Hi, I am confused about the T2202a form. I am a student in college, I don't understand about fixing the tax credit to my parents. what does that mean? do I give them money or do I get money or do we get it both? I mean refund
The information on the T2202 is needed to apply for the federal Tuition Amount, and to transfer tuition amounts if you are eligible. It may also be used to determine if you qualify for other credits. The T2202 information is also used to apply for provincial/territorial tuition and education credits, which differ around the country.
The tuition credit is a non-refundable credit. This means that it can only be used to lower or eliminate the your federal/provincial tax bill but can’t generate a refund.
Any unused tuition credit can be carried forward to a future tax year, or transferred to a spouse/common-law partner or parent/grandparent. Again, any transferred tuition can only be used to reduce the amount of taxes owing, so keep that in mind when deciding if (and how much) you are going to transfer. This FAQ tells you how to transfer unused tuition credits to someone else: https://turbotax.community.intuit.ca/community/family-education/help/how-do-i-transfer-my-unused-tui...
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