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Tax Implications of Receiving Financial Aid

The total financial aid awarded in a calendar year will be reported on the T4A and Relevé 1 information slips issued in the student’s name. Parents must provide their son’s Social Insurance Number (SIN).

Federally, bursaries are tax exempt; provincially, they remain a taxable source of income but are eligible for a full deduction. Therefore, this income will have no impact on the student's tax returns.

This summary is of a general nature only and is not intended to be legal or tax advice. Accordingly, parents should consult their personal tax advisors with regard to their particular circumstances.