How much of my unused federal tuition fees can I carry forward? Is $5000 the maximum?

 

Seniors and students

How much tuition you can carry forward depends on how much you need this year to reduce your tax owing. For example, if you have $10,000 in tuition and your tax situation is such that you need $1000 to reduce your tax owing to zero, you'll carry forward the remainder of $9000.

CRA requires that any tuition amounts be used when possible. There's no option to save these amounts. So in the example above, you must use that $1000. You cannot choose to use only $500 and save the rest. The amount of tuition applied is done automatically by TurboTax so you don't have to worry about the calculation.