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T4A for scholarships?

 
Old 02-27-2011 at 08:27 PM   #1
anon491
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T4A for scholarships?
I've posted this in financial questions but it doesn't even show up in the "Recent thread" feed so I doubt it would've gotten noticed x|

"I got a T4A for the Queen Elizabeth and Entrance Scholarships, but I thought they were non-taxable? So do I still need to file it? What will happen if I don't file it?

Also, does the T2202 already have that textbook tax refund (for every month of full-time study) included in the amount?"
Old 02-27-2011 at 11:39 PM   #2
dsahota
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Yes you need to include it in your filing, but it will not add to your taxable income. Will anything bad happen if you don't? Probably not, but its not worth risking a possible penalty for an incomplete filing and the questions that would be raised if you were lucky enough to be chosen for an audit.

The T2202A should not have the text book tax refund included in the amount. This is directly stated on the T2202A form. Most tax software will automatically calculate the textbook amount you're eligible for based on the number of months of full/part time study.
Old 02-28-2011 at 10:05 PM   #3
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Alright, thanks!



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