Finance Resources

 Financial Literacy Guide

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

OSAP

  • Applications close 21 days before the end of the term

  • 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 

  • OSAP is 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

Huron Scholarships

  • Entrance scholarships are awarded automatically based on admission averages

  • All application-based scholarships use the same application portal which closes in June prior to the school year you’re applying for

Huron Financial Aid

  • To be considered for bursaries you must complete the Huron Financial Assistance Application

  • Huron offers a Work Study program which provides jobs on campus for students who demonstrate financial need

  • Huron also offers the Ontario First Generation Bursary, a Senior Citizen’s Bursary, and Bursaries for Masters Students in the Faculty of Theology. To see if you qualify for these bursaries complete the Huron Financial Assistance Application on the Huron Connect Portal. 

Western Scholarships

  • Some western scholarships are open to students from affiliate colleges, to see scholarships for your major you must go to the department page. 

Paying Tuition and Residence Fees

  • To pay tuition at Huron students must use the Huron Student Statement Portal

  • In the Student Statement Portal you can choose to opt out of O-Week and Western’s Health and Dental care plan Purple Care

  • To see how much you owe, click view Huron Statement Summary and click on the current academic year. 

  • Payments will be completed in installments with the first being due early August and the second being due late November

  • Tuition 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. 

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.

TFSA

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. 

FHSA

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.

RRSP

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

SPC Card

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