Parent’s total gross yearly income

Parent’s total gross yearly income includes:

• Income earned before deductions that is reported on your parent’s 2020 Canadian income tax return (do not include money received through Universal Child Care, Child Tax Benefit, Ontario Child Benefit, the Rental Opportunity for Ontario Families (ROOF) Program, or the Assistance for Children with Severe Disabilities);
• Any taxable and non-taxable income earned in Canada during the 2020 taxation year but not reported on your parent’s 2020 Canadian income tax return; and
• Any foreign income (taxable and non-taxable).

Foreign and non-taxable income includes:

• income earned in a country other than Canada that has not been reported to the CRA through line 10400 (e.g., employment income, rental income or interests, dividends and capital gains from investments),
• child support received,
• income earned on a First Nations community in Canada,
• lottery winnings totalling over $3,600,
• gifts and inheritances totalling over $3,600,
• life insurance compensation,
• strike pay you received from your union,
• interest, dividends or capital gains from tax-free savings accounts (TFSA) regardless of the original source of the income
• scholarships and/or bursaries not included in your Canadian taxable income

Despite being exempt from tax, these earnings are still considered income for the purposes of determining eligibility for grants and loans through OSAP and must be included in the application. You may be asked to verify these amounts.

Do not include

• Canada Child Benefits
• Ontario Child Benefits
• GST/HST Rebates
• Ontario Trillium Benefit
• Assistance for Children with Severe Disabilities