Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
mpritchy
New Member

Why is turbo tax allowing me to claim more than $5000 (exact amount was $5021) for tuition when the limit is $5000?

 
1 Reply

Why is turbo tax allowing me to claim more than $5000 (exact amount was $5021) for tuition when the limit is $5000?

As per our TurboTax FAQ: Understanding the Tuition Tax Credit in Canada: All You Need to Know

If the amount of your tuition tax credit is more than you can apply to your taxes this year, that means you have a remainder. You can also transfer some of this remainder to a spouse or other eligible family member, such as a parent or grandparent, for them to use as a tax credit. In a single year, you can transfer a maximum of $5,000 minus the amount you used to lower your own taxes.

If there is a remainder after that, then a carry forward will be created and applied to your next year's return.

 

Thank you for choosing TurboTax.