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OSAP and RESP conflicts - to declare or not to declare Options
Posted: July 20, 2009 12:25:27 PM
Rank: Frosh
Groups: Member

Joined: 7/20/2009
Posts: 1
This is my second year applying for OSAP and i got a letter from them saying there is a variance of my income in my OSAP file and the income info that they've retrieved from canadian revenue agency. The difference is about $5000, and this is how much i withdrew from RESP in the middle of school year last year (my mom cancelled the account, and as a result, her savings went back to her account, and the $5000 that the government promised went to my account.) As a result they've already reassessed my account and gave me the loans according to the income numbers from CRA. it's much less than wut the original estimate was, but it's doable.

i called the osap office at UofT to explain that the $5000 difference was due to my withdraw from RESP, but i'm not planning on using it through out the years and not all at once, and she gave me a confusing explanation of wuts going on for my OSAP, and I am lost for wut i should do (or not do) next.

she explains that OSAP has already found out about my $5000 withdrew from RESP in the middle of the year last school year, and have already decreased my loans slightly ( and i just didn't notice it), so in theory OSAP thinks i have already gotten more money than i need last year, but since this is my first over payment, OSAP usually forgives it.

Here's the contradicting part: she said that OSAP forgives the first overpayment, and this will not affect my future OSAP Applications, but she also says i should get a statement from my bank indicating my assets as of May 20, 2009 of how much i own in my bank account, and then explain that i need explain to OSAP that i got the money from resp, but am not using it all in one year.

This second option seems to me like suicide, because i have more than 5000 in my account, but that doesn't mean i'm going to use it all up in one year, but by declaring everything i own, wouldn't that just lead them to change my osap assessment even more and cut my funding down even more?

I'm already confused just trying to reconstruct this stuff that the lady says, can somebody help me sort this mess?

thanks so much

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