Is it better to transfer Tuition fees to my parent...

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Is it better to transfer Tuition fees to my parent or keep them?

 
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Is it better to transfer Tuition fees to my parent or keep them?

It would depend on your circumstances. Generally, if your parents (or grandparents) owe taxes, it’s usually a good idea to transfer what you can to them. That way you get benefits of the tuition credit this year rather than in the future.

However, if your parents have no tax owning, then they can’t use the transfer, so you should keep the tuition and carry it forward. If you are expecting to earn a lot of money (and thus owe a lot of taxes) in the next year or two, you may also want to keep the tuition for yourself.

Here is how to transfer unused tuition credits to someone else: https://turbotax.community.intuit.ca/replies/2648072


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