Do I have to report scholarships and other academic awards on my return?
Scholarships and other academic awards are considered income and you will typically receive the information on a T4A slip. However, the taxable amount of this income may be reduced if you meet eligibility requirements for the scholarship exemption. For more information, see Line 13010 – Taxable scholarships, fellowships, bursaries, and artists' project grants.
TurboTax automatically calculates your exemption (the amount you won't be taxed on) from the information you enter in box 105. Any remaining (taxable) amount is then included in the Other Income section on your tax return.
- Full-time scholarship: also have T2202 with months in Box 25
- Part-time scholarship: also have T2202 with months in Box 24 (see Scholarship Exemption – Part-time enrolment, Line 1)
- Part-time scholarship fees from T2202 used to reduce part-time scholarship income (see Scholarship Exemption – Part-time enrolment, Line 2)
- Elementary/secondary student scholarships, grants, etc: not taxable
- Other scholarships, grants, awards etc: taxable – eligible for $500 exemption
- Other scholarships, grants, awards etc: taxable – not eligible for $500 exemption reported as Other Income
- Other scholarships, grants, awards etc: received as business income
- Other scholarships, grants, awards etc: received as professional income
- Full-time scholarship: also have T2202 with months in Box 25
- Part-time scholarship: also have T2202 with months in Box 24
- Part-time scholarship fees from T2202 used to reduce part-time scholarship income
- Elementary or secondary student scholarships, grants, etc: no T2202 received
- Other taxable scholarships, grants, etc.
- Select Find from the menu.
- Enter T4A and select T4A Pension, Retirement, Annuity, then select Go.
- Select Enter new T4A.
- Enter your scholarship or other academic award amount(s) in box 105.
- Select Find from the menu.
- Enter T4A and select T4A Pension, retirement, annuity, then select Go.
- On the Entering your federal T-slips screen, select the checkbox next to T4A.
- Select Continue until you reach the T4A Summary screen.
- Select Enter new T4A.
- Enter your scholarship or other academic award amount(s) in box 105.
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