A bequest from the estate of the late John B.C. Watkins, this award provides fellowships of $5,000 to professional Canadian artists in music, visual arts (architecture only) and theatre who are pursuing graduate studies, and who are graduates of a Canadian university, postsecondary art institution or training school in any country other than Canada. Preference is given to those wishing to carry out their studies in Denmark, Norway, Sweden or Iceland. Postgraduate schools include postsecondary institutions or training schools, whether or not these are degree-granting institutions. A candidate can receive a maximum of two J.B.C. Watkins Awards in a life-time.

In the field of architecture, candidates must apply to be considered for the award. For theatre and music, winners of this prize are selected from applicants to the Grants to Professional Artists programs, which have their own guidelines and forms.