I applied for osap and it asked me the amount of money I made in the LAST year according to my tax return. I put 15000 because I honestly thought it was that much, turns out it was about 18000, so i quickly went to the financial aid office at my school and updated that information. Before I updated this, it said I would get 14000 for this year. How much do you think it will go down to? I imagine it would drop by 3000.but then I started thinking, what if anything ABOVE 15 grand is another bracket so I get screwed over even more Does anyone know??
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It's probably not even going to affect it by $3,000. OSAP doesn't have brackets. What they have is a calculation that looks at your previous income tax return, extrapolates current income based on that,adjusts for reported income, calculates expected student contribution based on a truly bizarre formula. Then adds parents or spouses expected contribution. Adjusts for family size. Adds 'assets'. Determines need. Subtracts contribution from need, giving unmet neet - that is, your expenses that you and your family are not able to cover. Imposes a cap of 360/week of school or 560/week of school depending on whether you have a fanily. Then whatever is left is your funding. Grants are based on previous year's income and other stuff. Loans are based on current year's income and other stuff
