Scholarships, Bursaries and Fellowships May Not Be Taxable - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner

Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Student Line of Credit
Principal Residence Exemption


aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
Home Car Insurance
Income Splitting Strategies in Retirement
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
Real Estate - Investments / Retirement
Retirement planning
Save your money
small business planning
Tax Information for Students
tax news
tax planning
Tech news


January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by


Scholarships, Bursaries and Fellowships May Not Be Taxable

Scholarships, Bursaries and Fellowships May Not Be Taxable
Scholarships, Bursaries and Fellowships May Not Be Taxable
Great news! Students who win awards to go to school now qualify for full tax exemptions, if they qualify for the full-time education amount.
Review the list of rules below, to adjust prior filed returns if you made any errors or omissions:
·         Prior to tax year 2006, up to $3,000 of income from scholarships, fellowships and bursaries was exempt from taxable income.
·         Since 2006, the full amounts of these awards are excluded from income if the recipient qualified for the full-time education tax credit.
·         No Education Amount—$500 Exemption Only. If the student does not qualify for the education amount, a $500 exemption applies; you’ll report the rest as income on Line 130 Other Income. Your software may simply call this “Other Income” on your selection screens.
·         Elementary or Secondary School Awards. For 2007 and later years, scholarships and bursaries that relate to attending elementary or secondary school programs will also be exempt from tax if the student qualifies for the full-time education amount.
·         Part-Time Students. Beginning in 2010, students in part-time programs will limit their scholarship exemption to tuition paid plus costs of program-related materials. An exception is where they also qualify for the Disability Tax Credit, in which case the full scholarship is exempt.
·         Research Leading to a Degree. Where the scholarship is received in respect of a program that consists mainly of research, the education amount (and therefore the scholarship exemption) is allowed only if the program leads to a degree.

0 Comments to Scholarships, Bursaries and Fellowships May Not Be Taxable :

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment