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posted Oct 30, 2019 10:22:19 AM

Can my daughter's unused college tuition amounts deduct her future work or business income tax? If not, what is the purpose for these credits?

My daugter is now studying in the university and has no any income. Assuming the same situation for four years, she will have pretty large unused tiotion and other amounts credit leftover after filing her tax return and transferring to us every year.

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Moderator
Oct 30, 2019 10:22:21 AM

Yes, the tuition can be carried forward to a future year when she has income and used to reduce taxes payable. She can also transfer part of her current year tuition to a spouse, parent or grandparent to reduce their taxes payable. https://turbotax.community.intuit.ca/replies/2648040


1 Replies
Moderator
Oct 30, 2019 10:22:21 AM

Yes, the tuition can be carried forward to a future year when she has income and used to reduce taxes payable. She can also transfer part of her current year tuition to a spouse, parent or grandparent to reduce their taxes payable. https://turbotax.community.intuit.ca/replies/2648040