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My Refund amount went down after I entered my T2202A, even though it should have gone up?
I have just entered information from my T2202A on my taxes, and amount I should have got back went down instead of up. Did I do something wrong? I have no student loans, so I don't understand why I'm getting as much of a loss as I am.
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So if i report Education fees (T2202), when can i claim it? as i will ne working full time from now onwards. does it mean that i won't be able to claim it until i make enough money that i start owing taxes to CRA which would eventually get offset by the education credit that i had carried over? please explain.
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The tuition credit is non-refundable, meaning that it can only be used to help lower the amount of tax that you need to pay. It will not create or generate a refund. So no, you will not be able to use your tuition until you are earning enough to owe money to the CRA.
Unused tuition can be carried forward, or possibly transferred.
Here are some FAQs that will help you enter tuition and tuition transfers:
How do I claim my tuition fees?
How do I transfer my unused tuition credits to someone else?
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@TurboTaxSusan Thank you very much for your response. I thought of the same and you confirmed it. Thanks again.