New: One-Year OSAP Grace Period for Entrepreneurs
Ontario is making it easier for recent college and university graduates who choose to start their own business. The One-Year OSAP Grace Period for Entrepreneurs provides the owner or joint owner of an eligible new business located in Ontario with an additional six months before having to start making monthly payments on their full-time OSAP loans. During this six-month extension to the grace period, Ontario will pay the monthly interest on ALL of the borrower’s outstanding full-time OSAP loans.
For this benefit, eligible new business means a business that has been registered with the Canada Revenue Agency (CRA) within the current or previous two calendar years or a business registered with the CRA in which the borrower acquired ownership or joint ownership within the current or previous two calendar years.
For complete details, including eligibility requirements, check out the One-Year OSAP Grace Period for Entrepreneurs application.