Student Income Tax 2020 (For Information Purposes)

All students are encouraged to contact the Canada Revenue Agency’s website for assistance with individual tax information.  For a list of topics and services geared toward students, please visit canada.ca/taxes-students  for more information.

MMF Post-Secondary Education Support Program

All funds received from the MMF Post-Secondary Education Support Program (PSESP) is considered a taxable income.  Students who accepted these funds will receive a T4A Slip for the year the award was received, which will indicate scholarship, fellowship and bursary income, or payments from a registered education savings plan.

Some scholarships or bursaries may be eligible for scholarship exemption.  It is advised that students click on the following link Guide P105, Students and Income Tax to access Canada Revenue Agency’s student guide, for students and income tax information.

MMF COVID 19 Emergency Student Assistance Program

All funds received from the MMF COVID 19 Emergency Student Assistance Program (ESAP) is considered a taxable income.  Students who accepted these funds will receive a T4A Slip for the year the award was received.  The COVID-19 benefit payment amounts from your T4A slip must be reported as income on your income tax return for the year that you received it.

To learn more about income taxes and Canada’s tax system visit canada.ca/understanding-taxes to access the self lead/educator resources available.

For more information regarding your person income tax, please visit canada.ca/taxes-individuals for access to services and information related to personal income tax.  As everyone’s situation may be different, it is recommended that anyone who is looking for specific information about their tax situation to contact the CRA’s general tax enquiries number at 1-800-959-8281.  You can monitor wait times of the phone lines via the link below: