November 21, 2022 7:30 AM
- If you’re a recent college or university graduate, you have the choice of transferring your tuition deduction to your parent, grandparent or spouse, or you can carry it forward until you have enough taxable income to use it up.
- If you’ve been using up the remainder of your tuition deduction the last few years, you can be in for a rude awakening when the deduction runs out. Depending on your tax bracket, you could be used to tax refunds of $2,000, for instance. Without the tuition deduction, your tax refund could shrink to $500 or less.
- If you’ve recently retired from the workforce, your tax refund may be a lot lower than last year. Here’s why: When your paycheque is deposited into your bank account, your employer takes off payroll deductions. However, when you’re retired, some forms of income like your RRSP let you choose how much taxes are taken off. If you choose a lower amount, it can lead to a lower refund (or no refund at all). If you’re receiving a pension from your employer and no longer contributing to your RRSP, this can lead to a smaller tax refund.
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