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About tax forms...

 
Old 09-02-2014 at 08:24 PM   #1
inkhawk157
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About tax forms...
First time getting a job and I have to fill out some tax forms.

I uploaded one of them, I was wondering at the last page where it asks "total income less than total claim amount" includes scholarship or award money? Because I think I may just hit that...

In the US, I know that scholarships/fellowships/awards don't count as income, what is the case in Canada?

Thanks
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Old 09-02-2014 at 09:44 PM   #2
starfish
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Most scholarships and awards you have to claim on your taxes as income, but some are exempt.
If you're not sure, then say no to that question. They'll take off income taxes as a part of each pay, but then when you file your tax forms you'll have your actual income information along with all your receipts and if you're under, then you'll get the money back - at least, that is my understanding of how it works
Old 09-02-2014 at 10:44 PM   #3
ashleighp
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I believe that the taxation rules just changed and scholarships are no longer taxable income. Your best bet (in my opinion) is to leave any boxes like those empty - it's nice to get a refund cheque in April when you file your taxes and are facing a gap between student loans running out and the first pay of a summer job.
Old 09-03-2014 at 12:43 AM   #4
inkhawk157
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http://www.cra-arc.gc.ca/tx/ndvdls/t...lrshp-eng.html

Does this prove that scholarships/awards can't be taxed?

I am not on loans, but I am on scholarship.

Last edited by inkhawk157 : 09-03-2014 at 12:47 AM. Reason: didn't read...; fixed now
Old 09-03-2014 at 08:44 AM   #5
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I saw that too, but I know there's one scholarship I've gotten for the last two years that is actually taxed. I'm not sure if it's counted under a different category or if they consider it a grant or bursary instead (or even if that makes a difference). They are vague as to what the "maximum amount" is, though.
Old 09-04-2014 at 11:07 PM   #6
inkhawk157
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For anyone else wondering, I just checked with BOTH the undergrad and grad offices and scholarships/awards/fellowships/any type of funding counts.



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