scholarship income

April 7th, 2010 by Questions

I am currently a university student with a scholarship of $6400 that needs to pay my tuition. I also have a take home pay as a research assistant of $700/month. Since I do not have to declare my scholarship as income on my tax return, do I have to declare it as income (resulting in a surplus income) if I file for bankruptcy?

Posted from: Ontario


One Response to “scholarship income”

, A licensed trustee said:

Scholarshiop income is subject tot he same surplusn income rules as all other sources of income – the argument you may want to make is that the scholarship is to fund tuition for a period of time and therefore the income from the scholarship should be applied against that same period, rather than having it applied to the month your receive it.

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