Last year i received ticket for Failing to stop for School Bus.

After meeting the prosecutor last month pleaded guilty to

(Fail Stop for School Bus - Owner) which meant no Demerit points but a fine of 490.

Does this go on my driving record. Will my insurance go up.

No time to check the wording, but this sounds like one of those owner-driver charges where you can be either charged as the vehicle owner (plates reported) or as the vehicle driver (caught in the act by an officer). Red light camera tickets are generally disregarded by insurance companies as you are charged as a vehicle owner, not a driver. The same might apply here.