RRSPs
Students may be eligible to withdraw funds for postsecondary education from a Registered Retirement Savings Plan (RRSP) for postsecondary education, without a tax penalty. Please visit the Canada Revenue Agency website here for more information.
Employment Insurance
Students receiving Employment Insurance benefits (EI) may be eligible to continue to receive those benefits while attending college. Students must request permission from Service Canada to take full-time training. Requests can be made via the My Service Canada Account or directly with an agent on the phone. If you are a student who could benefit from this opportunity, we suggest requesting permission as early as possible. Please visit the Canada Revenue Agency website here for more information.
Canada Education Savings Grant
Saving for postsecondary education is important. The Canada Education Savings Grant provides a grant of up to $500 per year towards a Registered Educational Savings Plan (RESP) of a child up to age 18 based on a parent or student contribution of up to $2,500 per year. Talk to a financial planner to learn more!
Tax information for students regarding scholarships and bursaries
Scholarships, grants and bursaries provide financial relief to many students but it is important to note that the Canada Revenue Agency treats them as income. There is a basic scholarship exemption for the first $500 though and students may claim a larger scholarship exemption if they are enrolled in an educational program. The College will issue a T4A at the end of February for the previous tax year, for scholarships, grants and bursaries that were funded through Loyalist College. Please see below for instructions on how to obtain your T4A from Loyalist College.