I and other students in my current lab interpreted "Faculty" to be like "Faculty of Arts and Social Sciences" or "Faculty of Education", because most applications require you to apply to 2 or 3 faculty members (staff) but to one faculty (group of departments that the department you are specifically applying to falls under). Particularly because the funding is specific to you and the institution, and not to your supervisor of interest. For example, applying to the Clinical Psychology program at UBC, you would be under the Faculty of Arts. For the SCCP program at the University of Alberta, it would be the Faculty of Education. This is how my supervisor and other students interpreted it, and several of us were awarded it last year.