Section 7 - Assets and Income Information

Loan application instructions for the 2016/2017 program year (for classes starting between Aug 1 2016 and July 31 2017)


Q76. What is the net worth of your RRSPs?

RRSP means registered retirement savings plan.

This is how you calculate the net worth of RRSPs:

Amount of RRSP
– Amount owing on the RRSP loan (if any)
– Amount withheld by bank for tax purposes and/or penalties (if cashed)
= Net worth of RRSP

On this question, include all RRSPs you own, ‘locked-in’ or not. Contact your bank, credit union or trust company to accurately determine the net worth of your RRSPs.


Q77. What is the net worth of all your term deposits, GICs, mutual funds, stocks, bonds, etc.? Do not include RRSPs.

Declare all other investments and/or trust funds in your name, ‘locked-in’ or not. Include all Canadian and foreign assets. This is how you calculate the net worth of other investments:

Amount of other investments
– Amount owing on investment loans
– Any fees that may be charged for withdrawing investments
= Net worth of investments

If investments are jointly owned, enter the net worth of your portion.


Q78. What is the networth (your share) of any assets such as revenue/holding/recreational properties, boat, RV, etc? Do not include principal residence and motor vehicle(s) reported in Question 84 and 85.

Declare the net worth of all other Canadian and foreign assets you own except for your principal residence, which is defined as the home you own and live in most of the time. All other real estate must be included as an asset.

Do not include items such as: bicycles, computer or camera equipment, musical instruments, furniture or motor vehicles (listed in Question 84). This is how you calculate the net worth of other assets:

Market value of assets
– Amount owing on assets (if any)
= Net worth of assets

If assets are jointly owned, enter the net worth of your portion.

Example: If you and your spouse/common-law partner own a boat 50-50, enter half of the net value in this calculation. Your spouse/common-law partner will declare the other half on Appendix 2.


Q79. What is the net worth (your share) of a business?

This is how you calculate the net worth of your business:

Total business assets (lands, buildings, accounts receivable, etc.)
– Total liabilities (accounts payable, notes payable, mortgages, etc.)
= Net worth of business

Do not include business vehicle(s). If you are part owner of a business, enter the value of your portion.

Example: If the business is worth $500,000 and you own 10 per cent, then your portion of the business is worth $50,000.


Q80. Enter your reported income from line 150 of your 2015 Income Tax Return. If you did not file a 2015 Income Tax Return, enter your total income from all sources both inside AND outside of Canada. This income will be matched with Canada Revenue Agency records, which may affect your assessment of need.

For 2016/2017 applications.

Enter the amount from line 150 of your 2015 income tax return. This amount you report will be checked against Canada Revenue Agency (CRA) records. If the amount you indicate is different from their records, CRA data will be used in the needs assessment calculation. If CRA records are incorrect, you must submit an Appendix 7 – Request for Reassessment and documentation showing the correct income. If you did not file a Canadian Income Tax Return, enter your total 2015 income from all sources both inside and outside Canada, which includes employment, pension investment, rental, RRSP, foster parent, net professional income, workers’ compensation, employment insurance and disability assistance. Convert foreign currency into Canadian dollars.

Q80. Enter your reported income from line 150 of your 2014 Income Tax Return. If you did not file a 2014 Income Tax Return, enter your total income from all sources both inside AND outside of Canada. This income will be matched with Canada Revenue Agency records, which may affect your assessment of need.

For 2015/2016 applications.

Enter the amount from line 150 of your 2014 income tax return. This amount you report will be checked against Canada Revenue Agency (CRA) records. If the amount you indicate is different from their records, CRA data will be used in the needs assessment calculation. If CRA records are incorrect, you must submit an Appendix 7 – Request for Reassessment and documentation showing the correct income. If you did not file a Canadian Income Tax Return, enter your total 2014 income from all sources both inside and outside Canada, which includes employment, pension investment, rental, RRSP, foster parent, net professional income, workers’ compensation, employment insurance and disability assistance. Convert foreign currency into Canadian dollars.


Q81. Do you own a car/truck/motorcycle/other motor vehicle in which you are the registered owner? Uninsured vehicles must be reported.

Report all cars/trucks/motorcycles whether in running order or not, insured or not, fully paid for or not, for which you are the registered owner.

All information is subject to audit and verification.

If you transfer a motor vehicle to a different person with little or no monetary exchange, the value of your motor vehicle will still be considered. If motor vehicles are sold, it is expected that the transaction will be for fair market value.

Note:

  • If you and someone else are both registered owners, the motor vehicle value may be divided in half. You may be asked to submit your owner’s certificate of insurance and vehicle licence documentation.
  • If you share registered ownership of the motor vehicle with your spouse/common-law partner, the motor vehicle value may be divided in half. Your spouse/common‑law partner must report half the value on Appendix 2. You may be asked to submit your owner’s certificate of insurance and vehicle licence documentation.

Q82. Do you lease a car/truck/motorcycle/other motor vehicle of which you are the registered lessee? Uninsured vehicles must be reported.

An increasing number of students are choosing to lease motor vehicles. When you qualify for a lease agreement, this indicates access to resources that could have been used for educational costs, thus reducing the need for assistance from StudentAid BC. The payments you make on your leased vehicle are therefore considered a resource in assessing your financial need. StudentAid BC does not provide any funds for lease payments for motor vehicles.

If you are currently leasing a motor vehicle, enter the information required on this question, including your monthly lease payments.

Note:

  • If you and someone else are both leasing a motor vehicle, the motor vehicle lease payments may be divided in half. You may be asked to submit your lease’s certificate of insurance and vehicle licence documentation.
  • If you share a lease of the motor vehicle with your spouse/common-law partner, the motor vehicle lease payments may be divided in half. Your spouse/common-law partner must report half the lease payments on Appendix 2. You may be asked to submit your lease’s certificate of insurance and vehicle licence documentation.

All information is subject to audit and verification.

Appeal Option
Students may appeal assessment of their assets.

Contact Us
Toll-free Canada/US
1-800-561-1818
Outside North America
+ 1-250-387-6100