![]() ![]() It provides the reader with an extensive review of the applicable legislation and is intended for readers who have a general understanding of the Act. This Chapter examines the differences between the types of payments and benefits described above and explains how such amounts should be treated for income tax purposes. In some instances, a grant received to enable a taxpayer to pursue an education or research project may be considered a forgivable loan or a repayable award. ![]() Certain government financial assistance received in the year for education and training is included in computing a taxpayer’s income under paragraph 56(1)(r). Grants received in a tax year to enable a taxpayer to carry on research or similar work, net of allowable expenses incurred for the purpose of carrying on the work, are included in a taxpayer’s income under paragraph 56(1)(o). Paragraph 56(1)(n) generally includes in income all amounts, in excess of what may be referred to as the scholarship exemption, received in the year as, or on account of, a scholarship, fellowship, bursary or prize for achievement in a field of endeavour ordinarily carried on by the taxpayer (other than a prescribed prize). This Chapter discusses the taxation of scholarships, fellowships, bursaries, prizes, research grants, certain government financial assistance for education and training, forgivable loans and repayable awards. ![]()
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