I entered the amount of eligible tuition to transfer from my son but my amount owing did not change. Should it not be reduced by 15% of the amount transferred?
I entered the amount of eligible tuition to transfer from my son but my amount owing did not change. Should it not be reduced by 15% of the amount transferred?
If you have a child that meets all requirements set out by the CRA, you're eligible to receive tuition transfer amounts on your tax return. However, there are some important differences regarding how, and from whom, you can claim transferred tuition, and the process of claiming these amounts (and the amounts themselves) can vary depending on these differences. Follow the applicable steps below to enter transferred tuition into TurboTax.
Enter tuition amounts from a child or grandchild
Before you begin, find out the federal and/or provincial amount(s) your dependant is transferring to you. Then, enter income and RRSP information for yourself into TurboTax. Finally, add your child as a dependant.
TurboTax Online:
SelectFindfrom the TurboTax menu
Enterclaims for dependantsand selectGo
When prompted toreview or claim any of these credits, chooseYes, then selectContinue
SelectEnter Credit Infonext to the name of the dependant who's transferring unused tuition amounts to you
SelectTransfer my Child's Tuition and Education Amounts, then selectContinue
Follow the on-screen instructions to selectTuition Transfer, enter the amount(s) of the transfer(s), then selectContinue
TurboTax CD/Download:
SelectFindfrom the TurboTax menu
Enterclaims for dependants, select the result, then selectGo
When prompted toreview or claim any of these credits, chooseYes, then selectContinue
Select the name of the dependant who's transferring unused tuition amounts to you, then selectEnter Dependant Credits
SelectTransfer my child's tuition and education amounts, then selectContinue
Follow the on-screen instructions to enter the federal and/or provincial amounts your dependant is transferring to you, then selectContinue
I hope this helps, if you have any further questions, please respond in this thread.
We appreciate your question. Just a gentle reminder, that tuition amounts transferred from a dependent are non-refundable tax credits, which means they do not create a tax refund, but just offset tax liability. Please review your T1 summary.