If you or another group member decides to keep the funding in a personal bank account, it won't be considered as part of your personal income for taxes. The contract and project closeout letter (provided after your final report is submitted) can be provided if the Canada Revenue Agency (CRA) asks why the individual received the large sum of money in their personal bank account. One important thing to note is that it's crucial for the person who received the funding to keep the contract, project closeout letter and all the receipts for four years. This is because the CRA may request an audit for this information within that time frame.