My kids are getting refunds already when claiming 2017 tuition but when I add in the carry forward amounts from the 2016 NOA the refunds increase significantly. Is this correct?
Claiming those tuition carryforwards on your kids' tax returns will indeed increase their refunds! The Tuition & Education Credits are used as Non Refundable Tax Credits to reduce any tax payable they may have to zero. Often when this is applied, all the tax which was withheld is refunded to the student, resulting in a large refund.
And even if you were not to add the carryforward amounts, CRA has them on record and would automatically apply them to the tax return as you have to claim this amount in the first year that you have to pay income tax.
Claiming those tuition carryforwards on your kids' tax returns will indeed increase their refunds! The Tuition & Education Credits are used as Non Refundable Tax Credits to reduce any tax payable they may have to zero. Often when this is applied, all the tax which was withheld is refunded to the student, resulting in a large refund.
And even if you were not to add the carryforward amounts, CRA has them on record and would automatically apply them to the tax return as you have to claim this amount in the first year that you have to pay income tax.
dgmc933660
New Member
shaina74
New Member
Independent Tax Filer
Level 3
bigjstephenson
New Member
khutchi
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.