OSAP
T/F A student loan (e.g., OSAP) is meant to supplement the financial resources that a student is expected to contribute.
TRUE
T/F
Buy now, pay later plans (e.g., Klarna) have minimal consequences
FALSE – While buy now, pay later plans are an immediate way to purchase something you need or want, they can be an expensive way to borrow money, especially if you miss a payment!
For example, some services charge additional fees – meaning that you are paying more than the retail price of your purchase.
If you make less than $1,000 a month, you should not save for the future.
FALSE - You can start saving anytime. At this stage, it’s important to get into the HABIT of smart money habits!
The number of Arts & Science colleges at UofT
What is 7?
(Innis, New, University, Woodsworth, Victoria, Trinity, St. Michael's)
Inventor of the telephone
Who is Alexander Graham Bell?
T/F Grants are a form of financial assistance that you have to pay back.
FALSE – Unlike a loan, a grant is a type of financial aid you do not have to pay back!
This is a score or rating that predicts how likely someone is to pay back a loan based on their past use of what?
What is credit, or a credit score?
This registered account was introduced in 2009 with the Canadian Revenue Agency and can be used for any short or long-term savings goals. Investment earnings and withdrawals are tax-free.
What is a Tax-Free Savings Account (TFSA)?
Name 3 Vic Levies
Acta Victoriana, Caffiends, Cat's Eye, The Strand, The Student Projects Fund, VicPride! VCAA, Victoria College Drama Society, Victoria International Student's Association, VicXposure, World University Serve of Canada, Victoria Black Student Network
Name 3 CHM135 Profs
Kristine Quinlan, Jessica D'eon, Jennifer Murphy, Mark Wilson, John De Backere, Rebecca Jockusch
T/F OSAP includes two types of funding: loans and grants.
TRUE
T/F
Interest and interest rate are the same thing.
False!
Interest: the money you earn from a bank or investment
Interest rate: the rate of return a lender receives for allowing you to borrow money for a specified term. It will depend on your type of loan and the loan agreement.
T/F
As an undergraduate student, you are not required to file your income taxes.
FALSE - Being an undergraduate student does not exempt you from filing your taxes. Look at UTSU’s Tax Clinics for more information: https://www.utsu.ca/tax/
Name 3 people from the Registrar
People you've met/heard of through FLC: Paul, Imani, Ben, Dianthi, TJ, and Damilola
Others: Stephen (Student and Alumni Affairs Coordinator), Michael (Accessibility Advisor), Jillian (Awards & Financial Aid Coordinator), Alex (Financial Aid & Academic Advisor), Valerie (Academic Advisor, Graduation & Digital Communications), Jade (Academic Advisor, Academic Progress & Support), Thomas (Manager Student Success & Academic Advising), Yvette
https://vicu.utoronto.ca/about-victoria/contacts
The name of Ariana Grande’s debut album
T/F You are required to start paying OSAP 3 months after your study period ends.
FALSE – Good news, you have 6 months! We suggest checking the status of your loans by logging into the National Student Loans Service Center – this is where you will see how much you owe from OSAP.
T/F
A Payday loan is a short-term loan with low fees, making it an affordable and low-risk way to borrow money.
FALSE – A payday loan charges the maximum interest allowed by the law and includes other fees that add up to much more than what you had initially borrowed.
These loans are predatory and should be avoided.
The amount of credit a bank will give you this can look like the maximum amount a credit card company allows you to borrow on one credit card.
What is a credit limit?
Name a UofT Nobel Prize Winner
Physiology/Medicine: Frederick Banting (1923), John Macleod (1923), and Oliver Smithies (2007).
Physics: Arthur Leonard Schawlow (1981), Bertram Brockhouse (1994), and Geoffrey Hinton (2024)
Literature: Nadine Gordimer (1991) and Anne Carson (2026).
Define Bergmann's rule
Colder (higher-latitude) environments = larger size (e.g. polar bears)
Warmer (lower-latitude or equatorial) = smaller-sized counterparts (e.g. sun bears)
T/F You can’t start making OSAP payments until you have finished your study period.
FALSE – If you have the financial ability, you can slowly start chipping away at your student debt; even $50 a month makes a difference!
Define annual, compound, and fixed interest.
Annual: the interest rate over the period of 1 year that you pay to the lender (e.g., a bank) in addition to your loan.
Compound: A type of interest that gives you the ability to earn on top of your savings. This “interest on interest” increases your rate of growth over time.
Fixed: A type of interest that remains the same throughout the term of the loan.
This type of account can be embedded within a tax-free savings account, and is a type of investment that guarantees the investment principle (your initial deposit) and pays a predetermined rate of interest for a specified amount of time.
What is a Guaranteed Investment Certificate (GIC)?
The year Old Vic was built
What is 1891?
Which came first: Casa Loma or Spadina House?
Spadina House = built in 1866
Casa Loma = built in 1911