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OSAP Income and Assets Updates

As an OSAP recipient, you are required to give accurate information about your income and asset information when you apply. Your asset valuation date is the first day of the study period. If you get new assets after this date, you need to update your income information right away. If there is a mistake on your application, upload a letter to your OSAP portal with documents that explain the changes needed.

Income

This includes:

  • All foreign income
  • Canadian non-taxable income
  • Income received during your study period
    • External scholarships
    • Bursaries
    • Awards
  • Income earned during your study period
  • Registered Retirement Savings Plan (RRSP)

Government Income

This includes:

  • Employment Insurance
  • Loss of Earnings Benefits (WSIB)
  • Ontario Disability Support Program (ODSP)
  • Ontario Works (OW)
  • Canada Pension Plan (CPP)
  • Benefits (Disability, Orphans’, Survivors’, Disabled Contributors’ Child’s)
  • Second Career
  • Canada-Ontario Job Grant

For the purpose of assessing contributions from student and spousal resources, assets means Registered Retirement Savings Plans (RRSPs) and “other financial assets.”

Other financial assets include:

  • The savings portion in all bank accounts, including chequing accounts, savings accounts, tax-free savings accounts (TFSAs), First Home Savings Account(s), and foreign bank accounts
  • Guaranteed Investment Certificates (GICs)
  • Canada Savings Bonds (CSBs), provincial savings bonds or corporate bonds
  • Stocks
  • Term Deposits
  • Treasury Bills
  • Mutual Funds
  • Trust Funds (withdrawals/payments, interest, and/or dividends)
  • Cryptocurrency holdings
  •  Awards/settlements for economic loss (past or future loss of income), income replacement benefits, or for punitive damages

You do not need to report certain assets, including:

  • Money transferred from parents or spouse to a dependent student as their expected financial contribution
  • Registered Education Savings Plans (RESPs)
  • Registered Disability Savings Plans (RDSPs)
  • Registered Retirement Savings Plans (RRSPs) and other retirement accounts (RRSPs are reported separately)
  • The value of a principal residence or any other owned real estate
  • Clothing, furniture, personal belongings (including vehicles)
  • Awards or settlements for non-economic loss, pain and suffering
  • Savings through the Ontario Child Benefit Equivalent Program
  • The value of farm assets 
  • Student loans (if you have OSAP in a bank account, that is not considered a reportable asset)

How to Submit Changes

To update your income and asset information, submit a signed and dated letter and supporting documents to your OSAP portal to prove your claims. The letter must include:

  1. Date
  2. Your full name
  3. TMU Student Number
  4. Your signature
  5. Statement to request the change. For example, “I am requesting a change to my …"
    1. Changes to your reported income (if applicable)
    2. Changes to your reported government income (if applicable)
    3. Changes to your reported assets (if applicable)

In addition to your letter, complete and upload “Section F: Income and Assets” of the  (PDF file) full-time OSAP application (external link, opens in new window)  (pages 18 to 21). Note that we also need pages 5 and 6 to be completed and uploaded as well.

For the security of your data, upload all documents directly to your secure OSAP portal. Use the "optional uploads" button on the Required Documents page to submit. Please note that it takes about three to six weeks from your date of submission to process OSAP documents. To track your document progress, refer to the OSAP Document Processing Time.

 Important:

Assets can only be reduced if they were reported incorrectly. Proof of the mistake is needed to complete the change.

If you are reporting an increase to your income or assets, supporting documentation is not needed.

Examples of Supporting Documents

The following are common examples of supporting documents used for income and asset change requests. Please use this list as a guide:

  • Statement of Account 
  • Pay stub
  • Letter from employer on a company letterhead
  • Benefit/Social Assistance Statement
  • Business Income Documents/Financial statements (if self-employed)
  • Letter from the bank or private lender to verify income and/or assets

You might be asked to send us more information after your documents are reviewed. Please check your OSAP Message Centre often for updates.