- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How Can it Be that when my son adds his T2202 his tax return refund goes Down??
My son has a refund of $3,447 but when he adds his T2202 which is a credit it drops to $1,800.
How can this be???
Topics:
April 25, 2024
5:44 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Troubleshooting
As to why his refund went down - what likely happened is that when he put in his income, TurboTax claimed the Canada Workers Benefit (CWB) (aka the Working Income Tax Benefit) for him. This is a refundable tax credit for people who work, but don’t make very much. However, students are usually not eligible for this credit, so when the tuition was added, the CWB was removed, lowering the refund. Other credits might be affected as well, as the tuition credit must be used before other credits, like the dividend credit
April 25, 2024
5:47 PM