Scholarships

Most scholarships and bursaries are not taxable. Awards for achievements in the arts and sciences are generally also tax-free.

Tuition and textbook Tax Credit

Tuition fees and textbook costs for students enrolled in full or part-time post-secondary coursed are eligible for a non-refundable tax credit. They may carry forward their credits or transfer them to their parent(s) or grandparent(s) with some federal and provincial limitations.

Student Loan Interest Credit

Interest on student loans granted under a provincial or federal programs receive a tax credit. Similar to the tuition, education, and textbook credits, they may be carried forward or transferred to parents or grandparents; however the carryover period may be limited.

Lifelong Learning Plan

Similar to the Home Buyers, taxpayers who plan to enroll in full-time post-secondary programs can borrow money from their RRSPs without triggering tax consequences. The amount that can be withdrawn is limited to $ 10,000 a year and $ 20,000 for four calendar years. The borrowed amounts can be re-contributed to the RRSP in equal payments over a 10 year period.