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I'm no longer a student but I have lots of unused tuition credits (over $100k unused for prov and fed each). I am still owing on my return. Does anyone know why?

Upon inputting my unused tuition amounts from my previous year's Notice of Assessment there were some deductions. But it still shows that I am owing for my return. Does anyone know if there is a limit to how much unused tuition credits are applied for a tax year? Why does it not apply more of my unused tuition credits to my taxable income to reduce my tax owing to zero? Thanks!

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Moderator

I'm no longer a student but I have lots of unused tuition credits (over $100k unused for prov and fed each). I am still owing on my return. Does anyone know why?

Have a quick look at your Detailed Tax Summary paying extra attention to line 421 (CPP contributions due) near the bottom. If you're self-employed, you're responsible for paying your own CPP. Since tuition credits are non-refundable credits, they cannot offset CPP owing. The good news is, you'll still have lots of tuition credits left for future years.

*Tip - If you are self-employed, be sure to record all of your business-related expenses no matter how small. These expenses will lower both your tax owing and your CPP due.

1 Reply
Moderator

I'm no longer a student but I have lots of unused tuition credits (over $100k unused for prov and fed each). I am still owing on my return. Does anyone know why?

Have a quick look at your Detailed Tax Summary paying extra attention to line 421 (CPP contributions due) near the bottom. If you're self-employed, you're responsible for paying your own CPP. Since tuition credits are non-refundable credits, they cannot offset CPP owing. The good news is, you'll still have lots of tuition credits left for future years.

*Tip - If you are self-employed, be sure to record all of your business-related expenses no matter how small. These expenses will lower both your tax owing and your CPP due.