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Finances, Fees, and Taxes

General Information


In order to be considered registered, the Minimum Payment to Register Amount (MPRA) as stated on the tuition fee invoice must be paid by September 1.

Students using a Professional Student Loan Plan (PSLP) loan to pay fees must submit a Declaration of Need by August 15 in order for funds to be released to the University of Toronto.

Students should read through all finance information on this site before contacting the Registrar’s Office. If students have further questions after reviewing the information, they may contact the Registrar’s Office.

Program Fees


Fees for each program are found on their individual program information pages. Links to all program information pages are found in Programs.

Fee Payment – Schedules, Making Payments, and Register Without Payment


Information on paying fees, payment schedules, and how to register without payment are available at:

Fees Invoice


Fees are posted in ACORN, the University of Toronto’s student web service, and the fees invoice in mid-July (mid-April for the Graduate Diploma in Professional Accounting program). The Registrar’s Office (RO) will email students to confirm that fees invoices are ready through ACORN. You can then view the fees invoice and use for payment of fees.

Account Number


Also referred to as the “ACORN Account,” this is displayed on the top right-hand corner. It consists of the first five characters of the surname (in capital letters) and 10 digits of the student number (with leading zeroes unless it begins with “1”). This number is required for fee payment purposes. Please note to distinguish between the letter ‘O’ and the number ‘zero’.

Sessions and Terms


Fees are billed on a sessional basis, representing the academic year. For the purposes of fees, the Fall–Winter session is comprised of the following terms:

  • Fall term (September–December);
  • Winter term (January–April); and
  • Summer term (May–August)

Items are grouped and reported on the fees invoice by term, with a sub-total for each type of fee.

Note: The names of the terms used for the purposes of fees and on fees invoices (i.e. Fall and Winter, as defined above) may be different from how they are used for the purposes of academic courses and schedules at the Rotman School.

Types of Fees


There are two types of fees assessed by the University: tuition fees and non-tuition fees:

Tuition Fees

Program Fee

Also referred to as the Academic Fee. It is the flat rate charged to all students in the same program, regardless of the number of courses enrolled during each session. Either the domestic or international rate is applied and determined by the student’s status in Canada.

Incidental Fees

For University-operated services, student society memberships, and for services provided by student societies. 

Ancillary Fees

Rotman-specific charges in order to participate in the program.

Student System Access Fee

Charged for access to ACORN.

University Health Insurance Plan (UHIP)

A compulsory fee for all international students, recent permanent residents, and returning Canadian citizens in their three-month OHIP waiting period. UHIP fees for students’ dependents will not be reflected on the fees invoice. More information on this fee is in Health Insurance.

Non-Tuition Fees


The University also charges fees other than tuition fees. These include, but are not limited to residence fees, transcript orders, or service charges.

Payments/Awards/Refunds

Payments


Include those made at a bank and deposits. These will appear with a “CR” beside the amount to indicate a credit to student account.

Awards


Include those disbursed by the Rotman School, School of Graduate Studies, or the University of Toronto. These will appear with a “CR” beside the amount to indicate a credit to your account.

For students who have been allocated a Rotman award, the annual disbursement will be paid in late September, and will only appear on your invoice at that time. You may subtract the annual award amount from your Minimum Payment to Register Amount when making your Fall term payment.

Please note that any external scholarships not administered by the University of Toronto or any of its divisions will not appear on the invoice, and will not be applied to outstanding fees.

Refunds


Payments made by the University of Toronto to the student either by direct deposit or by cheque. These figures do not include a “CR” beside the amount as the amount is not applied to fees or credits to the student account.

Account Balance Up to the End of the Session


This is displayed at the top of the invoice and reports the total amount owed to the University for the full Fall–Winter Session (September–April). A credit balance (payments or awards exceeds fee charges) appears with a “CR” after the dollar amount. This is a calculated figure, adjusted for each new fee charged or credit applied to your account.

Minimum Payment to Register Amount (MPRA)


The Minimum Payment to Register Amount is equal to the sum of:

  1. Arrears—unpaid fees from previous session(s)—applicable for returning students only; and
  2. 100% of Fall term tuition fees (50% of full Graduate Diploma in Professional Accounting tuition fees; 100% term fees for Executive MBA and Global Executive MBA for Healthcare and the Life Sciences)

Payments/credits to your account will affect “Account Balance Up to End of the Session”. Once a fee payment is made, the MPRA line will no longer appear on the fees invoice.

