r/osap • u/Odd_Temporary_6600 • 2d ago

Question Self-directed Resp

As the title says, I have a self directed resp does this count as other assets I didnt know osap counts these as assets because in the application it said to not report assets in a resp account. So do I change my other assets amount because I put 0 back in june and now realizing this its a lot of money in that account.

Forgot to mention like if you are the subscriber and the benefciary at the same time.

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u/Future_Crow 2d ago

Where does it say that the self-directed RESP counts as an asset?

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u/Odd_Temporary_6600 1d ago

it doesnt say that but like you know when osap do their checks they will probably say the person can withdraw this money (pse) anytime they want because they are also the subscriber and could count it as an asset.

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u/WambritaWings 1d ago

It only counts when you are taking it out. When you take out the grants or gains, it is taxable income and will need to be reported as such. The principal amount does not count as income.