Avoiding surcharges
Apr 30, 2015 | 11:35 am
#16
Join Date: Jan 2015
Location: YYZ
Programs: Aeroplan
Posts: 174
Been a long time since i got a scholarship haha
Apr 30, 2015 | 4:56 pm
#17
Join Date: Apr 2015
Location: YVR
Programs: UA Premier Platinum
Posts: 3,796
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.
Apr 30, 2015 | 8:19 pm
#18
Original Poster
Join Date: Jan 2015
Posts: 277
Scholarships are now taxable... other under income, I think. I get a T-something from my university listing it.
Apr 30, 2015 | 8:28 pm
#19
Suspended
Join Date: Jun 2009
Location: YYZ
Programs: AC E50K (*G) WS Gold | SPG/Fairmont Plat Hilton/Hyatt Diamond Marriott Silver | National Exec Elite
Posts: 19,284
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.
Apr 30, 2015 | 9:43 pm
#20
Join Date: Apr 2015
Location: YVR
Programs: UA Premier Platinum
Posts: 3,796
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.
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.
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).