Sources to Make Up MPRA


In order to be registered, the Minimum Payment to Register Amount displayed on your fees invoice must be paid by the fees deadline.

In addition to personal funds, the following amounts can be used to make up the MPRA:

  • Annual loan amount available from Professional Student Loan Plan (PSLP) or Prodigy Finance loan
  • Deposits paid to confirm admission (applicable to first-year students only)
  • Rotman award already allocated
  • Government loans
  • Third-party sponsorship
  • External awards
  • Loans other than PSLP and Prodigy Finance

Health Insurance


Health insurance coverage is mandatory for all graduate students at the Rotman School of Management. The two-part coverage is in the form of:

  • Basic provincial health plan (which covers basic health services); and
  • Supplementary health coverage (for some health services that are not covered by the provincial basic health plan).

You are encouraged to review your coverage in detail. To opt-in or out, you must do so within the Change of Coverage period.

Basic Health Plans

Domestic Students


Domestic students are covered under the Ontario Health Insurance Plan (OHIP) or by another Canadian provincial health plan. Premiums for these provincial plans are paid annually as part of the income tax filing process.

On January 1, 2018, the Ontario government launched OHIP+, a public drug program which covers more than 4,400 drug products for Ontario residents 24 years and under—provided they have valid OHIP coverage. Eligible students should ensure they validate their OHIP+ coverage status.

JD/MBA Program

JD/MBA students’ health/dental coverage is provided by the University of Toronto Student Union (UTSU) for their first year at the Law School, and the University of Toronto Graduate Student Union (UTGSU) for the subsequent years of their dual program, resulting in a change in coverage:

  • JD/MBA Year 1: Covered by UTSU
  • JD/MBA Year 2: Covered by UTGSU
  • JD/MBA Year 3: Covered by UTGSU
  • JD/MBA Year 4: Covered by UTGSU

International Students


International students—including new permanent residents and Canadians returning from abroad who are not covered by OHIP or any other provincial health plan—are covered through the compulsory University Health Insurance Plan (UHIP) for the 12-month period from September 1–August 31, for as long as tuition and incidental fees have been paid. Newly-admitted students arriving in Canada can begin their coverage as of August 10, provided they have paid fees to register. UHIP will automatically be charged through ACORN on your student account.

UHIP is also compulsory for all eligible dependents, including a partner, spouse and/or children. Students and dependents must enroll within 30 days of their arrival in Canada, otherwise coverage may be denied. UHIP premiums for international students are included as part of University incidental fees on students’ ACORN tuition fee invoices. UHIP premiums for dependents will not be reflected on fees invoices.

For more detailed information about UHIP for International students at the University of Toronto, including how to obtain a health insurance electronic card, visit the University of Toronto Student Life UHIP website.

As basic health insurance is compulsory, you must be enrolled into another Pre-Approved Health Care Plans in order to be exempt. The University of Toronto Student Life UHIP website provides the list of Pre-Approved Health Care Plans, as well as instructions and deadlines to opt-out.

International Executive MBA (EMBA) 40 Cohort and Global Executive MBA for Healthcare and the Life Sciences (GEMBA-HLS) 2 Cohort Students


International EMBA 40 Cohort and GEMBA-HLS 2 Cohort students must pay their UHIP charge directly to the UHIP office—the charge cannot be added to your student account. The payment must be made with a money order (available from a post office), or certified cheque (from your bank) made payable to “University of Toronto.”

Note: The UHIP payment cannot be made with a personal cheque, cash, or credit card. Please contact the UHIP office to verify the UHIP charge amount.

Supplementary Health Insurance Plan


The University of Toronto Graduate Students’ Union (UTGSU) provides both domestic and international students a supplementary health insurance plan that pays for some medical and dental expenses not covered by OHIP or UHIP. Insurance premiums for this health and dental plan are included as part of University incidental fees on students’ ACORN fees invoices. Insurance premiums for dependants will not be reflected on fees invoices.

Full-time registered students are automatically enrolled in this plan starting September 1, for as long as tuition and incidental fees have been paid. For additional information about the supplementary health plan (including information on how to enrol dependants for this health plan), please visit the UTGSU website.

Note: Students in the Graduate Diploma in Professional Accounting; Full-Time MBA; Morning and Evening MBA; Master of Finance; Master of Financial Risk Management; and Master of Management Analytics programs are considered full-time students.

Note: Global Executive MBA for Healthcare and the Life Sciences (GEMBA-HLS) students are strongly encouraged to have travel insurance for all modules.

