Re: Tuition transfer amount shows as $5,000; however it should be twice this amount (for two children in university). Each child had tuition greater than $5,000.
Tuition transfer amount shows as $5,000; however it should be twice this amount (for two children in university). Each child had tuition greater than $5,000.
Might this be because our daughter earned sufficient income to claim all of her tuition on her tax return?
Tuition transfer amount shows as $5,000; however it should be twice this amount (for two children in university). Each child had tuition greater than $5,000.
Yes, that may be the case as the amount of tuition that can be transferred to the parents depends on how much the child has deducted to reduce their tax. In addition to that, the maximum amount they are allowed to transfer is $5,000 less the amount they needed to use to reduce their own tax owing.
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