Rank: Senior Student
Groups: Member
Joined: 3/21/2008
Posts: 153
Location: Canada
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If you receive scholarships, bursaries, and/or grants, are they considered as income? In other words, do i have to tell OSAP?
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Rank: Student Body Vice-President
Groups: Member
Joined: 3/5/2008
Posts: 773
Location: toronto
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I'm pretty sure OSAP will know about it; why would you need to tell them
uw/wlu DD '13
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Rank: Student Body President
Groups: Member
Joined: 3/4/2008
Posts: 1,210
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do we include those in the income that we have (if we're sure we've got them) or are they in their own separate category? I ask because i think i heard somewhere that in terms of taxation scholarships are viewed differently (than, say, savings that you got from your job) so i'm wondering how we'll factor that in to the osap apps
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Rank: Frosh
Groups: Member
Joined: 3/16/2008
Posts: 19
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The following is the description of Income from the OSAP site -
"You must provide all taxable and non-taxable income from all sources. For example, you must include employment, child-support and alimony payments, monetary gifts, lottery winnings, and government benefits, cashed-in RRSPs, cashed-in RESPs, and any other income (e.g., awards, scholarships, fellowships, bursaries, grants, interest, investments, and/or trust fund income). All income is verified with Canada Revenue Agency. The ministry may also contact any of the government bodies that administer income support in order to verify income.
DO NOT include GST Rebates,Universal Child Care Benefit, Child Tax Benefits, or funding from OSAP, including student loans, Child-Care Bursary, Bursary for Students with Disabilities, Canada Study Grants and/or Canada Access Grants."
THE EXCEPTION FOR SCHOLARSHIPS/BURSARY REPORTING IS AS FOLLOWS
"Do not include an award, bursary, and/or a needs based scholarship from a publicly-funded Ontario college of applied arts and technology or university if that postsecondary institution informs you in writing that they will report it to OSAP directly. If you have not received notification in writing from your postsecondary institution then you must report this income...."
And here is the description for Other Assets
"Other assets include the total gross value of all account balances at financial institutions, bonds, term deposits, GICs, all other investments, and any other assets (e.g., boats, aircraft, motors, etc.) not indicated in the items on your application dealing with vehicles and/or RRSPs.). Do not include your principal residence, clothing, furniture, personal belongings or OSAP funding."
IF the award is needs based it may be possible for the Financial Aid Office of the university to remove it after you have submitted your application - that is what I have been told by Queen's University for certain bursaries so you should call and check if that relates to your award.
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