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View Full Version : Will I get osap if I own securities?

sexpuppet6000
May 18th, 2008, 12:24 AM
My sister told me that if ya'll got moneys in da bank den osap won't give ya'll any money.

My question is if I own securities, will OSAP still consider this as having cash? Is there a way in which I can still get osap without selling my securities and moving my cash?

How about if I move some of my securities into my rrsp?
iluvmikeharris
May 18th, 2008, 10:15 AM
I'm not positive, but I thought they based qualifications on your income / you family income.

So, if you or your family have assets in an RRSP or securities that aren't paying out current taxable income, I'm thinking it won't come into play.

I could be wrong - does anyone know if they look at (net) assets (net worth) or just income?
nuberific
May 18th, 2008, 01:41 PM
I'm not positive, but I thought they based qualifications on your income / you family income.

So, if you or your family have assets in an RRSP or securities that aren't paying out current taxable income, I'm thinking it won't come into play.

I could be wrong - does anyone know if they look at (net) assets (net worth) or just income?

They look at both. When filling out the forms they specifically ask for information like how much money your have in your bank, the value of your stocks/mutual funds/etc, and other assets like houses/cars for both the student and the student's parents. I had a buddy who, while officially his and his family's income was 0, he owned a new $34,000 car under his name and that was the reason he was shot down for OSAP.

And to the OP, they will not give you OSAP if they deem you have sufficient funds to pay for your own education and do not require a loan. So it really depends on how much you have. You can still get OSAP if you're <$10K I believe, and anything after that is iffy. That's just my guess though, and the number I guessed isn't based on anything substantial. I don't believe moving it into the RRSP will help. It would probably have a lesser effect on your OSAP eligibility if you changed ownership to either your sister or your parents, but that could be considered fraud.