Osap money

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sufferer

sufferer

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Hi there,

I am a single mom living on OSAP and going to college since Sep 2012.
Will the OSap money will be my income on my 2012 taxes.
Also will i get some good money back when claiming for my tuition and books cost
 
sufferer said:
Hi there,

I am a single mom living on OSAP and going to college since Sep 2012.
Will the OSap money will be my income on my 2012 taxes.
Also will i get some good money back when claiming for my tuition and books cost
Click to expand...

It's been near 15 years since I went though it. So it may have changed.

but yes, OSAP is income.

You can claim a percentage of tuition back on your taxes (around 30% when I went through it), and you can claim your books/equipment. So make sure you keep your receipts.

Pretty sure you can even write of part of a laptop computer as a student.

Recently, I have seen advertisements for the Ontario government giving bursuries or grants for a percentage of tuition. You should look into that as well.

If you are a young unemployed single mother I would encourage you to seek your local Ontario Works office and see if they can help too.

It's hard work. But get that diploma/degree and you will be much better off in the long run.

Good luck.
 
check the student services department of your college/university/school as they have people who can give you lots of resource information

universities have daycare services, food bank links and links to other students in your similar situation
 
I was young and without kids when I went.

But I was also very much the 'starving student'.

Put yourself through it knowing how much better things will be on the other side, and take full advantage of the food-bank.

It's there just for people in your situation.
 
OSAP is about tuition loan and bursary, so no that is not taxable income and you do not have to report it on your taxes.

While the tuition and books gives you credit on your taxes who basically represent only a percentage of your cost.
 
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I have income from scholarships, grants, student loans or tips. What do I do?
If you are eligible for the education amount, income from scholarships, fellowships and bursaries is not taxable and you don’t even have to indicate it on your return. If you are not eligible for the education amount, report only the part that is over $500. Student loans are completely non-taxable. Research grants are taxable but you can deduct related expenses. Income earned as a teaching assistant is fully taxable. Don’t forget to declare your tips if you work in the service industry.
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Here for more information.

OSAP consists of different parts, while the educational part is non-taxable, any living allowance over $500 you receive is taxable. Best to check with an accountant and your loan officer to find out which, if any, is taxable.
 
sufferer said:
Hi there,

I am a single mom living on OSAP and going to college since Sep 2012.
Will the OSap money will be my income on my 2012 taxes.
Also will i get some good money back when claiming for my tuition and books cost
Click to expand...

Hi sufferer:

I am in the same boat as you so I will do my best to explain how it works.

Your OSAP money is not income. However, part of that funding is grant money if you are a single Mom. Grant funding is taxable. If you log into your OSAP you can find the exact amount of money you have received is grant money and which is loan funds.

You will not get any money back from income tax if you did not earn any money during the year (you did explain your sole source of funding is OSAP funds so this would be true). The tax benefits will be rolled over and will accumulate into carryover credits. This will certainly help when you do become empolyed, but it of no benefit to you now.

Any tax owing from the grant funds will be washed away with your credits and your final amount on your income tax will be zilch. No money payable and no money back. :rolleyes:

If you have any further questions of need help with the forms and where to put what when filing, don't hesitate to contact me.
 
mom2three said:
You will not get any money back from income tax if you did not earn any money during the year (you did explain your sole source of funding is OSAP funds so this would be true).
Click to expand...

I eat my words:eek:. My understanding was it has been your sole source of funding all year. If you earned any money between January - September that is taxable but the education credits can very well negate any taxes you would owe on your taxable income.
 
Humm so no refund

Humm so no refund

Thankyou Mom2 three.I was expecting a good refund and now i know that i will have no extra cash after my tax refund.
I will bother you while filing my taxes which I usually do on ufile.

Take care
 
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