The first scholarship will be awarded this year, the school said in a statement. North Peel is the largest vocational school in Ontario, with 750 students.
'We all know Peters is hilarious, but he has a serious side too -- he is serious when it comes to making a difference in his home town,' said Don Ablett, North Peel Principal.
'Many will remember the $50,000 contribution he made to the Brampton Civic Hospital. And now he has provided this annual scholarship... (Peters is) incredibly generous and helping change lives in our community.'
Peters lived in Brampton before moving to the United States when he started getting famous.