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Tuition fees


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#1 DanM

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Posted 14 April 2013 - 12:14 PM

My son is first year student and I'm using Ufile as for him listed as dependent.

If I paid last year the tuition fees for the entire year can I claim whole or only for the months in 2012?

Why is not showing any amount on line 323 - tuition, education on his tax return?

Do I have to put anythng in my file at tuition education from a child since I have paid everything?Don't understand this section.

Thanks


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#2 Frustrated_Dad_57

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Posted 14 April 2013 - 01:51 PM

Afternoon DanM

 

Hope this helps

 

http://www.cra-arc.g.../schdl-eng.html

 

I know that you can "Transfer" the Tuition from Son to Father using the drop down choice when you open up the

"Treatment of Unused Tuition".......choose "Transfer to Parent not Processed"

 

Then I believe you have to Claim Line 324 on the same page in "Your Tax"...Tuition Transfered from a Child.

 

This worked for me so far.

 

Thanks

Dad


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#3 DanM

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Posted 14 April 2013 - 03:04 PM

Thanks for your response, but it is somehow not clear for me this unused tuition meaning...

I paid let's say 9000$ tuition fee for my son last year but this was for the entire academic year, my son didn't have any income, do I need to transfer any amount, he was eligible only for $4600 what about the difference, this will be on next year tax?

Not sure if I have to fill anything in unused section.


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#4 Frustrated_Dad_57

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Posted 14 April 2013 - 04:02 PM

Hello DanM

 

It is my understanding that if the Student has Little Income...it is recomended that they

Transfer the Full $5000.00 amount to Parent and or Carry It Forward to be used when they have

a source of Income after Grad.

 

"Unused Tuition Amount" ...I believe is the "Amount" that is "Not" being used up by the Student

and or Transfered to Parent this year.............it is the what is left to be Carried Forward by Student

if chosen so.

 

This Page helped me and has the "T2202A" Form you may need......

 

 

http://www.cra-arc.g...-frwrd-eng.html

 

Transferring and carrying forward amounts

Students must claim their tuition, education, and textbook amounts on their return and apply the amount that is required to reduce their own federal tax payable to zero, before they can calculate and transfer an unused amount to an eligible individual, even if someone else paid their fees. However, the student may be able to transfer part or all of these amounts to his or her spouse or common-law partner (who would claim it on line 326 of his or her Schedule 1), their parent or grandparent or to their spouse or common-law partner's parent or grandparent (who would claim it on line 324 of his or her Schedule 1).

The maximum amount you can transfer in a year is $5,000, minus the amount the student uses, even if there is an unused tuition, education, and textbook amount remaining.

Students can carry forward indefinitely and claim in a future year the part of their tuition, education, and textbook amounts they cannot use (and do not transfer) for the year. However, if they carry forward an amount, they will not be able to transfer it to anyone. They have to claim their carry-forward amount in the first year that they have to pay federal tax.

Complete Schedule 11 to report your eligible tuition, education, and textbook amounts for the year, and any unused amounts carried forward from previous years that are shown on your notice of assessment or notice of reassessment for the previous year. Claim your eligible tuition fees, education amounts, and textbook amounts based on the calendar year the course was taken and not the year the fees were paid.

Note
Even if you do not have to pay tax and you are carrying forward all or part of your tuition, education, and textbook amounts, you should file your return and attach a completed Schedule 11 so we can update our records with your unused tuition, education, and textbook amounts available for carry forward to other years.

If you are transferring an amount to your spouse or common-law partner, they have to complete Schedule 2. Depending on their province or territory of residence, they may have to complete Schedule 2 to calculate their provincial and territorial transfer amounts.

To designate your transfer, complete and sign the back of the following applicable forms:

Good Luck

Dad



#5 DanM

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Posted 14 April 2013 - 04:30 PM

Hi,

Thanks for your time, the Ufile is transfering aumotically the amount to the parent from what I understand, so I don't have to fill any amount to the section with unused tuition.The only section I completed is tuition for the dependent, i.e.my son.






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