I have a T4A from University of Toronto. This has a box 105 with amount 10026.06 CAD. In the software, which box 105 I put this into?

[mmahdinia1986]

There are four 105 box in the software:

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

[N01405817]

If you were a full-time student, your scholarship/bursary income is exempt from tax in most cases in all provinces except Quebec. However, you do need to enter the T4A information on your tax return. So when you enter your T4A income, choose the option for Box 105 that applies to FT students to make sure you’re not paying tax on this tax-exempt income.

If you were a part-time student, some or all of your T4A scholarship/bursary income may be exempt. At least $500 will be exempt in most cases. How much exactly depends on how much your courses cost and how many scholarships/bursary income you received.

From my point of view, you could enter your amount under Other scholarships, grants, awards, etc: taxable – eligible for a $500 exemption.

For more information please follow our TurboTax Article Your Complete Guide to the T4A Tax Slip

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