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.
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?
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
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?
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
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.
Sign In
Canada (English)
EN
