schmitty Posted June 1, 2011 Report Share Posted June 1, 2011 Condo shouldn't be a problem. Principal residence isn't considered an asset. Car will be a problem. Perhaps put it in your spouse's name alone, if possible? Really? I figured that they do care since on the OSAP funding estimator they ask for the total value of any property you own. Do they mean total equity? If so, that is not very clear as it just states the 'value'. Link to comment Share on other sites More sharing options...
HBP Posted June 1, 2011 Report Share Posted June 1, 2011 There should be an exception listed for principal residence. edit: https://osap.gov.on.ca//dc/TCONT003080 Link to comment Share on other sites More sharing options...
rmorelan Posted June 2, 2011 Report Share Posted June 2, 2011 Really? I figured that they do care since on the OSAP funding estimator they ask for the total value of any property you own. Do they mean total equity? If so, that is not very clear as it just states the 'value'. yeah you exclude your principal residence for sure actually the max amount can even go up with a spouse/children. Basically don't count osap out yet Link to comment Share on other sites More sharing options...
SolitaireAddikt Posted June 2, 2011 Report Share Posted June 2, 2011 I hope this doesn't sound silly, but how does parental help factor into OSAP calcuations? My parents have been gracious enough to offer to continue supporting me in med school, however they certainly cannot afford the total cost of attendance and thus I will have to take out OSAP. What I'm concerned about is that the money I get from my parents will count as income, and thus OSAP will give me less money (probably deducting money from my bursary/grant). I've never dealt with OSAP before so I honestly don't know how this all works. Link to comment Share on other sites More sharing options...
rmorelan Posted June 2, 2011 Report Share Posted June 2, 2011 I hope this doesn't sound silly, but how does parental help factor into OSAP calcuations? My parents have been gracious enough to offer to continue supporting me in med school, however they certainly cannot afford the total cost of attendance and thus I will have to take out OSAP. What I'm concerned about is that the money I get from my parents will count as income, and thus OSAP will give me less money (probably deducting money from my bursary/grant). I've never dealt with OSAP before so I honestly don't know how this all works. no worries - it isn't income as recongized by the government for osap purposes. The look on your tax return to define what you income actually is and I doubt you parents are giving you a T4 slip One thing though - don't let them give you a chunk of money to sit in your bank account. If they give anything have them pay for your tuition if possible (or obviously a part of it only) directly. You don't want assets lying around, and if it is in your account it is kind of confusing. Link to comment Share on other sites More sharing options...
SolitaireAddikt Posted June 2, 2011 Report Share Posted June 2, 2011 no worries - it isn't income as recongized by the government for osap purposes. The look on your tax return to define what you income actually is and I doubt you parents are giving you a T4 slip One thing though - don't let them give you a chunk of money to sit in your bank account. If they give anything have them pay for your tuition if possible (or obviously a part of it only) directly. You don't want assets lying around, and if it is in your account it is kind of confusing. Thanks for the quick response! Two more questions: what if the money is in a joint account? I thought I read somewhere that they can't prove that it's yours because there is another name on the account, but I'm not sure if this is true or not. Also what if the account never has a large amount in it (lets say, less than $2000) at any given time (mind you, over the course of the year around 10K-15K would pass through the account, but I wouldn't keep more than 2K in it at a time)? I was planning on using OSAP to pay tuition and the help from my parents to help with living expenses, but if having money in an account (even a joint account) will cause problems then I'll do the reverse. Link to comment Share on other sites More sharing options...
rmorelan Posted June 2, 2011 Report Share Posted June 2, 2011 Thanks for the quick response! Two more questions: what if the money is in a joint account? I thought I read somewhere that they can't prove that it's yours because there is another name on the account, but I'm not sure if this is true or not. Also what if the account never has a large amount in it (lets say, less than $2000) at any given time (mind you, over the course of the year around 10K-15K would pass through the account, but I wouldn't keep more than 2K in it at a time)? I was planning on using OSAP to pay tuition and the help from my parents to help with living expenses, but if having money in an account (even a joint account) will cause problems then I'll do the reverse. OSAP tracks income and assets - at any one time your assets in the account are very low compared to your projected needs, and the money being put there is not income. By my understanding there would be no issues. Although I won't mess with joint accounts if you can avoid it - don't do things to confuse OSAP Money transfers are cleaner and accomplish the exact same thing. Link to comment Share on other sites More sharing options...
Leon Posted June 2, 2011 Report Share Posted June 2, 2011 When I saw the title, exclamation marks and large # of replies, I was expecting a totally different kind of thread and a flame war LOL Link to comment Share on other sites More sharing options...
SolitaireAddikt Posted June 2, 2011 Report Share Posted June 2, 2011 OSAP tracks income and assets - at any one time your assets in the account are very low compared to your projected needs, and the money being put there is not income. By my understanding there would be no issues. Although I won't mess with joint accounts if you can avoid it - don't do things to confuse OSAP Money transfers are cleaner and accomplish the exact same thing. Thanks for helping me understand this! Link to comment Share on other sites More sharing options...
holiday1001 Posted May 16, 2012 Report Share Posted May 16, 2012 I was playing with the OSAP calculator, and it looks like the car can be up to 15000 in value, if you're under 4 years out of hs (ie 3rd year applicant) and a little over 7000 if you're over 4 years out of hs Link to comment Share on other sites More sharing options...
KMMD Posted May 16, 2012 Report Share Posted May 16, 2012 That's interesting - thanks! Link to comment Share on other sites More sharing options...
