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Neil Young performs during his annual Bridge School Benefit concert in Mountain View, Calif. in October 2010. ((Tony Avelar/Associated Press))

Neil Young will be honoured for his charitable efforts this spring at the Juno Awards, Canada's annual celebration of music.

The iconic Canadian singer and songwriter will receive the Allan Waters Humanitarian Award at the Junos gala in March.

The Canadian Academy of Recording Arts and Sciences, which hosts the annual music honours, presents the Waters Award to recognize "an outstanding Canadian artist whose humanitarian contributions have positively enhanced the social fabric of Canada."

Already acclaimed for his music and songwriting, the Toronto-born, Winnipeg-raised Young is being recognized for his philanthropy.

In 1985, he co-founded the Farm Aid benefit concerts, which have raised more than $30 million to help support farmers.

Young and his wife, Pegi, are also the founders of The Bridge School, which educates and supports children with physical challenges. The couple's two sons have cerebral palsy and their daughter has epilepsy.

They organize an annual concert to raise funds for the school, which is located in Hillsborough, Calif.

Young was presented a similar honour in January 2010, when he received the MusiCares Person of the Year trophy at the Grammy Awards.

Past winners of the Allan Waters Award — named after the broadcasting pioneer and CHUM Ltd. founder — have included Bruce Cockburn, Paul Brandt and Sarah McLachlan.

Hosted by rap sensation Drake, the 40th annual Juno Awards will take place in Toronto on March 27. Nominations for the ceremony will be announced on Tuesday.