Finance Resources
Navigating the financial aspects of university life can be challenging, but the Huron Financial Literacy Guide is here to help. For most, university is the first taste of independence and being able to make smart decisions with our finances is critical. This guide gives tips on budgeting effectively, understanding tuition and residence fees, exploring scholarships, OSAP, SPC cards and financial aid. By building strong financial skills, you can focus on your academic success while managing your money with confidence
Click here to check out Huron’s website to learn more about finances
Paying Tuition and Residence Fees
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Huron students must visit the Huron Statement Portal to pay and view their statements.
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Tuition and other fees can be paid by credit card, through online banking, cheque or in-person with debit.
For international students, payments can be made through Convera GlobalPay or through Wire Payment.
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Ancillary fees cover student services designated to enhance the academic program and provide enrichment beyond the academic domain. These enhancements are supported in whole or in part through non-tuition related compulsory ancillary fees. Students are encouraged to check their statements regularly for any updates.
Students can choose to opt-out of certain fees such as the health and dental plan if they are already covered under other insurance plans. Visit the Student Statement Portal to make changes.
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Payments will be completed in instalments with the first being due early August and the second being due late November
Failure to make timely payments will result in the incursion of late fees. These can be appealed by emailing studentbilling@huron.uwo.ca.
Pathways for Funding Your Education
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OSAP provides both grants which don’t need to be paid back and loans which are paid back in monthly payments with the current prime interest rate six months after you’re no longer a full-time student
Applications close 21 days before the end of the term
Open to Ontario residents who are Canadian citizens, permanent residents, or protected persons
Additional funding may be provided if you’re an Indigenous student, a student with a permanent disability or a persistent or prolonged disability, or a youth in or from extended society care
Grants may be converted to loans if the conditions of your grant are no longer met which can include no longer being a full-time student or failing to make academic progress by switching majors too often or retaking classes.
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Automatic: Automatic enterance scholarships are given out based on each student’s admission average. They are often prorated over the course of 4 years.
If your scholarship is renewable, read through your offer closely so you are aware of any conditions such as maintaining a certain academic standing.
Application Based: Huron also offers a number of larger, application based entrance scholarships such as the Hellmuth, Presidential, and Nation Builder scholarships. Some of them can cover your entire tuition and ancillary fees.
Application deadlines vary so keep an eye out.
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Senior Scholarships are available to students in second year or above in a variety of programs. Scholarships are applied to tuition and residence fees first. To receive a scholarship, you must be a full-time continuing student. For information on Hellmuth Scholarships and Scholarships Beyond First Year, email huron@uwo.ca.
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To be considered for the financial aid program, you must complete the Huron Financial Assistance Application.
Work-Study Program: provides jobs on campus for students who demonstrate financial need.
Other Bursaries: There are other programs such as the Ontario First Generation Bursary, the Senior Citizen’s Bursary, and more at the SCHOLARSHIPS AND BURSARIES PAGE of the university’s website.
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The HUCSC offers almost $15,000 in student scholarships, and bursaries. We offer a combination of merit based, leadership driven, and needs based awards.
Check it out HERE.
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Both Huron and the Student Council offer a number of paid and honorarium based opportunities on campus. They are fantastic ways to grow your experience and earn income.
Check out HUCSC opportunities HERE.
Filing taxes
Below are the three most common tax slips that most students will need to fill. The T4 reports employment income, the T4A reports other income like scholarships or pensions, and the T2202 certifies tuition fees paid.
T4 Slip:
When you begin earning income through a job, you must fill out this tax form. The T4 is the main tax slip for most working Canadians. It shows your total employment income for the year, plus deductions like CPP, EI, and any income tax your employer has already sent to the CRA. You’ll get a separate T4 from each employer you worked for in the year, and it forms the basis for calculating your total taxable income and final tax balance. One will get this slip usually at the end of February.
T4A Slip:
A T4A slip is a Canadian tax form used to report various types of income, including scholarships, bursaries, and research grants received during the year. Educational institutions, organizations, or grant providers issue this slip to students or recipients who have received these funds. Recipients typically get their T4A slips by the end of February, either electronically or by mail. It is important to keep this slip for accurate reporting on your T4A slips for different types of income like pensions or self-employment commissions
T2202 Slip
The T2202, Tuition and Enrollment Certificate, is an official tax form issued by Canadian designated educational institutions to students enrolled in qualifying programs. This form certifies the amount of eligible tuition fees paid and the number of months a student was enrolled full-time or part-time during the calendar year. Students typically receive the T2202 by February 28 of the following year, either electronically through a secure portal or by mail, depending on the institution's distribution method. The T2202 is essential for students to claim tuition tax credits on their income tax returns.
