Hey everyone,
I am a Canadian Citizen and I am filling out the CSS Profile (because Cornell requires it Jan 1st smh)
My parents are married, and my mother lives and works with me in Canada, and my father works in another country (Hong Kong)
How would I go about filling out the CSS Profile? I’ve trawled the internet for hours without avail.
Thanks guys
Sorry, forgot to mention my mother is a full Canadian citizen and files Canadian taxes, but my father has no whatsoever status in Canada.
Doesn’t matter, where your parents live or their citizenship if they are not US citizens or permanent residents. You need the income and assets of both of your parents or you will not be considered for institutional aid.
^I know that, and I have all my documents regarding the income and assets of my parents ready to declare, however
the CSS Profile assumes that my parents live together, but I live with my mother in Canada and my father lives in Hong Kong in two properties we own.
It assumes they both file Canadian taxes. However, my father does not file any Canadian taxes and instead files HK tax.
I used the “Other Non-US tax” in CSS Profile instead of the “Canadian tax” option, is that the right way to go?
Also, how would IDOC work in this scenario?
that is correct because neither of your parents pay US taxes
You live with your mom. The home you live in is your primary residence. The home your dad lives in is secondary real estate and will need to be listed as an asset on your Financial aid application form(s).
Realistically, how is it even likely you get FA? Have you ballparked any numbers? Your parents are internationally based, you have three properties, do you have a vague idea of just say, income/assets? Is it likely applying for FA is just a complete waste of time and energy, you are international, can they just pay? Are you a wealthy family as it would appear?
Hmmm. I think the poster means that his family owns two properties…one in Hong Kong and the other in Canada.
Still…to the OP…what is your total family income from mom and dad. Forget about expenses…just estimate income.
Also, what are the values of these two homes. If you don’t live in Hong Kong, that property will be viewed as an asset. My understanding is real estate in HK is VERY pricey.
The second property (Hong Kong) will be viewed as an asset whether the student lives there or not. OP said that Canada is primary residence. There are a few outliers where families need two homes because one parent works in another city. It doesn’t matter and there is no consideration built into the formulas for that. Each school would have to consider the facts.
If the parents are separated, the Hong Kong parent could fill out the NCP paperwork. Otherwise, the student just has to fill in the income (converting both into US $$) and list the value of the assets in the appropriate places, like primary residence, second residence, bank accounts, etc.
My parents make roughly 138k USD combined a year, and is married but live separately, as noted on various tax forms.
My dad lives in Hong Kong for work, and my mother lives in Canada, and my parents need two homes (what the previous poster said)
Real estate in HK is super pricey, and the Hong Kong property is worth 991k USD, and Canadian property is worth 662k USD. Roughly 300k in bank accounts, and a few little investments (stocks, etc) here and there.
I do need every cent of FA cause my dad works for the government of HK and there is a mandatory retirement age of 55, which is approaching soon for him.
That financial picture doesn’t seem favorable for any financial aid. That’s a lot of income and assets. You can try, but make your decisions as if you aren’t getting FA.
I hate to break this to you, but you will probably not be getting any financial aid, solely due to the value of your parents’ assets. The calculation is quite simple: for CSS, you take 5.6% of your parents’ total assets and income. You family’s assets alone put that number above the COA of U.S private schools.
Owning a 991 000 USD second property outright, while having 300K cash wouldn’t usually accompany “small investments” and pensions, your dad will get a pension. Your family have 1 million dollars of liquidable assets that does not include the family home, investments, pensions and a reasonable income. Assume you will get no aid. If you are a Cornell candidate you have the Canadian schools squared away, right?
I guess the big thing is to try to argue that both properties are primary.
The 991k USD property is my father’s primary property and requires it for his job, whereas the 616k property is my and my mother’s primary property.
Okay, I guess I might not go to US and just go to the Canadian schools that I applied to. RIP 
Unlikely to work. Your father could live in an apartment rather than a $1M property. Some schools do consider the equity in the primary property too off the CSS. I don’t know if Cornell does so even if you convince the financial aid officer that you have 2 primary residences (never heard of that working), they may still consider the equity in 2 primary residences that are what, $750k?
It’s tough to see that your costs need to come out of a $135k salary, but most of America deals with that and then either change their college lists or start to liquidate some assets… Only a few schools consider that to be an average salary and most consider $135k to be upper income and give little or no aid. Many middle class or upper middle class students have to chase the merit aid, so that might mean a state university that gives merit or a private school that is trying to attract students with top stats.
With that being said, my father does live in an apartment, all properties in Hong Kong are apartments but have insane values through extreme inflation.
Also, my parents owe 770k in mortgages, I think this matters here.
I don’t know how this would work though. If it is 70k a year then I won’t go to US and just go to my local Canadian university.
I think you have all the facts now, you just have to put them into the CSS and see how it comes out.
There is a question about the value of the residence, and you’d list the amount less the mortgage on it. An apartment in the US usually refers to a rental unit where someone else owns it and there is no equity. Your father’s unit would most often be referred to as a condo, co-op, townhouse or something similar. The person owns it and lives in it, can sell it to someone else, has a deed or title.
Okay, I plugged in into CSS, and I mixed the HKD and CAD values together to get CAD values.
I also put quite a bit in the special circumstances, given that my father must retire early at 55 and the part about the primary residence.
Thanks for the advice, and I guess good luck to me?
Your dad will get a pension, will he then come to canada and make your family a unit? Otherwise one would assume you would look like any divorced/separated family.
No, he will not.
The Canadian government would take away half of his lump-sum pension in taxes (50% of his pension is lump-sum)
Rather, when my mother retires she will go to Hong Kong and make my family a unit.
(taxation is theft guys)