Contents:
Where & How to Make a Payment in Canada
Methods of Tuition Payment from Outside Canada New Service Introduced in November 2009
Payment for Registration
Other Payments
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Where & How to Make a Payment in Canada
**ALL PAYMENTS ARE MADE AT A FINANCIAL INSTITUTION**
You may make payment at any branch in Canada of:
Bank of Montreal Royal Bank
CIBC Scotiabank
TD Canada Trust Most credit unions
HSBC Bank Canada
If you do not have an account at one of these financial institutions, you may still make a payment at the teller with cash, money order, or certified cheque.
You may pay using TELEPHONE or ONLINE banking if your financial institution offers this service. Just call your financial institution's telephone or online banking service and provide them with your account number and the name ' University of Toronto '. Your account number is displayed on the top right-hand corner of the invoice format of your Financial account on the Student Web Service/ROSI. It consists of the first five characters of your surname (in capital letters) and 10 numbers which is your student number with leading zeroes unless it begins with 1. Make sure you distinguish between the letter 'O' and the number 'zero'.
You may pay at a BANK MACHINE or at a TELLER. Take a copy of your Financial account in invoice format printed from the Student Web Service/ROSI with you. Your account number & student number printed on the invoice format account are needed to ensure the payment is credited to your account.
Make sure you keep your receipt or your verification/confirmation number. It is your proof of payment and will be requested to follow up on any payment problems.
If you pay at a bank machine or teller it normally takes 5 business days, sometimes more, for the payment to be processed by the bank and the amount updated to your Student Web Service/ROSI Financial account. If you pay using telephone or internet banking it will take 3-4 business days for the payment to be posted to your account. If you check your account using the Student Web Service/ROSI and do not see the payment posted to your Financial account, check again in a few days. There are daily updates from the bank to the University.
All payments are applied to the charges on your Financial account according to the algorithm of 'oldest first'. This means that the oldest outstanding charge in the oldest session will be cleared first; there is no distinction between the type of charge, e.g. residence fees, academic fees etc.
NOTE: If a friend or relative makes payment on your behalf and you decide not to attend the University of Toronto , note that any refunds are issued as a cheque in Canadian funds payable to the student.
Payments from Outside Canada New Service Introduced in November 2009
University of Toronto students normally pay tuition fees at a branch of a financial institution (bank) in Canada. If you need to make payment from outside Canada, here are three methods by which you may send money to the university. All payments must be accompanied by the student's name, student number and (if possible) his or her program of study.
1) Travelex Bank to Bank Transfer (New Payment Option). This option allows students to pay the Canadian dollar payment in the currency of choice at a local bank at a competitive exchange rate and with NO transaction charges from Travelex or the University of Toronto.
This option is not available for admission, acceptance, confirmation deposits for graduate and some undergraduate academic programs and all residences. Deposit payment instructions are included in the correspondence provided to students who are required to make these payments.
If you choose to proceed, you will be transferred to a secure website where you will receive instructions on how to complete the payment to a local banking institution in your currency of choice.
- After providing your student name and number you will be directed to a web page where you will be able to enter in the Canadian dollar amount you wish to pay to the University of Toronto.
- The amount being transferred to the University of Toronto should be for tuition, residence and other Student Account charges. This option is not available for admission, acceptance, confirmation deposits for graduate academic programs and all residences.
- You will then select from a drop down menu your preferred payment currency. A conversion at a competitive rate of exchange from the Canadian dollar amount will be applied to your chosen currency through the Travelex real-time rate engine. You will have the opportunity to view the payable amount in your local currency before committing to the transaction. To proceed with the transaction simply click OK and you will be presented with the banking instructions to make the payment. You need to proceed to your bank immediately to ensure that the payment is transferred to Travelex within 72 hours.
- The exchange rate quoted will remain valid for 72 hours during which time you or the payer must take the banking instructions to your bank, who will initiate the transfer of funds through Travelex for credit to the University of Toronto.
- Travelex must receive your payment within 72 hours of your receipt of the applicable currency quote. In the event Travelex receives your payment after the 72 hour period Travelex shall use the current exchange rate to convert the currency.
