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abari Apr 30, 2015 11:35 am
Originally Posted by superangrypenguin (Post 24745422)
Uhh, where do you put that it's an internship? If it's paid, it's income, period. If you get taxed on it, it's income.
Fair enough i'm not an accountant so i wasn't sure if he reports it as income or not :cool: Been a long time since i got a scholarship haha

eigenvector Apr 30, 2015 4:56 pm
Scholarships aren't considered taxable income, but nowhere do banks require you to report taxable income only, just gross income. Which is any money you're given, even if it's cash in an envelope from your parents.

haolaowai_org Apr 30, 2015 8:19 pm
Originally Posted by eigenvector (Post 24747245)
Scholarships aren't considered taxable income, but nowhere do banks require you to report taxable income only, just gross income. Which is any money you're given, even if it's cash in an envelope from your parents.
Scholarships are now taxable... other under income, I think. I get a T-something from my university listing it.

superangrypenguin Apr 30, 2015 8:28 pm
Originally Posted by haolaowai_org (Post 24747921)
Scholarships are now taxable... other under income, I think. I get a T-something from my university listing it.
I think it depends on if you get the $ or if it goes as a credit.

It's been close to a decade since I got my first and last scholarship for the U of Waterloo. They gave me a few grand if I chose that school. I never saw a dime of it, but it did reduce my tuition bill. It wasn't taxable in my case. (IIRC). I think if you get cash it's taxable? I dunno.

eigenvector Apr 30, 2015 9:43 pm
Originally Posted by superangrypenguin (Post 24747944)
I think it depends on if you get the $ or if it goes as a credit.

It's been close to a decade since I got my first and last scholarship for the U of Waterloo. They gave me a few grand if I chose that school. I never saw a dime of it, but it did reduce my tuition bill. It wasn't taxable in my case. (IIRC). I think if you get cash it's taxable? I dunno.
They used to be taxable (anything over $500 IIRC) until ~2007. Now, they're still reported on a T4A line 130, but as long as you're a full-time student they are not taxable. One of the best things Harper ever did as I started university the year the change took effect. :D See:

http://www.cra-arc.gc.ca/tx/ndvdls/t...lrshp-eng.html

It also includes fellowships, which could include some summer jobs at a university if there were academic in nature (e.g. research assistantship).


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