Income & Assets Updates
Income and Assets Updates
Need to update your income or assets for the Ontario Student Assistance Program (OSAP)? We鈥檝e explained the process below so you can get started.
As an Ontario Student Assistance Program (OSAP) recipient, you're 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.
You can find more information about what you need to report below.
Income 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 includes:
- Employment Insurance (EI)
- Loss of earnings (LOE) benefits from the Workplace Safety and Insurance Board (WSIB)
- Ontario Disability Support Program (ODSP)
- Extended Health Benefits
- Transitional Health Benefits
- Ontario Works (OW)
- Canada Pension Plan (CPP)
- Disability benefit
- 翱谤辫丑补苍蝉鈥�&苍产蝉辫;产别苍别蹿颈迟
- Survivors鈥� pension
- Child of disabled or deceased contributors鈥� benefit
- Second Career Ontario
- Ontario Job Grant (OJG)
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 accounts (FHSA) 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 don't need to report certain assets, including:
- Money transferred from your parents or your spouse (if either is applicable) as their expected financial contribution to you as a dependent student
- 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 (OCBE) program
- The value of farm assets
- Student loans (if you have OSAP in a bank account, that isn't considered a reportable asset)
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:
- Date
- Your full name
- 91影视 Student Number
- Your signature
- Statement to request the change. For example, 鈥淚 am requesting a change to my 鈥�"
- Changes to your reported income (if applicable)
- Changes to your reported government income (if applicable)
- Changes to your reported assets (if applicable)
In addition to your letter, complete and upload Section F: Income and Assets of the (pages 18 to 21). Note that we also need pages 5 and 6 to be completed and uploaded.
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 3 to 6 weeks from your date of submission to process OSAP documents. To track your documents' progress, check the OSAP Processing Dates page.
Assets can only be reduced if they were reported incorrectly. Proof of the mistake is needed to complete the change.
If you're reporting an increase to your income or assets, supporting documentation isn't needed.
Examples of Supporting Documents
The following are common examples of supporting documents used for income and asset change requests. Please note that you might be asked to send us more information after your documents are reviewed. Check your OSAP Message Centre often for updates.
This list is 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
