How to Show Proof of Household Income and Assets Guide

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1 How to Show Proof of Household Income and Assets Guide This Guide shows the most common sources of income and assets. There may be other sources of income that are not listed in the Guide. Use this Guide to make sure that you attach the right documents as proof of your income and assets. Helpful hint: If the income type listed doesn't apply to your household, skip to the next section. Note: You must report all of your household income and assets, even if they are not shown in this Guide. We may also require additional documents that are not listed below. If you have questions, contact us at ALL HOUSE HOLD MEMBERS Each year, after you do your taxes, you get a Notice of Assessment in the mail. All household members 16 and older must include a copy of their most recent Notice of Assessment, except for a full-time student who is a child of the household. (See definition below.) Most recent Notice of Assessment from Canada Revenue Agency; or If taxes were not filed, please provide confirmation from Canada Revenue Agency. INCOME TYPE STUDENT INCOME If anyone in your household is a full-time student who is 16 years of age and over: Attends primary or secondary school OR is a fulltime student at a recognized post-secondary school AND has not been out of secondary school for more than 5 years at the start of his/her study program; and Is a child of the household. That is someone who: i) is a child of another member of the household; and ii) has always lived at home except for short periods while in full-time attendance at a recognized educational institution; and iii) as never had a spouse; and iv) is not a parent of a child living in the household; If anyone in your household is a full-time student who is 16 years of age and over: Not a child of the household (refer to child of household definition above full-time student 16 years of age and over to show full-time attendance: If they have a student loan, attach a copy of the Ontario Student Assistance Program (OSAP) Certificate of Loan/Grant Approval & Eligibility. The certificate must be signed and dated by an authorized officer and the student, showing the study period start and end dates, course load, total amount received and name of the school; or If no OSAP applies, attach a copy of a certified timetable or a letter from the school confirming full-time attendance. Refer to tables below and provide all required documents for each income type being received Bursary/scholarship documents

2 PENSIONS AND ALLOWANCES If anyone in your household receives income from any of these sources: Old Age Security (OAS) Guaranteed Income Supplement (GIS) Canada or Provincial Pension (such as CPP or QPP) Guaranteed Annual Income System (GAINS) Pensions (such as Widow s, Retirement, Private, War Disability, or from other countries, etc.) Attach a copy of one of the following documents for each household member who receives the income: Statement or letter from the government agency that provides the payment; or Current cheque stub showing gross amount of income; or Tax information slip(s) for pension income War Veteran s Allowance (WVA) SOCIAL ASSISTANCE If anyone in your household receives benefits from any of these sources: Ontario Works (OW) or Ontario Disability Support Program (ODSP). Attach copies of each of the following documents for each group of household members who receive benefits: Copy of drug card; and Copy of cheque stub/statement of Assistance. EMPLOYMENT INCOME If anyone in your household is now receiving income from any of these sources: Full-time, part-time, casual, or seasonal employment Commissions, tips, or bonuses Long or short-term illness pay household member who receives the income: Consecutive pay stubs covering at least the last 3-month period, showing the name and address of the employer and your name, and which pay periods are covered; or only if paystubs are not available either Proof of Employment form completed by your employer (Use the form in this package) or Letter from employer (must be on company letterhead, recently dated, and contain the telephone number and signature of the letter writer) showing your gross income or average earnings and any overtime pay or bonuses, and the length and dates of your employment Employment Insurance (EI) Statement or letter showing gross amount received

3 SELF EMPLOYMENT INCOME If anyone in your household is now receiving income from any of these sources: Tutoring Babysitting or childcare They have been selfemployed for: Less than one year Attach copies of the following documents for each household member who receives the income: A financial statement. You must send this to us every 3 months. It does not have to be audited Driving or renting a taxi Freelance work Music lessons Other self-employment income More than one year (not incorporated) More than one year (incorporated business) Working copy of the income tax return for the previous year including the Statement of Business Activities from Canada Revenue Agency ; and Notice of Assessment Audited financial statement for most recent fiscal year including a balance sheet which states: value of the business asset, amount of dividends and retained earnings or net income of business; and T4 slip for the individual; and Copy of corporation s income tax return and Notice of Assessment; SUPPORT PAYMENTS If anyone in your household receives income from any of these sources: Spousal support payments or child support household member who receives the income: Copy of the support agreement signed by both parents or court order; and to show proof of current monthly payment received: Letter from a lawyer or Family Responsibility Office; or Sworn affidavit with both the receiver and support payor s signatures Sponsorship Support under Immigration Act Copy of documentation showing sponsorship agreement; and Letter from sponsor with current date stating sponsorship amount currently being paid

4 OTHER INCOME OR PAYMENTS Disability pay, Workplace Safety & Insurance Board (WSIB) Letter or cheque stubs from the insurance company, employer, or Workplace Safety and Insurance Board (WSIB) Compensation for Victims of Crime Act Tax information slip(s) showing annual amount received Skills Development Employment Benefit Contribution Agreement Copy of full agreement showing all benefits received for the duration of the agreement Second Career Contribution Agreement Self-Employment Employment Benefit Training Allowances Training Allowances

5 ASSET TYPE If anyone in your household has assets such as: Bank, trust, savings office or credit union accounts household member who owns the asset and receives the income: Copy of all current passbooks or monthly bank statements for the past year (showing the account number, name and address of the bank or credit union, the total interest, if applicable, earned in the past year or the average monthly interest earned in the past year); or Copy of T3, T5 forms issued by the bank or credit union for tax purposes; or Letter from the bank or credit union stating the amount of interest earned in the past year Stocks, shares, securities, mutual funds, Copy of T5 tax form or investment statements Residential Real estate anywhere in the world (such as a house, condominium, cottage, vacant land etc., that you own on your own, that you own with others, that you rent, that you have a right to occupy, or that you have any other legal or beneficial interest in) Copy of real estate appraisal for each property Copy of the lease and/or other document giving you the right to occupy the property. Real Estate anywhere in the world, that is not residential (such as vacant land, commercial properties, etc.) Copy of real estate appraisal for each property Copy of the lease and/or other document giving you the right to the property Guaranteed Income Certificates (GIC), term deposits, treasury bills, bonds, debentures and similar savings investments Letter from bank or credit union; or Documents or certificates from bank or credit union with the following details: principal amount of investment, interest rate, amount of interest earned, date of issue and term, identifying serial number Mortgage or loans Copy of mortgage/loan document Life insurance with a cash surrender value Copy of policy or letter from the insurer indicating the current cash surrender value Equity or share in business Audited financial statement; or Letter from an accountant