Hey Friends, I needed some advise and hope some of you maybe able to give me your valuable suggestions. I have received my PR, and am planning to move to Canada next year. From all the information that I have gathered, I have decided to first get a little of Canadian experience through education and internships and then apply for a job. Now my confusion is this- I have a house which costs more than 200k, and I would like to sell it after i have a confirmed income. But in the meantime, when i apply for OSAP for education, will I have to declare this property as world income( it will be left vaccant in my absence and as per my information if the property is not being used for commercial purposes then one need not discuss about it on ones IT Returns) and can they refuse my application for OSAP since I own a property.
Next, incase i declare the sale of my house after i sell it to transfer the proceeds here for further buying a property in canada.. can there be an issues associated with it? i need to settle first before i can look at other things.. for example home sale etc.. any input and advise will be truly appreciated. I would like to thank you in advance for all your assistance.
Quote:
Originally posted by nickel
Hey Friends, I needed some advise and hope some of you maybe able to give me your valuable suggestions. I have received my PR, and am planning to move to Canada next year. From all the information that I have gathered, I have decided to first get a little of Canadian experience through education and internships and then apply for a job. Now my confusion is this- I have a house which costs more than 200k, and I would like to sell it after i have a confirmed income. But in the meantime, when i apply for OSAP for education, will I have to declare this property as world income( it will be left vaccant in my absence and as per my information if the property is not being used for commercial purposes then one need not discuss about it on ones IT Returns) and can they refuse my application for OSAP since I own a property.
Next, incase i declare the sale of my house after i sell it to transfer the proceeds here for further buying a property in canada.. can there be an issues associated with it? i need to settle first before i can look at other things.. for example home sale etc.. any input and advise will be truly appreciated. I would like to thank you in advance for all your assistance.
Canadian government won't bother about your properties or cash in bank either in Canada or any where to grant loan under OSAP. Each province has some waiting period before residents become eligible to apply for it. Check with your province before applying.
Location: God's own country
Posted on: 02-12-10 22:46:07
Quote:
Originally posted by smart desi
Canadian government won't bother about your properties or cash in bank either in Canada or any where to grant loan under OSAP. Each province has some waiting period before residents become eligible to apply for it. Check with your province before applying.
Wrong info...
OSAP is meant for people who do not have any money and a good credit history 9so that the govt. knows that you will pay it back).
The Govt. will look at your history before granting you OSAP. It is also a self declare info.. They will ask you to self declare your assets and then based on that they will provde OSAP (if you donot have money).
OSAP was formed to help native Canadians not immigrants who want to exploit my land. Do you really think Canadian govt. is stupid.
A native Canadian's father may be a millionaire but when he turns 16 or 18 , he is considered alone and hence a pauper and he is given OSAP so that he can study and become a millionare like his dad and repay the money (there willl be no discrimination for him as he is a local)
Peace
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
Quote:
Originally posted by smart desi
Canadian government won't bother about your properties or cash in bank either in Canada or any where to grant loan under OSAP. Each province has some waiting period before residents become eligible to apply for it. Check with your province before applying.
Wrong info...
OSAP is meant for people who do not have any money and a good credit history 9so that the govt. knows that you will pay it back).
The Govt. will look at your history before granting you OSAP. It is also a self declare info.. They will ask you to self declare your assets and then based on that they will provde OSAP (if you donot have money).
OSAP was formed to help native Canadians not immigrants who want to exploit my land. Do you really think Canadian govt. is stupid.
A native Canadian's father may be a millionaire but when he turns 16 or 18 , he is considered alone and hence a pauper and he is given OSAP so that he can study and become a millionare like his dad and repay the money (there willl be no discrimination for him as he is a local)
Peace
Most of the above info is incorrect. Look at the website of the agency.
OSAP is of Ontario Province and currently there is no waiting period to be eligible for OSAP. If you are a PR and if your income(world wide) for the previous financial year was low you are eligible for OSAP. Your property in India is an asset, it is not an income. The lower your income was, the higher funding you get. The info given by TK is not right.
Quote:
Originally posted by tamilkuravan
Quote:
Originally posted by smart desi
Canadian government won't bother about your properties or cash in bank either in Canada or any where to grant loan under OSAP. Each province has some waiting period before residents become eligible to apply for it. Check with your province before applying.
Wrong info...
OSAP is meant for people who do not have any money and a good credit history 9so that the govt. knows that you will pay it back).
The Govt. will look at your history before granting you OSAP. It is also a self declare info.. They will ask you to self declare your assets and then based on that they will provde OSAP (if you donot have money).
OSAP was formed to help native Canadians not immigrants who want to exploit my land. Do you really think Canadian govt. is stupid.
A native Canadian's father may be a millionaire but when he turns 16 or 18 , he is considered alone and hence a pauper and he is given OSAP so that he can study and become a millionare like his dad and repay the money (there willl be no discrimination for him as he is a local)
Peace
FYI TK:
I have declared my bank balance and all assets and still I could get funding to study. It is understood that you can not live without any bank balance in Canada especially when you are with your family.
