Residence Life: Fees Residence Life: Fees Residents pay for their room and meal plan together. All residents must sign up for the entire academic session (September-April). See the 2020-2021 Fee Schedule below for the specific fee breakdown. ELMSLEY HALL & QUEEN’S PARK BUILDING Single Room 5 Day Meal Plan Single Room 7 Day Meal Plan First Deposit (due upon accepting residence offer): $ 600.00 $ 600.00 Second Deposit (due July 31): $ 1,400.00 $ 1,400.00 First Installment (due September 30): $ 6,500.00 $ 6,500.00 Second Installment (due November 30): $ 6,534.50 $ 7,382.50 Total Payment: $ 15,034.50 $ 15,882.50 SORBARA HALL, HISTORIC HOUSES & BRENNAN HALL Single Room 5 Day Meal Plan Single Room 7 Day Meal Plan First Deposit (due upon accepting residence offer): $ 600.00 $ 600.00 Second Deposit (due July 31): $ 1,400.00 $ 1,400.00 First Installment (due September 30): $ 6,500.00 $ 6,500.00 Second Installment (due November 30): $ 6,926.00 $ 7,774.00 Total Payment: $ 15,426.00 $ 16,274.00 *Additional $1,300 for rooms with ensuite washroom (limited supply). You will have the opportunity to request an ensuite in the Residence application. Due to COVID 19 and physical distancing requirements, we plan for all student rooms to be single occupancy for the 2020-2021 Academic Year. Exceptions may be permitted to accommodate siblings or students who are currently living together; for more information, please contact our office at firstname.lastname@example.org. RESIDENCE FEE DUE DATES FOR 2020-2021 Date of Offer Acceptance – Deposit #1 of $600 is due at the time you accept your offer. This deposit must be paid through the online application (StarRez), and cannot be paid through ACORN/ROSI. July 31, 2020 – Deposit #2 of $1,400 is due. This deposit applies to all incoming residents, including those on OSAP or financial assistance. Failure to pay the second deposit by the due date will result in the cancellation of your room reservation, and your space will be offered to the next person on our waitlist. This deposit will also be paid through the online application (StarRez). September 30, 2020 – First installment is due for all residents. November 30, 2020 – Second installment is due for residents who have not officially deferred their fees on ROSI/ACORN. January 31, 2021 – Second installment is due for residents who have officially deferred their fees on ROSI/ACORN. The first and second installments of residence fees will be loaded onto your ACORN/ROSI account prior to Fall Term and can be paid in full. Check here for more information: http://www.fees.utoronto.ca/news/fee_payment.htm. Students are responsible for monitoring their own ACORN/ROSI account balance; regular reminders are sent to your UTOR email. Late Payments A service charge of 1.5% compounded monthly (19.56% per annum) will be levied by UofT on the 15th of every month to the unpaid balance of the first installment commencing October 15th, 2020 and to the unpaid balance of the second installment commencing December 15th, 2020 until the entire residence account is paid in full. Incidental Fees Students who live in SMC Residence but are affiliated with an academic division other than SMC (i.e. Professional Faculties, students from other Colleges, etc.) will be subject to the incidental fees that SMC students pay with their tuition. These fees amount to $226.86 and are charged to your ACORN account. Residence Council Fees In addition to Room and Board Fees, all students living in residence agree to pay Residence Council fees. These fees amount to $11 per semester and are charged to your ACORN account in September and January. Fee Deferrals Student relying on OSAP or another government assistance program who wish to pay their second installment in January 31, 2021 rather than November 30, 2020, must defer their fees on ACORN/ROSI. Fee deferral is not automatic. For more information, visit ACORN Help: https://help.acorn.utoronto.ca/blog/ufaqs/defer-fees/. If you have successfully deferred your tuition fees, you have also deferred your residence fees. There is no separate deferral process for residence fees. Withdrawal Policy When you accept an offer of admission to residence you are agreeing to stay for the full 8-month term. Early withdrawal from residence comes with serious financial implications, so we recommend students accept their offer only if they are sure they want to live in residence. Withdrawal Penalty Schedule Date of Withdrawal Withdrawal Penalty Additional Charges After August 1, 2020 $600 – forfeit of first deposit N/A August 1 – September 4, 2020* $2,000 – forfeit of first deposit ($600) & second deposit ($1,400) N/A September 4 – November 30, 2020 $3,400 – forfeit of first & second deposit ($2,000) plus early withdrawal fee of $1,400 Room & board from September 5 until the date of move-out December 1, 2020, and onward Students are responsible for all fees for the first and second semester in their entirety Students are responsible for all fees for the first and second semester in their entirety *If second deposit is paid, both deposits become non-refundable. Failure to pay second deposit will result in forfeiture of residence space. Withdrawal penalties are charged for any withdrawal reason, including but not limited to: eviction for disciplinary related infractions, a revoked Offer of Admission from the University of Toronto, decision to enroll at a different university or ceasing to attend the University of Toronto. Students who want to cancel or withdraw from Residence must do so in writing by emailing email@example.com. Please include your full name, student number, and reason for cancelling. Withdrawals will not be accepted in person or over the phone. Please refer to your offer letter for any updates to the withdrawal policy, as it relates to Covid-19 for the 2020-2021 Academic Year. Income Tax Receipts St. Michael’s College’s residence fees cannot be claimed as rent for income tax purposes. Under the Income Tax Act, universities are exempt from paying municipal property taxes. The Ontario Income Tax Act states that students living in university student residences are limited to an Ontario Energy and Property Tax Credit claim based on an occupancy cost of $25 for the time they lived in residence. The only amount that can be claimed for income tax purposes is $25 and not the full amount of residence fees paid. On Line 6114 (Student Residences) of your income tax return, select the box to claim $25 as your occupancy cost for the part of the year you lived in residence.