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imjotsingh-gmail
March 1, 2023
Question

Why are all my tuition credits getting claimed this year?

  • March 1, 2023
  • 1 reply
  • 0 views
Hi, I had some tuition credits carried over from last year but as I try to file for the the taxes for 2022, all of my credits are getting used. My credits are somewhere around $15,000 and my income was around $40,000.

    1 reply

    H
    honey200
    March 2, 2023

    All the tuition credits are used this year because your tuition amount is not greater than the tax owed, the non-refundable credit can only be used to reduce or eliminate the student’s federal/provincial tax bill but won’t generate a refund. If you aren’t able to use the full amount of the credit, any unused credits can be carried forward to a future tax year, or transferred to a spouse/common-law partner or parent/grandparent. For more information, please see our TurboTax article : Understanding Tuition Tax Credits.

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