OSAP repayment by relative

Hi!

I have an OSAP repayment question. If I am an adult student whose parent(s) are helping to pay a large part of my OSAP loan balance, does that have a tax implication/need to be reported by my parents (or me)? I live separately from them (different city) and am not a dependent for tax purposes. It's essentially a substantial gift from them and I want to make sure it doesn't create any burden for them. This is Ontario in case it's relevant.

Thank you!

888

1 Best answer

Level 5

Apr 5, 2024 8:37:51 PM

No, neither you nor your parents have to report that. Gifts are not taxable as an income and cannot be deducted as an expense.

However, if you paid interest on your OSAP loan, you might be eligible to claim that amount on your tax return.

Thank you for choosing TurboTax.

Level 5

Apr 5, 2024 8:37:51 PM

No, neither you nor your parents have to report that. Gifts are not taxable as an income and cannot be deducted as an expense.

However, if you paid interest on your OSAP loan, you might be eligible to claim that amount on your tax return.

Thank you for choosing TurboTax.

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OSAP repayment by relative