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Your scholarship may or may not be taxable. Generally speaking, a scholarship or fellowship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment, however there are some scholarship and fellowship opportunities that are not tax exempt.

Box 105 ?Other Income? on the T4A slip will report the sum of: scholarship, bursary, fellowship, tuition waiver for dependant children and/or a spouse payments recorded in the student's ACORN student account in the calendar year. Questions regarding these amounts should be directed to Student Accounts.

The Canada Training Credit is a new refundable tax credit to help Canadians with the cost of training fees. The credit accumulates at a rate of $250 per year, up to a lifetime training amount limit of $5,000.

TL11A: Tuition, Education, and Textbook Amounts Certificate ? University Outside of Canada. TL11C: Tuition, Education, and Textbook Amounts Certificate ? Commuter to the United States. TL11D: Tuition Fees Certificate ? Educational Institutions Outside of Canada for a Deemed Resident of Canada.

TurboTax Tip: Schools often combine all student charges including tuition, fees, and room and board in one account. If your Pell grant exceeds the amount of your qualified expenses, you'll need to report the excess as income on the ?wages and salary? line and enter ?SCH? to the left of the amount.

You can claim the Canada training credit when you complete your income tax and benefit return. The Canada training credit (CTC) claimed on line 45350 of your income tax and benefit return will reduce your tax owing.

If the student is not claimed as a dependent, he or she would claim these expenses. Conversely, if the scholarship or grant amount exceeds the educational expenses, and there is taxable scholarship income to report, the dependent/student would need to report this income on their return.

Box 23 ? Eligible tuition fees, part-time or full-time. Enter the amount of eligible tuition fees. Enter the total number of part-time months that the student was enrolled in a qualifying educational program or specified educational program.

If you don't report your outside scholarship awards to your college's financial aid office, you might receive what's called an ?overaward? ? and you'll have to pay back that money.

If you received scholarships, fellowships, or bursaries in the tax year in connection with your part-time enrolment in an educational program, this chart will help you calculate the amount of scholarship, fellowship and bursary income to be included on line 13010 of your Income Tax and Benefit Return.