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Ayeda

Need to edit return to carryforward tuition amount but already printed return

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Hi,

I do not want to use my tuition amounts this year. I had selected "Let MaxBack decide" on the form where it asked how to use unused portions of the tuition amounts. I had assumed that it would not use my tuition amount (as my income was low), but it actually did. I do not want to use the tuition amounts this year, and would like to save them for a year when I will actually need them. However, I already reached step 4 of the online software, which was paying for the service and printing the tax return. Now I can't seem to edit the tuition decision in the interview step. Is there any way I can change this?

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On 4/12/2020 at 5:00 PM, Ayeda said:

Hi,

I do not want to use my tuition amounts this year. I had selected "Let MaxBack decide" on the form where it asked how to use unused portions of the tuition amounts. I had assumed that it would not use my tuition amount (as my income was low), but it actually did. I do not want to use the tuition amounts this year, and would like to save them for a year when I will actually need them. However, I already reached step 4 of the online software, which was paying for the service and printing the tax return. Now I can't seem to edit the tuition decision in the interview step. Is there any way I can change this?

Hi Ayeda, if you go in and look at the calculations for Schedule 11 - Federal Tuition, Education, and Textbook Amounts, you'll see that based on the CRA's calculation lines, if you need to use any or all of your tuition amounts, they must be used, according to the calculations.

Unused tuition amounts to carry forward to a future year will be based on calculations from this form.

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11 hours ago, Trent Tax said:

Hi Ayeda, if you go in and look at the calculations for Schedule 11 - Federal Tuition, Education, and Textbook Amounts, you'll see that based on the CRA's calculation lines, if you need to use any or all of your tuition amounts, they must be used, according to the calculations.

Unused tuition amounts to carry forward to a future year will be based on calculations from this form.

Thanks for the answer, Trent! I see now that using my tuition credits simply reduced my taxes payable, not my taxable income. So there is no benefit to carrying forward the full amount of tuition credits to a year when my income is higher. Might as well use them now. 

Stay safe and healthy!

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7 hours ago, Ayeda said:

Thanks for the answer, Trent! I see now that using my tuition credits simply reduced my taxes payable, not my taxable income. So there is no benefit to carrying forward the full amount of tuition credits to a year when my income is higher. Might as well use them now. 

Stay safe and healthy!

You got it, as tuition is treated as a non-refundable tax credit.

Thanks, stay well!

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