...
Satsuma Posted February 15, 2008 Report Share Posted February 15, 2008 Yes, you will be screwed over and over each year.....so buy a car that depreciates relatively quickly....if you buy a Honda, you will never get much OSAP! So if you can get in under someone else. I know you mentionned something about the insurance being cheaper....but u may want to sit down and consider how much less OSAP you will get and decide it is is worth it, savings wise (consider the extra interest you would pay on an LOC to cover the difference of what you won`t get for OSAP). They will deduct whatever value your car is over 5k from whatever you are eligible for. So say you are eligible for 14k and your car is worth 15k, then you will only get 4k. Chances are if you buy a new car though it'll be worth more than 15k the first year. They don`t care if you lease or own it is all the same to them. Also, OSAP will determine the value of your car....so you could write it's worth 10k and if they think otherwise, they'll just change it.....that is if they think it is worth 15k, that is what it will be assessed as. BUT if if it worth less (according to them) than what you wrote they won`t change it to do you a favour....so underestimate the value of your car! Link to comment Share on other sites More sharing options...
moose Posted February 15, 2008 Author Report Share Posted February 15, 2008 thanks for all the tips guys. looks like keeping Ontario plates is the way to go! moose Link to comment Share on other sites More sharing options...
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