Tips for First-time Filers
If one is filing taxes for the first time, there may not yet be a CRA My Account set up, so it will not be possible to update an address online immediately. This can create issues if CRA letters, such as a Notice of Assessment or tax refund cheque, are sent to an old residence address and become lost.
What to do:
Use a reliable, permanent mailing address if possible, such as a trusted family member’s Canadian address or a stable off-campus address.
Once the first return is filed and the Notice of Assessment is received, one should sign up for a CRA My Account online.
After registering, keep the address information up to date whenever moving.Consider setting up direct deposit with the CRA to receive any refund securely and more quickly, avoiding lost cheques.
Budgeting and Savings Accounts
Budgeting Methods:
Organising one’s finances are essential for understanding areas you need to put more or less money into. Below are examples of different budgeting methods students can use.
50/20/30 Budget
This method divides one’s after-tax income into three parts: about half goes toward essential living expenses, 20 percent is saved, and the remaining 30 percent is for non-essential spending. The aim is to keep spending balanced while building savings at the same time.
Pay Yourself first
With this approach, one sets aside a fixed amount for savings immediately when income is received. After saving, the rest of the money is used to pay bills and cover other spending. This helps make saving a priority rather than an afterthought.
Zero-Based Budget
In this system, every dollar of income is given a specific purpose so that nothing is left unplanned. Each expense, including savings, is accounted for until the entire income is fully allocated, helping to reduce unplanned spending and keep finances organized
Example of a sample budgeting sheet:
Registered Savings Plans
Registered plans like RRSPs, TFSAs, and FHSAs help you save with tax benefits. RRSPs defer tax, TFSAs grow and withdraw tax-free, and FHSAs give first-time buyers deductions and tax-free withdrawals.
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A Tax-Free Savings Account (TFSA) lets Canadian residents 18 or older with a valid SIN save and invest tax-free. Contributions are not tax-deductible, but income earned and withdrawals are tax-free. Fees or interest to borrow for a TFSA cannot be deducted. A TFSA can be a savings deposit, annuity, trust, or self-directed. You can hold multiple TFSAs but total contributions cannot exceed the annual limit.
Contribution room starts at 18, even if the legal contract age is 19. All income and withdrawals stay tax-free. Non-residents may keep a TFSA and earn income tax-free in Canada, but no new contribution room is given for any year they are non-resident. Contributions made while non-resident are penalized at one percent per month until removed. Withdrawals while non-resident do not create new room unless residency is re-established. Limits are not prorated in the year of departure or return.
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The First Home Savings Account helps first-time homebuyers with tax-deductible contributions and tax-free withdrawals for qualifying homes. Non-residents can contribute but can't make qualifying withdrawals and face withholding tax on withdrawals.
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A Registered Retirement Savings Plan allows residents to contribute tax-deductible and defer tax on growth until withdrawal. Non-residents with contribution room or Canadian income can contribute, but withdrawals incur withholding tax
Student Discounts
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The SPC (Student Price Card) is a discount program designed specifically for students, offering savings of up to 30% at over 450 retailers across Canada. Discounts are available on clothing, food, electronics, travel, and even services like banking plans and phone plans.
A standard SPC membership costs $11.99/year, but students who open a CIBC student bank account, credit card, or line of credit are eligible for a free SPC+ membership. SPC+ includes all the regular SPC benefits, plus exclusive contests, better deals, and higher average annual savings.
To access your SPC card:
Buy a membership at SPC.ca or through the SPC mobile app (available on Android and iOS).
Or, if you’re a CIBC client, register for SPC+ free at CIBC.com/SPC.
Once registered, download the SPC app and use your digital card and student ID in-store or online.
Popular SPC partner brands include Adidas, American Eagle, Ardene, Levi’s, Foot Locker, and restaurants like Domino’s, Boston Pizza, and HelloFresh (up to 40% off).
Whether you’re shopping for clothes, grabbing takeout, or budgeting for groceries, the SPC card is a smart way to stretch your student budget
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Student Beans and UniDays are student discount providers that offer students around the world preferential pricing, coupons, and discount codes and hundreds of popular retailers like (Princess Polly, Adidas, Booking.com, Gym Shark, Turbo Tax, and more).
Sign in and verify your student status with their website to access the discounts! (studentbeans.com / myunidays.com).
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There are a number of companies that offer significant discounts (or even free subscriptions!) for university students such as:
Spotify
Gemini (Google AI)
Amazon Prime
Apple
Adobe Creative Cloud