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Level 2
posted Mar 28, 2020 6:42:44 PM

Transfer 5K to parent for tution

Hello,

I am filing my son's return who is in 2nd year Uni. Last year he had 0 income and i was able to transfer 5k to myself. this year he has 13k income. however, I am unable to transfer 5k even though it shows that he has 12k that he can transfer to future year.  it shows he is claiming 5412 in line 16.

 

My assumption is: Since he is claiming over 5k, he cannot transfer any amount to me. 

Question: can he NOT claim and transfer 5k to me?

 

thx

 

 

 

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1 Replies
Level 15
Apr 26, 2020 4:11:11 PM

Your assumption is correct, as your son needs to use an amount of his tuition that exceeds $5,000, he has Zero left to transfer. 

 

And the answer to your question is "No, he is unable to transfer an amount that has not been reported on his own return". Unfortunately, CRA requires that the taxpayer must claim their T2202 - Tuition & Education Amounts in the year it is incurred. This means if he was not to report it on his own return, he could not transfer any amount to you. 

 

TurboTax will apply any needed tuition amounts to reduce the tax payable to zero this year and carry forward any excess to future years.