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New Member
posted May 23, 2024 10:22:50 AM

RESP and tuition

I am not getting all of my tuition credit to bring my taxes owed down to zero.  How do I increase the credit amount?

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1 Replies
Level 3
May 28, 2024 5:42:54 PM

The tuition tax credit is a percentage (which in 2023 is 15%) of your total costs, including tuition and eligible fees. 

 

TurboTax will automatically calculate the maximum amount you can claim and apply the needed tuition credit amount to reduce your tax payable in the year and carry forward any excess to future years.

 

If there are amounts owing other than federal income tax, such as CPP contributions or other amounts or taxes that the CRA collects, the tuition fee credit is not applied to these amounts as it is a non-refundable tax credit and cannot offset CPP owing.

 

Thank you for choosing TurboTax.