Innova Academy desires to help make classical Christian education accessible to as many Christian families as possible who would already otherwise qualify for admission to Innova Academy. We understand that not every family is in a position to meet the financial commitment associated with private education. In order to assist families with financial need, Innova Academy provides a bursary program. Bursaries are made available exclusively through donations.
Here is how our bursary program works:
- Bursaries are granted on an annual basis, so applications must be submitted each year.
- Returning families should submit their applications to Apple Financial Services between January 1 and April 30 for a September start.
- New families should submit their applications to Apple Financial Services no later than 2 weeks after receiving an acceptance letter.
- Bursaries are awarded on a sliding scale dependent on financial need and cover from 10% up to 50% (including all discounts) of the regular tuition rate.
- Bursary applications are reviewed by Apple Financial Services, an independent third party, to ensure an objective review and financial assessment.
- Bursaries are not retroactive when awarded after the school year has started.
- After reviewing Apple’s recommendations, Innova Academy’s Bursary Committee will grant financial assistance at their discretion.
- Bursaries may be granted as individual recommendations are made or after a pool of recommendations have been collected. We strongly recommend submitting your application as early as possible.
Interested families who have received an acceptance letter from Innova Academy can fill out an online application at www.applefinancialservices.ca. There is a non-refundable application fee, billed by Apple Financial Services, of $100 per family.
Under Canada Revenue Agency (CRA) regulations, bursary amounts received are considered a taxable benefit to the recipient (the student). As a result, Innova Academy is required to report bursary information amounts to CRA and issue out T4As to recipients for each applicable tax year. As individual tax circumstances vary, the reporting requirements of individual T4As will also vary. It is the responsibility of the recipient to determine the amount of any exemptions and what amounts need to be reported. Please refer to CRA’s website (www.cra-arc.gc.ca) for the most current bursary and/or scholarship reporting guidelines or contact your tax advisor.