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M
mpritchy
April 7, 2023
Question

Why is turbo tax allowing me to claim more than $5000 (exact amount was $5021) for tuition when the limit is $5000?

  • April 7, 2023
  • 1 reply
  • 0 views
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    1 reply

    G
    GHarpe
    April 12, 2023

    As per our TurboTax FAQ: Understanding the Tuition Tax Credit in Canada: All You Need to Know

    If the amount of your tuition tax credit is more than you can apply to your taxes this year, that means you have a remainder. You can also transfer some of this remainder to a spouse or other eligible family member, such as a parent or grandparent, for them to use as a tax credit. In a single year, you can transfer a maximum of $5,000 minus the amount you used to lower your own taxes.

    If there is a remainder after that, then a carry forward will be created and applied to your next year's return.

     

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