Thank you for the question.
Yes, you should be claiming your tuition credits. Tuition needs to be claimed the year it was incurred.
It benefits the students as the amounts of unused credit are applied to reduce tax payable automatically. The Canada Revenue Agency (CRA) applies the available tuition amount carried forward every year to reduce your taxes to zero until it has all been used.
Claiming Tuition Tax Credits
As a non-refundable credit, if the tuition amount is greater than the tax owed, the non-refundable credit can only be used to reduce or eliminate the student’s federal/provincial tax bill but won’t generate a refund. If you aren’t able to use the full amount of the credit, any unused credits can be carried forward to a future tax year, or transferred to a spouse/common-law partner or parent/grandparent.
For more information please click: Understanding Tuition Tax Credits.
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