It might — depending on your personal tax situation.
- The Nova Scotia University Student Bursary is considered bursary income.
- If your total bursary and scholarship income from the university is more than $500 in a year, it will be reported on a T4A tax form.
- Whether or not you have to pay tax on that amount depends on your overall income and tax circumstances.
📘 Helpful Definitions
- Bursary Income: Money awarded to help with education costs that you don’t have to repay. It may be taxable depending on your total income.
- T4A Form: A tax slip issued by your university (or other payer) that reports scholarships, bursaries, and other income to the Canada Revenue Agency (CRA).
🔗 Suggested Terms and Links
📝 Special Notes
- You’ll usually receive your T4A form from your university in February for the previous tax year.
- If you’re unsure whether you need to report or pay tax on your bursary, consider speaking with a tax professional or using free student tax clinics offered during tax season.