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| *The Commerce Journal>>>Canada Taxes |
Question about Canadian Taxes and Education Tuition? |
Ok so my mom pays for my university tuition and so when it comes time for taxes, she has been telling me to transfer tution, education and textbook amounts to her name. What does that mean? And if I didn't transfer it to her, would would change? Please explain. Thanks. First if you are using credit if you have income that year than your mom can claim whatever remaining credit. You could find out how much to transfer by filling out Federal Schedual 11 and Provincial Sch.11. Fed. Schedual 11 form Line 327 will ask how much you are transferring to your parent. Maximum you could transfer $5000 credits. Your mom has to claim on Line 324 on Schedual 1 Provincial credits also similar way the form will direct you in Provincial Sch. 11 form. Source(s): http://www.cra-arc.gc.ca/tax/individuals... If you need more in detail, write me email with your detail. I live in Ontario. You can't actually transfer it to her name, but any amounts you don't require to reduce your tax to zero can be transferred to her. Regardless of whether she paid the amount or not, that is how the Income Tax Act is written - you have to claim it first. http://www.cra-arc.gc.ca/tax/individuals... Note the maximum for this amount is $5,000, and it is a non-refundable tax credit, so it is credited back at the lowest marginal tax rate. |
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