As a post-secondary student in Canada, you may be eligible for Tuition, Education, and Textbook amounts. These amounts can be carried forward to future years by the student for reducing their tax payable in the future; or a maximum amount of $5,000 can be transferred to the student’s spouse/common law partner, a parent, or a grandparent to calculate transferee’s tax credits each year.
After January 1, 2017, education and textbook amounts are no longer available but the credit for tuition amounts is still available. The unused amount of tuition, education, and textbook amounts before 2017 is available to carry forward to future years.
In order to claim these non-refundable tax credits, certain criteria must be fulfilled before the student can claim the credits:
Credits for Tuition, Education, and Textbook Amounts
For more information, please contact us @ 778-374-1865 or firstname.lastname@example.org
Note: All information relating to the tax credits above is available from CRA website.
By Theresa Lo, CPA, CGA
January 14, 2017
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Theresa Lo, CPA
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Burnaby, British Columbia