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tamos
New Member

Will student expenses from prev years be lost if I click no on profile section (were u a student) if they don't want to claim their education amount for past years

My daughter graduated in 2015 with a nursing degree and has carried forward education amounts each year. In tax year 2016 she only had casual jobs and her gross was 31 000.  If she clicks no in the profile section " were you a student in 2016 or have unused amounts from previous years" will she loose that education amount?  She wants to claim the education amounts when she has a full time position and has a greater income.  Or does she have to claim it for 2016, her first year of not being a student.

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Will student expenses from prev years be lost if I click no on profile section (were u a student) if they don't want to claim their education amount for past years

Canada Revenue tracks this information for you, verifiable on the Notice of Assessment for 2015, if the amount is not claimed on the tax return CRA will apply it to the maximum required in reducing tax payable to zero. The credit has the same value no matter what level of income the taxpayer has in any given year, therefore it is mandatory that the taxpayer use the amounts at their earliest opportunity.

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Will student expenses from prev years be lost if I click no on profile section (were u a student) if they don't want to claim their education amount for past years

Canada Revenue tracks this information for you, verifiable on the Notice of Assessment for 2015, if the amount is not claimed on the tax return CRA will apply it to the maximum required in reducing tax payable to zero. The credit has the same value no matter what level of income the taxpayer has in any given year, therefore it is mandatory that the taxpayer use the amounts at their earliest opportunity.