Assets – There are two types of assets used in student loan assessments: financial assets and vehicles. Financial assets include cash; chequing and savings accounts; Canada/Saskatchewan Saving Bonds; Corporation Bonds; RRSPs; Mutual funds; GICs; T-bills; or any other liquid investments. Vehicles include all private automobiles and recreational vehicles.
Audit – An audit is a way for student loans to check if the information you have given them is correct. You may need to supply income tax returns, T4 slips, bank statements, rent receipts, letters of confirmation (from employers etc.), receipts for tuition, receipts for childcare and/or separation agreements.
Common-Law Relationship – A common-law relationship exists when you live with a person as husband or wife, sharing accommodation, physical and/or emotional love, and domestic inter-dependence for at least 12 consecutive months before the study period start date. However, if dependent children live with you and your partner, the common-law relationship exists immediately. If one person denies that a financial obligation exists, a common-law relationship stills exists if the above criteria are met.