Do I have to report scholarships and other academic awards on my return?
Yes, scholarships and other academic awards are considered income and must be reported on your return. However, you can reduce the taxable amount of this income if you meet eligibility requirements for the scholarship exemption.
Enter your scholarship amounts in the T4A step of TurboTax (even if you did not receive a T4A slip).
1. In the top-right of your screen, select Find* and type “t-slips” into the search field.
2. Select T-Slips from the options that appear, and then select Go.
TurboTax displays a list of slips.
3. Select T4A – Pension, Retirement, Annuity, and Other Income (including scholarships and bursaries) from the list, and then select Continue.
4. On the T4A – Pension, Retirement, Annuity, and Other Income step, at Box 105: Scholarships etc., TurboTax provides 5 options to enter your box 105 amount. Enter your amount in the space that best describes your situation.
- If you did not receive a T4A slip:
- If the school you attended is considered a designated educational institution, enter your amount in the space that best describes your situation.
- If the school you attended is not considered a designated educational institution, enter your amount in the space labelled Other taxable scholarships, grants, etc.
5. Enter the rest of your T4A information in the spaces provided.
6. Select Done with T4A.
TurboTax calculates your exemption (the amount you won’t be taxed on) the box 105 you enter your amount in to. The remaining (taxable) amount is included in Other Income on your tax return.
* If you don’t see the Find button, you may not have completed the Setting Up/Introduction step of your return. Continue through the Setting Up/Introduction step until the Find button appears.
- CRA information on Line 130 – Scholarships, fellowships, bursaries, study grants, and artists’ projects grants (awards)