Caution on grants and bursaries
Every year, thousands of students benefit from grants and bursaries in order to fund their studies in Canada. If you are interested in applying for a Grant or Bursary in order to enable you to study at a Canadian University, there are a few things you need to know.
Caution on Grants and Bursaries
Every year, thousands of students benefit from grants and bursaries in order to fund their studies in Canada. If you are interested in applying for a Grant or Bursary in order to enable you to study at a Canadian University, there are a few things you need to know.
Applying for Grants and Bursaries
Bursaries are usually awarded by universities based on a student's financial needs, so you need to make sure that you can make a convincing argument of your financial situation and provide evidence to support your application. Government Grants are also awarded through the Canada Student Grants Program, and are available to students from low and middle-income families who are enrolled in a full-time undergraduate program at a designated post-secondary institution.
Deadlines for Grants and Bursaries
Deadlines are really important as many grants are awarded on a first-come, first-served basis. That’s why you need to complete your FAFSA early. After making sure that you get your application in on time, if you are awarded a Grant or Bursary, you need to confirm that you accept it by the date specified on your offer letter, otherwise you will lose it.
Are Grants and Bursaries Taxable?
Generally speaking, Grants and Bursaries aren’t considered to be taxable income if the funds were used to study or do research on a degree program. However, they may be subject to tax if they were awarded for general living expenses to a non-degree student. To file your taxes, you need to fill in the relevant section on your tax return with a T4A, which will be issued from your university.
Do I have to pay back a Grant or a Bursary?
Grants and Bursaries are awarded on the basis of financial need, but do not have to be paid back, unlike student loans. Having said that, there may be instances where you will be required to repay part or all of the grant funds. For example, if you withdraw from school before finishing the enrollment period that you got the money from or change from full-time to part-time study, you will need to repay whatever the university demands.
Am I entitled to a Grant or Bursary if I have a disability?
Financial help in the form of Government Grants is available if you meet the requirements and include all relevant medical certificates and documents in your application. If you want to study at a university in the Northwest Territories, Nunavut or Quebec, you will have to make an application to these provinces directly.
Does my Grant or Bursary cover me for each year of study?
You will need to apply for a renewed grant every new academic year. If your circumstances change from one year to the next, you will need to fill in all of the necessary details each time you apply. Similarly, merit-based grants may not be guaranteed every year either and may depend on your GPA or or other criteria.
If you are offered grants for college, make sure you understand all the requirements and how you can qualify in the future!
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