What is the use of Federal/Provincial Tuition, Education and Textbook Amounts (the Amount available for carry forward)?. Like I have $36,888.00 amount available for carry forward (federal) and $31,548.00 amount available for carry forward (provincial) what is the use of this amount. I have finished my study and recently started Job. Also, I have moved from Manitoba to Alberta. Would that affect?
Your carry forward amounts are amounts that you couldn’t use on your previous year’s return. The tuition amount is non-refundable, which means that you can only get the credit if you have taxes owing. If you don’t have taxes owing, or you have tuition credit remaining after reducing your taxes your zero, then the amount will carry forward to future years. It will continue to carry forward until it’s all used up.
Your move between provinces won’t effect your Federal tuition carry forward. However, Alberta requires you to enter your Federal carry forward amount as your provincial carry forward amount. So your carry forward amount for both Federal & Provincial is now the same - $36,888.