Innova Academy is pleased to offer scholarships for the 2017/2018 school year. Scholarships are available through the generous donations of local individuals and families who strongly believe in classical Christian education and desire to see more children educated in this manner.
Scholarships are available to new students entering grades three to eight who would already otherwise qualify for admission to Innova Academy.
Scholarships are awarded based on academic achievement.
How do we apply for a scholarship? Is it a complicated process?
The process is simple…in fact there is no separate application process for the scholarship! As part of the standard Innova application process, all prospective new students complete the Innova placement examination and a student assessment interview. The student’s performance on the entrance examination will determine his/her eligibility to receive a scholarship. Scholarships are awarded solely at the discretion of Innova Academy.
How do you decide who receives a scholarship?
A limited number of scholarships are available. Given the restricted number of scholarships, they will be awarded to students who meet or exceed the scholarship threshold on the Innova placement examination on a ‘first come first served’ basis. As such, early applicants will have the greatest opportunity to be awarded a scholarship.
How do I know if my child has been awarded a scholarship?
If your child is accepted to Innova Academy, the family will receive an acceptance letter which will include the amount of the scholarship (if any) that the student has been awarded. Families that have been awarded a scholarship must provide a $500 non-refundable payment per student (deducted from annual tuition) within one week of their notification to secure the scholarship and student placement in the respective class. Failure to do so will result in the scholarship being forfeited, making it available to other applicants.
Can I combine a scholarship with an Innova bursary?
Scholarships cannot be combined with any other Innova discounts or bursaries.
Will scholarships be available for the 2018/2019 school year?
Since scholarships are dependent on the financial support of our donors, Innova’s scholarship program will be reviewed on an annual basis. Current scholarships are for the 2017/2018 school year only.
Are there any tax implications for scholarships?
Under Canada Revenue Agency (CRA) regulations, scholarship amounts received are considered a taxable benefit to the recipient (the student). As a result, Innova Academy is required to report scholarship 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.