Opting Out of the Supplementary Health Insurance Plan


Students with equivalent supplementary health insurance coverage from a different source may opt-out of this supplementary health insurance plan. Opting out must be requested annually, and by the posted deadlines, as no exceptions are made past the deadlines. Students who miss the deadline in the Fall will not be able to opt out again until the following year.

Please check the University of Toronto Graduate Students’ Union (UTGSU) Student Care website during the month of September for the link to opt-out. Proof or documentation regarding the alternative insurance provider name, policy number, and identification number will be required in order to opt-out. The UTGSU will then reimburse students directly by way of cheque, issued during the third week of November. 

Students who submit a request to opt out by the deadline will receive an email with an application number after they have opted-out. This is confirmation the opt-out was successful. If students do not receive a refund by the middle of December, the should send an email including their student number to health@utgsu.ca and forward the confirmation email with the application number to the UTGSU.

Opt-out refunds are usually issued in two installments. The first refund is issued in the Fall session (November) and the second in the Winter session (March). The opt out refunds are processed once the Broker has received the final list of all registered and active students from the University. The Ministry mandates that the University must wait until the add/drop period is over before submitting the file to the Broker.  This also follows the University of Toronto’s protocols regarding how fees are issued based on sessions.  Students only need to opt out once per calendar year. 

Important note about fees: Students must pay all university fees even if they have opted out of the UTGSU Health & Dental Plan.  Although opt-out refunds are administered by the Broker, all tuition fees, including incidentals – which include health and dental premiums, are charged by the University of Toronto, and must be paid directly to the University of Toronto.    

Global Executive MBA for Healthcare and the Life Sciences (GEMBA-HLS) Cohort 3 Students


As this program begins after the standard opt-out date, should a new GEMBA-HLS student wish to opt out of their health and/or dental plan, they must send an email to healthadmin@utgsu.ca between October 20 (the first day of classes) and October 31, 2020.

This email must include the student’s full name; student number; and whether they wish to opt out of their health plan, dental plan, or both plans. After October 31, Student Care will follow up with the students directly to complete the manual opt-out process.


International students on a study permit may qualify for an international fees exemption if certain criteria are met.  For the most part, the criteria have to do with an international students’ status in Canada (i.e. if a student becomes a permanent resident or has a work permit in addition to the study permit).

If a student qualifies for and claims exemption, they must present supporting documentation to the School of Graduate Studies (SGS) to receive the exemption.

The University of Toronto Student Accounts website provides the list of eligible criteria, as well as deadlines to apply for international fees exemption.

Students must qualify and apply for the exemption each year by the above deadlines. Please note, SGS makes all decisions regarding eligibility and approval for the fees exception.

Tax Forms


For tax purposes, all Rotman School programs are considered full-time registration.

Tuition & Enrolment Certificate (T2202)


Renamed from the Tuition & Education Credit Certificate in 2017, students may view and print this certificate for the previous calendar year through ACORN in late February. The certificate confirms the allowable fees paid during the academic periods January–April and September–December (as there are no summer term fees collected). For Graduate Diploma in Professional Accounting program students, the academic period is May–August. It also confirms the number of months the student was in full-time attendance for the same period of time. These certificates are required for income tax purposes.

Only the portions of tuition fee payments that are eligible for tuition credit are reported on the certificate. The allowable fees are defined by the Canada Revenue Agency (CRA). Only the portion which is applicable to the academic session attended in the current calendar year (this may include your undergraduate term from January–April) will be listed on the current year certificate. Student society incidental fees, residence and service charge fees, and non-mandatory fees (such as Study Tour and pre-course fees) are examples of ineligible fee payments that are excluded from the tuition amounts reported on the certificate. Students are advised to consult the Canada Revenue Agency website.

Note: Effective January 1, 2017, the federal education and textbook tax credits were eliminated. This measure did not eliminate the tuition tax credit, and it does not affect the ability to carry forward unused education and textbook credit amounts from years prior to 2017.

The Ontario tuition and education tax credits were discontinued in September 2017. You may only claim the tuition amount for eligible tuition fees for studies before September 5, 2017, and the education amount for months of study before September 2017.

Statement of Pension, Retirement, Annuity, and Other Income (T4A Form)


Awards, emergency bursaries, and grants are considered a bursary/grant and fall under “other income” for tax purposes. The University is required to report bursary/grant amounts issued to the students for information purposes. This amount will be reflected on a T4A form each year in February. Students may view and print the certificate for the previous calendar year through ACORN in late February.

