{"id":525,"date":"2023-09-03T18:52:26","date_gmt":"2023-09-03T22:52:26","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/?post_type=chapter&p=525"},"modified":"2024-11-28T17:13:04","modified_gmt":"2024-11-28T22:13:04","slug":"private-bursaries-business-and-unions","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/chapter\/private-bursaries-business-and-unions\/","title":{"raw":"Private Bursaries (Business and Unions)","rendered":"Private Bursaries (Business and Unions)"},"content":{"raw":"There are numerous private bursaries available to trade workers sponsored by industries, corporations, and unions.\u00a0 The criteria to apply for each bursary may be different but in general the application process is quite similar in that the awarding panel wants to understand you and what you may apply yourself to do with this financial assistance.\r\n\r\nHaving well thought-out responses to these typical bursary application questions will significantly increase possibility of being selected as a bursary winner.\u00a0 Amount of trade bursaries and scholarships can range from $500 - $5,000 each, some even reaching $20,000 for an individual's entire trades journey program.\r\n\r\nBursary Application Typical Questions\r\n
    \r\n \t
  1. Why are you interested in a career in the skilled trades?<\/li>\r\n \t
  2. What are your career goals and aspirations?<\/li>\r\n \t
  3. Have you had any financial obstacles in pursuing higher education?<\/li>\r\n \t
  4. How will this bursary make a difference for you?<\/li>\r\n \t
  5. What are you currently doing for the community and\/or industry?<\/li>\r\n<\/ol>\r\n
    \r\n

    Tax Tip: Award as Qualifying Student<\/p>\r\n\r\n<\/header>\r\n

    \r\n\r\nIf a trade apprentice is to be awarded a scholarship or bursary greater than $500, then the income amount is exempt from tax when the recipient received the amount as a qualifying student. A qualifying student is typically enrolled in an educational program as a full-time student at a designated educational institution.\r\n\r\n<\/div>\r\n<\/div>\r\n
    \r\n

    <\/p>\r\n\r\n<\/header>\r\n

    \r\n
      \r\n \t
    • <\/li>\r\n<\/ul>\r\n<\/div>\r\n<\/div>\r\n
      \r\n

      Tax Tip: Budgeting for Actual Cash Benefit<\/p>\r\n\r\n<\/header>\r\n

      \r\n\r\nWhen a funding opportunity is presented, estimate the amount of actual cash benefit (net of tax) that will be distributed. This will assist individuals in budgeting and not expect a greater benefit than one will actually receive.\r\n
      \r\n

      Example: Taxable Grant<\/p>\r\n\r\n<\/header>\r\n

      \r\n\r\nA taxable grant of $1,000 for an apprentice at an estimated marginal tax rate of 25% is less value than receiving an $800 tax-exempt bursary related to the apprentice attending a full-time accredited post-secondary school.\r\n\r\n\r\n\r\n\r\n\r\n
      <\/td>\r\nTaxable Income?<\/td>\r\nAmount (Gross)<\/td>\r\nAmount (Net of Tax)<\/td>\r\n<\/tr>\r\n
      Taxable Grant<\/td>\r\nYes<\/td>\r\n$1,000<\/td>\r\n$750<\/td>\r\n<\/tr>\r\n
      Tax-exempt Bursary<\/td>\r\nNo<\/td>\r\n$800<\/td>\r\n$800<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/div>\r\n<\/div>\r\n \r\n\r\n<\/div>\r\n<\/div>\r\n \r\n
      \r\n

      Tax Tip: Schedule 11 of Individual Tax Return<\/p>\r\n\r\n<\/header>\r\n

      \r\n\r\nOne should file Schedule 11 with the T1 \u2013 Individual Tax Return even if one does not owe any income tax. Submitting Schedule 11 allows Canada Revenue Agency (CRA) to update their records on the tuition credit amounts that one can carry forward to utilize in a future taxation year reducing any tax payable.\r\n\r\n<\/div>\r\n<\/div>\r\n ","rendered":"

      There are numerous private bursaries available to trade workers sponsored by industries, corporations, and unions.\u00a0 The criteria to apply for each bursary may be different but in general the application process is quite similar in that the awarding panel wants to understand you and what you may apply yourself to do with this financial assistance.<\/p>\n

      Having well thought-out responses to these typical bursary application questions will significantly increase possibility of being selected as a bursary winner.\u00a0 Amount of trade bursaries and scholarships can range from $500 – $5,000 each, some even reaching $20,000 for an individual’s entire trades journey program.<\/p>\n

      Bursary Application Typical Questions<\/p>\n

        \n
      1. Why are you interested in a career in the skilled trades?<\/li>\n
      2. What are your career goals and aspirations?<\/li>\n
      3. Have you had any financial obstacles in pursuing higher education?<\/li>\n
      4. How will this bursary make a difference for you?<\/li>\n
      5. What are you currently doing for the community and\/or industry?<\/li>\n<\/ol>\n
        \n
        \n

        Tax Tip: Award as Qualifying Student<\/p>\n<\/header>\n

        \n

        If a trade apprentice is to be awarded a scholarship or bursary greater than $500, then the income amount is exempt from tax when the recipient received the amount as a qualifying student. A qualifying student is typically enrolled in an educational program as a full-time student at a designated educational institution.<\/p>\n<\/div>\n<\/div>\n

        \n
        \n

        \n<\/header>\n

        \n
          \n
        • <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
          \n
          \n

          Tax Tip: Budgeting for Actual Cash Benefit<\/p>\n<\/header>\n

          \n

          When a funding opportunity is presented, estimate the amount of actual cash benefit (net of tax) that will be distributed. This will assist individuals in budgeting and not expect a greater benefit than one will actually receive.<\/p>\n

          \n
          \n

          Example: Taxable Grant<\/p>\n<\/header>\n

          \n

          A taxable grant of $1,000 for an apprentice at an estimated marginal tax rate of 25% is less value than receiving an $800 tax-exempt bursary related to the apprentice attending a full-time accredited post-secondary school.<\/p>\n\n\n\n\n\n
          <\/td>\nTaxable Income?<\/td>\nAmount (Gross)<\/td>\nAmount (Net of Tax)<\/td>\n<\/tr>\n
          Taxable Grant<\/td>\nYes<\/td>\n$1,000<\/td>\n$750<\/td>\n<\/tr>\n
          Tax-exempt Bursary<\/td>\nNo<\/td>\n$800<\/td>\n$800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

           <\/p>\n<\/div>\n<\/div>\n

           <\/p>\n

          \n
          \n

          Tax Tip: Schedule 11 of Individual Tax Return<\/p>\n<\/header>\n

          \n

          One should file Schedule 11 with the T1 \u2013 Individual Tax Return even if one does not owe any income tax. Submitting Schedule 11 allows Canada Revenue Agency (CRA) to update their records on the tuition credit amounts that one can carry forward to utilize in a future taxation year reducing any tax payable.<\/p>\n<\/div>\n<\/div>\n

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