Submitting receipts and returning money to Student Finance
Receipts should be submitted to Student Finance before the end of the academic year. It is good practice to submit the receipts for services received soon as you get them.
Keep a copy of all your receipts. While grant money, unlike a student loan, does not need to be paid back to Student Finance, it is considered taxable income by Canada Revenue Agency.
When returning money to Student Finance for unused services, your cheque should be written to The Minister of Finance.
If Student Finance does not receive receipts or the unused money from a grant issued, you will be considered in over-payment to Student Finance. The “unaccounted-for” amount will be considered a “resource” on your next loan or grant application, and your eligibility for a loan or grant will be reduced by the figure equal to that amount.