As a student, things like scholarships, grants, and bursaries can provide some much needed financial relief. However, the Canada Revenue Agency (CRA) still considers these amounts to be income, and therefore must be reported on your tax return.
Generally speaking, these amounts can be found on either a T4A or RL-1 slip. If they aren’t, it’s still up to you to report them when completing your return. Keep in mind that if you received any of the awards listed above and you’re not eligible to claim the federal tuition amount, you’ll only need to report the amount that is more than $500.
Judy received a scholarship worth $750 to help pay for a course she is taking, but she does not meet the eligibility requirements necessary to claim the federal tuition amount. As such, Judy will only need to report $250 of the scholarship amount on her return ($750 - $500).
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
- Under the PREPARE tab, click the LET'S TALK ABOUT 2016 icon.
- Select the checkbox labelled I was a student.
- Click the STUDENTS icon. You'll find yourself here:
- Under the INCOME section, select the checkbox labelled Other scholarships, grants, or bursaries.
- When you arrive at the page for the Other scholarships, grants, or bursaries enter your information into the software.