Are scholarships taxable?
In Canada, post-secondary scholarships received are not taxable if you are eligible to claim the full-time education amount, as indicated on Schedule 11 of your tax return. Please click here to consult the Canada Revenue Agency’s webpage on Students and Income Tax.
In the United States, scholarship funds used exclusively for the payment of tuition or textbooks are normally not taxable. The scholarship recipient is responsible for taxes, if any, that may be assessed against his or her scholarship award. We recommend consulting your tax advisor for more guidance. You may also click here to consult IRS Publication 970 for further information.
Can I defer my scholarship?
Yes, a Foresters Competitive Scholarship can be deferred for a maximum of 1 academic year (unless otherwise noted) and only for the following reasons:
- Co-op studies
- Death in the family
- Vocational obligation (can be for 4 semesters)
- Humanitarian mission
Permission is granted at the discretion of Foresters. If successful, you must be 24 years of age or younger at the time permission is requested through to the time it is granted. Once you have been informed that your application for a Foresters Competitive Scholarship was successful, you will need to make a formal, written application outlining the circumstances that make a deferral necessary. At the discretion of Foresters, you may be asked by ISTS to provide proof of circumstances.
How and when are payments issued?
Payments will be issued in August and mailed to each recipient's mailing address as entered in the application. The checks will be made payable to the institution only in the currency of the country in which it is located. It is the recipient's responsibility to notify ISTS (send an e-mail to email@example.com) should the check not arrive within 30 days of the issue date. It is also the recipient’s responsibility to get the check to the institution.
What are my responsibilities if I am chosen as a scholarship recipient?
You must enroll as a full-time undergraduate in the Fall of the year in which the scholarships are awarded, continue the entire academic year without interruption unless approved by ISTS and Foresters, deliver your scholarship check(s) to the proper office at your institution, and notify ISTS should your check not arrive within 30 days of the issue date.
What happens if my Foresters membership ends or changes after I have already received my scholarship?
All applicants must maintain an in-force Foresters membership that meets the minimum requirements for as long as they continue to receive the Foresters Competitive Scholarship. Membership status is verified at different stages during the application process and from time to time throughout the year. Please refer to the "Eligible Applicants" section under the “Must-have information” tab.
If your Foresters certificate has lapsed and is no longer in-force, contact the Service Centre at 800 828 1540 right away. If you have made any changes to your certificate (e.g., address change, new term, switch to another Foresters certificate, etc.) check with the Service Centre to ensure that the status of your certificate is "in-force".
As soon as you know that there has been a change to the Foresters certificate under which you originally applied for a scholarship, you should also log in to your online account and update your information. This will help to ensure that your eligibility status is up-to-date.
Will the Foresters Competitive Scholarship end when I finish my undergraduate program or can I still continue as a graduate student until the four years of award payments have been made?
The award will end when you complete your first undergraduate degree or diploma, or after four years (whichever comes first). Post-graduate studies are not eligible for a Foresters Competitive Scholarship.