szajac11
New Member

Both of our children (ages 18 and 20) attend University, which we help to pay for. Can we claim that on our income tax or do they claim it on theirs?

 

After you file

Both of your children will file their own income tax returns, reporting any income earned and filling out their tuition and education amounts.  Any tuition and education credits that they do not require to reduce their income tax owed to nil can be transferred, up to $5,000 federally and provincially to one of the parents.  They will need to sign their T2202A and specifically transfer tuition credits to you.  You will need copies of their schedule 11's and BCs11's to get the transferable figures.

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Sally71
New Member

After you file

Delphision, how did you figure out the province?

After you file

LOL!  Good catch, Sally!  Apparently, I just assume that everyone lives in BC.:-)
Sally71
New Member

After you file

It's okay.  You had a good point with the transfer of tuition.
rhino2
New Member

After you file

If you are in Quebec, for your provincial return, your children born before January 1, 1997 will have to calculate the education amounts to be transferred on their Schedule S, which you will claim in Part B of your Schedule A. Your children born after December 31, 1996 do not complete Schedule S, and you claim the education amounts reported on their Releve 8 in Part A of your Schedule A. For tuition or examination fees, your children (whether they were born before  January 1, 1997 or after December 31, 1996) calculate the amount to be transferred in Parf B of their Schedule T, which you claim in Part D of your Schedule A. Note that this amount will reduce the amount that your children can carry forward in Part A of their Schedule T.

Any questions?