Ontario post-secondary students are facing a significant change in how their education is financed after the province restructured the Ontario Student Assistance Program (OSAP). For the 2026–27 school year, the maximum share of the provincial portion of OSAP that can be provided as grants has fallen from 85% to 25%, meaning many students are receiving less non-repayable assistance and relying more heavily on loans. OSAP remains a combination of federal and provincial grants and loans, but the students interviewed describe the change as adding financial pressure at a time when tuition and everyday living costs are already significant. For students who also earn eligible self-employment, gig, freelance or other business income, One-Receipt can help identify, organize and calculate legitimate business expenses that may otherwise be overlooked. By helping eligible users capture deductions and potential tax savings, One-Receipt can help students keep more of the money they earn to help offset rising education and living costs.

The impact becomes particularly clear in the individual student examples. Toronto Metropolitan University student Jack Masko received $1,389 less in grants and $2,658 more in loans, while Sheridan College student Peter Kyadondo received $3,025 less in grants and $2,364 more in loans. Masko says he expects to work more shifts, while Kyadondo is considering additional work or shared accommodation to reduce his costs. This illustrates an important consequence of the OSAP changes: students may increasingly need employment, gig work, freelancing or side hustles to close the funding gap. For students earning qualifying self-employment income, One-Receipt can help turn ordinary eligible costs associated with earning that income—including qualifying home-office and other business expenses—into properly organized potential tax deductions, helping stretch every dollar they earn further.

The financial pressure can also affect students' longer-term education and career decisions. Western University student Omar Nusir received $1,700 less in grants and $2,000 more in loans and worries about taking on additional debt for medical school, while Sheridan student Hayley DeSantis says the changes contributed to her reconsidering going directly into a master's program. Graduate student Gabrielle Tyrie received $816 less in grants for the fall semester and is looking at alternatives such as campus social programs to help subsidize her education. One-Receipt can't replace lost OSAP grants, but for students supplementing their education through eligible gig work, freelancing, contracting or a small business, it can help them better understand and capture the tax benefits associated with the expenses they are already paying. That can make One-Receipt another financial-wellness tool students can use to help reduce the effective cost of supporting themselves while pursuing their education.

Article Source : https://ca.news.yahoo.com/different-osap-funding-wake-provincial-090000625.html