If you are receiving OSAP funding, you should confirm your income at some point during the academic year.
How to confirm your income:
Why is it important to confirm your income?
The OSAP program verifies the income information that you entered on your OSAP application when you applied with the income that you will report to Canada Revenue Agency for the 2014 taxation year. If they find that there is a discrepancy between the two, you will be reassessed and possibly overpaid. This means that you may have to repay some or all of your OSAP funding back depending on how much of a variance is calculated.
It is always best to update your income even if it results in an overpayment this way, you have the option of repaying it right away. If the Ministry determines that there is a discrepancy requiring you to appeal, the appeal process is time-consuming and it is a lengthy process.
Do you have award or scholarship income?
Depending on the source of your award or scholarship income, you may not have to report it to OSAP as we will do that for you. You will not have the ability to update award or scholarship income on the Income Update form because we want to ensure that you don't report bursaries that are exempt from the OSAP assessment. So, the following information should be reviewed to determine if you should be reporting award income:
To update your award income (even if you are not sure if you need to or not as we will check that before we update your file) please use the Declaration of Awards Form. If you have other income updates that you need to make after you complete the on-line income update, please use our Income Update Form.