Applicants must list any vehicles for which the ownership is in their name (or their spouse’s name, if applicable) as of the asset valuation date. This includes vehicles that the applicant or spouse have leased through a leasing company.
The Ministry will consider removing a vehicle from the OSAP application form under the following conditions:
If a student and/or spouse sells the vehicle prior to the review deadline (i.e., eight weeks before the end of the student’s study period), the value of the vehicle can be deleted for financial need assessment purposes, provided that the vehicle was sold for a reasonable market price and the proceeds of the sale are reflected on the application as other assets. The student must demonstrate that the change in ownership resulted from an “arm’s length market transaction”. Ownership transfers to family members will not be considered. (For OSAP purposes, family members are defined as parents, children, siblings, grandparents, aunts, uncles, in-laws, and cousins.)
If a student and/or spouse terminate the lease of a vehicle after the asset valuation date and prior to the review deadline (i.e., eight weeks before the end of his/her study period), the value of the vehicle can be deleted for need assessment purposes. If terminating the lease results in a net increase in the student/spouse’s financial assets, the new value of financial assets must also be reported for assessment purposes. The student must demonstrate that the change in ownership resulted from an “arm’s length market transaction”. This term is defined, and examples are provided, in 7a above.
The license plate information is a factor in matching information from MTO. If the student did not report the license plate information accurately, then the results from MTO would yield a vehicle listed by the student and the same vehicle (under a different plate number) listed by MTO.
If the Ministry of Transportation (MTO) incorrectly attributes a vehicle(s) to a student and/or spouse, then the value of that vehicle can be deleted for financial need assessment purposes.