- On receipt of the funds your Student Account will be credited. While the transfer is in progress your account will continue to show the outstanding amount. This normally takes 2 business days from the date or receipt of funds in the University of Toronto bank account.
Click here to begin the process of Travelex bank to bank transfer.
2) Send a bank draft or money order in Canadian funds, payable to the 'University of Toronto'. Mail or courier payment to University of Toronto, Student Accounts 215 Huron Street, 3rd floor, Toronto, Ontario, Canada, M5S 1A2.
3) Transfer funds from your bank to the University of Toronto bank account at the Royal Bank of Canada, 648 Spadina Avenue, Toronto, Ontario, Canada, M5S 2H7; Transit & Account #05802 0000018, FI #003. The Swift/Sort Code is ROYCCAT2. Please print the Bank Wire Information sheet and take it to your bank. Please note: With this method there will be some additional charges. Your home bank will charge to initiate the wire transfer. The wire transfer may be sent through an intermediate bank which will also levy a charge. As well, the Royal Bank has a $10.00 fee that will be deducted from the amount of the payment. Please add $10 to your payment to cover this deduction.
Once you have sent the wire transfer please retain a copy of your transaction or any identifying information in order to resolve any payment problems that may arise.
Please check your Financial account to confirm that your payment has been recorded, and determine if fees are still outstanding. Students can view their account with the University using the Student Web Service/ROSI.
NOTE 1: Wire transfers will only be accepted for the amount of tuition and residence fees. Amounts in excess of the required fees may be returned to the sender. Funds for living expenses MUST be directed to the student's own financial institution.
NOTE 2: Sometimes students may be asked by the Canadian Embassy or Consulate in their home countries to pay tuition fees in advance of a student authorization being granted, especially if there is a limit to how much money the student is allowed to take out of the country. If the timing is such that the University has not finalized the tuition schedule for the coming session or the fees have not yet been recorded on your Student Web Service/ROSI invoice, the University can provide students with an estimate of the fees payable based on the previous year's fees. It is possible for students to send a lump sum payment to the University, which will be held until actual tuition charges for the session is assessed. A receipt will be issued which the student can use as proof that tuition has been paid.
Payment for Registration
If you do not have a financial arrangement to register without payment, payment must be made before you can register for the summer session - either the total fee or the minimum payment. Both the 'Total Tuition' amount and the required 'Minimum Payment to Register' (65% of total + any arrears) are displayed on your account on Student Web Service/ROSI (invoice format).
All payments are applied first to any outstanding charges from a previous session. Therefore, your payment must be enough to cover in full any unpaid charges from a previous session as well as the required tuition payment for the summer session.
If you choose to make the minimum payment for registration in the fall/winter session, service charge will be applied to the outstanding balance of the fall/winter session fees beginning as of November 15, 2011 and as of the 15th of every month at a rate of 1.5% monthly (19.56% compounded annually) until the account is paid in full.
Refer to the section on Financial Arrangements, if:
You are receiving OSAP (or another government loan) or an award and you have an approved financial arrangement to register without payment.
Your fees are being paid by an outside agency or organization which requires an invoice from the University.
You have a tuition waiver for staff or staff dependants.
Other Payments
After registration, it is recommended that you make monthly payments towards your Financial account balance. The amount of each payment may vary, depending on your resources and your other financial obligations. The important point is that you continue to pay off your account. Every payment will reduce your account balance, which, in turn, will reduce the amount of service charge assessed.
There are two details to remember: (1) there is a monthly service charge of 1.5% (19.56% compounded annually) applied to the outstanding balance, and (2) your account must be paid in full by the end of the fall/winter session.
If you would like some assistance in developing a payment plan, speak with the financial advisor in your Registrar's Office.
Your account balance reflects all charges, payments & deposits. Deposits made for future sessions are not applied to current outstanding charges.
In order to clear your current session outstanding balance, after payment your Financial account balance should reflect the full credit amount of your deposit. The deposit credit balance will be applied to the charges in the session for which the deposit was intended e.g. residence.
Your account must be paid in full by the end of the fall/winter session (April 30, 2012). If your account is not paid in full by the end of the fall/winter session, you will not be permitted to register again and production of your transcript will be blocked until such time as your arrears are cleared.
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