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Canadian rapper Drake watches the third round match between Serena WIlliams and Zheng Jie at the Rogers Cup women's tennis tournament in Toronto, Aug. 11, 2011.

MARK BLINCH/Reuters

Toronto rapper Drake is this year's recipient of the Allan Slaight Award for achievement by a young Canadian.

The 24-year-old will receive the prize during the Canada's Walk of Fame Awards gala on Oct. 1, with the show scheduled for broadcast later in the month on Global and Slice.

Drake – whose real name is Aubrey Graham – has racked up six Grammy nominations and 10 Juno nods, including two wins.

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The former Degrassi star released his debut full-length CD Thank Me Later last year, and the record racked up platinum sales in Canada and the U.S. after debuting at No. 1 on the Billboard charts in both countries. His follow-up, Take Care, is due out later this year.

The Allan Slaight Award – named for the Canadian broadcaster and philanthropist – is in its second year, after Montreal jazz phenom Nikki Yanofsky claimed the inaugural prize.

The award comes with a $10,000 honorarium, which Drake has decided to donate to Dixon Hall, a community service that aims to create opportunities for people in low-income neighbourhoods in Toronto.

"I am a proud Canadian, and I am grateful to Canada's Walk of Fame and the Slaight Foundation for this award," Drake said in a release.

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