For all provinces and territories except Quebec, generally, scholarship, bursary and fellowship income is fully exempt from tax when the income is received in connection with the student’s enrolment in an education program in respect of which the student is a qualifying student in the taxation year, in the immediately preceding taxation year or in the following taxation year (ie receiving the T2202 for the same tax year).

The scholarship exemption will be limited to the extent that the award was intended to support the student’s enrollment in the program. To determine what portion of your award was intended to support your enrollment, students should consider such factors as:

  • the duration of the program;
  • any terms and conditions that apply to the award; and
  • the period for which support is intended to be provided by the award.

Students are advised to consult Canada Revenue Agency (CRA) for further details.

Interest Payments


After graduation, interest payments that graduates make on their Ontario Student Assistance Program (OSAP) or other provincial government student loans are tax deductible under the Canada Student Loans Act or the Canada Student Financial Assistance Act. Interest payments that graduates make on their Professional Student Loan Program (PSLP) loan do not fall under these two acts, and therefore are not tax deductible.

University Payments to Students

Credit Balances


If there is a credit balance on your current ACORN invoice, then you may be eligible for a refund payment. A credit balance is the amount by which payments or awards exceeds fee charges, and is displayed as a dollar value followed by “CR”.

The University of Toronto Student Accounts website has information on how to receive this refund.

Scholarship and Award Payments


All Rotman School scholarship, award, and bursary payments are disbursed through ACORN. Payments are automatically credited towards any outstanding charges. If there are no outstanding charges or if there are any remaining balances after the award has been credited, a refund will be issued to the student.

Receiving Payments from University


Payments are issued either by direct deposit or by a cheque sent to the Mailing Address listed on ACORN.

With either option, the student’s Mailing Address must be current on ACORN. Please note that Mailing Address is different from Permanent Address. To ensure that Mailing Address is current and accurate, students can go to their ACORN student accounts and go to the following filepath:

  • Personal Information > Addresses and Home Phone Number

Direct Deposit


For the timely receipt of award/bursary refunds, students are strongly encouraged to record their direct deposit information on ACORN. By doing so, any refunds, awards, or bursaries are automatically deposited to the bank account listed on ACORN.

To set up direct deposit, banking information such as account number, transit number, bank ID code, and the branch address will be required. Banking information can be entered into ACORN at this filepath:

  • Personal Information > Other Personal Information > Direct Deposit

A demo video is also available through ACORN.

Please note that students must have a status of REG on ACORN (i.e. made tuition payment) to access the direct deposit screen.

Refund Cheque


Students who choose not to set up the direct deposit option will have their refund, award, or bursary issued in the form of a cheque. The cheque will be sent to the current Mailing Address listed on ACORN.

Student Responsibilities


Students have full access to all details of their own student account. Students can check their fees invoice on ACORN, where they will find their account balance and other account details.

The University of Toronto considers the student to be responsible for all aspects of their registration and payments, regardless of the source of funds. If someone else is handling fee payment (e.g. parent, spouse, employer, bank loan), it is the student’s responsibility to advise each party of all rules, requirements, and deadlines.

It remains the student’s responsibility to monitor their student account, and any outstanding balances, through ACORN. Although the U of T and the Rotman School will make efforts to notify students of impending deadlines, non-receipt of such notices does not exempt the student from meeting their financial obligations.

Payments (especially from out of the country) require up to 10 business days to reflect on the student account. Students are responsible for planning sufficient time for payments to reach the University’s bank account and to be recorded in their student account by the appropriate deadlines.

If not paid in full, any outstanding account balance is subject to a monthly service charge of 1.5% compounded (19.56% per annum) following the dates outlined in the Student Accounts Services Charges section.

The University reserves the right to impose the following academic sanctions on students who have outstanding debts or obligations to the University in accordance with the University of Toronto’s Academic Sanctions for Students Who Have Outstanding University Obligations Policy:

  • Withhold access to the statements of results and transcripts of students, alumni and former students
  • Withhold the release of the official diploma to students, alumni and former students
  • Refuse requests to provide written or oral certifications of degree on behalf of students, alumni and former students
  • Refuse registration to a continuing or returning student

A financial hold(s) is recorded on the student account if the student has outstanding debts or obligations to the University in accordance with the Academic Sanctions for Students Who Have Outstanding University Obligations Policy. Unpaid fees will automatically result in a financial hold. The Library, Health Services, and Registration Offices may also record financial holds for outstanding fees billed and collected outside of ACORN.

This page was last updated: 2024-06-19 @ 11:29 am