KMMD Posted May 16, 2012 Report Share Posted May 16, 2012 no worries - it isn't income as recongized by the government for osap purposes. The look on your tax return to define what you income actually is and I doubt you parents are giving you a T4 slip One thing though - don't let them give you a chunk of money to sit in your bank account. If they give anything have them pay for your tuition if possible (or obviously a part of it only) directly. You don't want assets lying around, and if it is in your account it is kind of confusing. So when they say "monetary gifts" are considered income, they don't consider if people pay for things for you, only if you directly receive money? Just out of curiosity - thanks for the info. Link to comment Share on other sites More sharing options...
CRK Posted May 16, 2012 Report Share Posted May 16, 2012 When you apply for OSAP, it asks for all your assets (including money in your bank account). Based on the OSAP calculator, if I decrease my asset by $1000, the aid I get increases by $1000. Is it a legitimate strategy to get rid of as much money out of your bank account as possible to max out the OSAP you get? E.g. you could pay your cell phone bill for the next few months, overpay your credit card, etc. How else could you do it? Link to comment Share on other sites More sharing options...
CRK Posted May 16, 2012 Report Share Posted May 16, 2012 novascotia2010 made a sweet spreadsheet comparing the LOC offers from various banks. Its in the Dal forums, but I thought it might be useful for everyone else to see too. Thread: http://www.premed101.com/forums/showthread.php?t=61672 And spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AiNty_uU8U2ndHQtVFJ2UDJpX09JQ0phbDVLUm9rOGc#gid=3 Shout out to novascotia2010! Link to comment Share on other sites More sharing options...
mm88 Posted May 16, 2012 Report Share Posted May 16, 2012 novascotia2010 made a sweet spreadsheet comparing the LOC offers from various banks. Its in the Dal forums, but I thought it might be useful for everyone else to see too. Thread: http://www.premed101.com/forums/showthread.php?t=61672 And spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AiNty_uU8U2ndHQtVFJ2UDJpX09JQ0phbDVLUm9rOGc#gid=3 Shout out to novascotia2010! Thanks for posting! I wouldn't have found it otherwise. Everyone says RBC is great but looking at the spreadsheet... Scotia is looking way more attractive! Hmmmm.... Link to comment Share on other sites More sharing options...
CRK Posted May 16, 2012 Report Share Posted May 16, 2012 I think I'm going to go with Scotiabank too. Link to comment Share on other sites More sharing options...
Real Beef Posted May 16, 2012 Report Share Posted May 16, 2012 novascotia2010 made a sweet spreadsheet comparing the LOC offers from various banks. Its in the Dal forums, but I thought it might be useful for everyone else to see too. Thread: http://www.premed101.com/forums/showthread.php?t=61672 And spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AiNty_uU8U2ndHQtVFJ2UDJpX09JQ0phbDVLUm9rOGc#gid=3 Shout out to novascotia2010! Thats awesome thanks! Yeah I dont qualify a cent for OSAP as I made too much last year and have RRSPs, pension, assets, etc. Link to comment Share on other sites More sharing options...
1234 Posted May 16, 2012 Report Share Posted May 16, 2012 When you apply for OSAP, it asks for all your assets (including money in your bank account). Based on the OSAP calculator, if I decrease my asset by $1000, the aid I get increases by $1000. Is it a legitimate strategy to get rid of as much money out of your bank account as possible to max out the OSAP you get? E.g. you could pay your cell phone bill for the next few months, overpay your credit card, etc. How else could you do it? Transfer all cash to your parents, under the guise of debt owed for undergraduate education and living expenses. Link to comment Share on other sites More sharing options...
holiday1001 Posted May 17, 2012 Report Share Posted May 17, 2012 OSAP calculator says start of program. I was thinking the same thing before. Link to comment Share on other sites More sharing options...
benge88 Posted May 17, 2012 Report Share Posted May 17, 2012 OSAP calculator gives me nothing I have too many assets... Link to comment Share on other sites More sharing options...
Hills Posted May 18, 2012 Report Share Posted May 18, 2012 The new OSAP application is now available! I'm at the section where it asks if you want OSAP to pay your fees to the school or not. aka. a 'Redirection of OSAP funding'. I'm not sure what to say. Does everyone just put yes here? I would think that it would generally be better for OSAP to pay you directly so that you can make your own financial decisions. The only benefit might be that the school will defer your payment (until OSAP is released) if you allow OSAP to pay them directly. Does anybody have experience dealing with this? Link to comment Share on other sites More sharing options...
vanillabear Posted May 19, 2012 Report Share Posted May 19, 2012 Has anyone had any luck in trying to negotiate a cashback credit card instead of a travel rewards card with an LOC? It'll probably be more useful, I think. Link to comment Share on other sites More sharing options...
rmorelan Posted May 19, 2012 Report Share Posted May 19, 2012 Has anyone had any luck in trying to negotiate a cashback credit card instead of a travel rewards card with an LOC? It'll probably be more useful, I think. well they hand those out actually often as the default Link to comment Share on other sites More sharing options...
vanillabear Posted May 19, 2012 Report Share Posted May 19, 2012 well they hand those out actually often as the default hmm so I know CIBC has a 2% Cashback Dividend (Infinite VISA) card... is that unheard of? Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted May 19, 2012 Report Share Posted May 19, 2012 Has anyone had any luck in trying to negotiate a cashback credit card instead of a travel rewards card with an LOC? It'll probably be more useful, I think. I'm with Scotiabank, I pay $40 for a 1%/2% (groceries and gas) cash back VISA. I tried to lower the price, they wouldn't let me. Link to comment Share on other sites More sharing options...
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