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Scholarships Payable to Family through Your Business

Mar 4

Written by:
3/4/2012 9:04 PM  RssIcon

We have recently determined that a business may pay a scholarship to a staff member or their family members.  This would be a taxable benefit in some situations to the family member.

If the family member meets certain criteria, he or she may be able to exclude the amount from income on his or her income tax and benefit return. Any questions about the T4A slip issued to the family member, you can refer them to Scholarships, fellowships, bursaries, study grants, and artists’ project grants http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/schlrshp-eng.html , or to their General Income Tax and Benefit Guide.

For more information please follow this link to Tuition fees, scholarships, and bursaries
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/bnfts/dctn/ttn-eng.html

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Tags: scholarship , family , business , T4A
Categories: Business Tax Deductions, Employee Benefits
Location: Blogs Parent Separator C2Online Blog

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