Income Taxes and Your Grant

Income Taxes and Your Grant, from the Canada Council… “The reception of a grant from the Canada Council for the Arts has different tax implications for everyone. At Council, we cannot provide advice on the income tax implications of your grant. Council recommends that you consult with a fiscal advisor to determine how the grant you receive will impact your personal and/or business income taxes. It is important to note that the payment terms of a grant may have an impact on the calculation of the taxes payable.”