There are many other types of sources of funds. The ones listed below are not Financial Aid types:
There are opportunities to work during the summer breaks after the first and second year of the program. The Summer Student Research Program administered by the UBC Faculty of Medicine's Research Office, provides funding opportunities for student research. To find additional information on employment opportunities on campus visit UBC Student Career Services.
Any employment income earned by a student and their spouse, is factored in by government student loan programs to offset a student's costs in determining their government assessed need. This income may reduce the amount received from government student loans or bursaries.
Required Employment Income Contribution - Pre-study Period
As a rule, the student contribution required from the pre-study period (the four months before starting the program and the summer breaks during the program) is based on the amount of income earned, less taxes and a moderate standard of living allowance for this period. There may be a minimum contribution required, regardless if a student works or not during the pre-study period, depending upon the length of break from studies.
Required Employment Income Contribution - Study Period
A student is expected to contribute 100% of the resources they receive during the study period after the deduction of:
• the appropriate tax rate
• the exemption of the first $1,800 of awards
• and a $50/week exemption on income earnings.
If a student is married or common-law, their spouse/partner will be expected to contribute toward the family resources unless they are at home caring for dependent children age 11 or under, or if they are in full-time studies. The expected spousal contribution is the greater of:
• a minimum contribution of $238 a week; or
• 80% of income earned after an appropriate tax rate.
Family contributions either through the form of monetary gifts or loans or the reduction of costs by living at home can be of great assistance in financing program costs.
The government student loan process expects that parents of dependent students will contribute to their child’s education. The expected contribution is based on the family's calculated discretionary income.
Students are no longer considered dependent if they:
• have been out of high school for 48 months,
• have been in the labour force for two periods of 12 consecutive months, or
• are married, living common-law, separated, divorced, widowed or have dependent children of their own.
If a student is no longer considered a dependent but is receiving family contributions they must still declare the amount received on their government student loan application.
If a student or student’s spouse has RRSPs, there is a provision to allow for tax-free withdrawal of these funds for educational purposes. Students are able to withdraw up to $10,000 per year from their RRSPs, to a total of $20,000.
They then have 10 years to repay this amount to their RRSP. Failure to repay the required amount in any given year will result in the amount having to be reported as income on their personal tax return.
NOTE: Withdrawal of RRSPs will affect a student's assessed need calculation and may therefore reduce government student loan and bursary eligibility.
Please consult the Canada Revenue Agency for more information.