Canadian Tuition Credits 101

[@NicksTaxes]

How many tuition credits do you have for tax year 2019?

[@muleyeofficial6139]

Nick’s Taxes $7.000.00

[@carb5560]

I have almost 40K of tuition credits carried over from the past years... am wondering if i’ll use it on my 2020 tax... will the rest (unused portion) be carried over again? Thanks!!!

[@khaledfkry5541]

@NicksTaxes hi, thanks for this information, I have a question. I'm filing my taxes, through TurboTax and I am faced with a question about unused credits, that I have never been asked before. I finished my PhD 10 yrs ago, 2014, and have been working for 10 years. For the first time it's telling me i have x$ in unused credits and what amount of non refundable, unused credits is transferring to you. I am not sure what to answer, how do take benefit of this amount, do I carry it over to next year, if I'm already getting a refund?

[@khaledfkry5541]

@NicksTaxes hi, thanks for this information, I have a question. I'm filing my taxes, through TurboTax and I am faced with a question about unused credits, that I have never been asked before. I finished my PhD 10 yrs ago, 2014, and have been working for 10 years. For the first time it's telling me i have x$ in unused credits and what amount of non refundable, unused credits is transferring to you. I am not sure what to answer, how do take benefit of this amount, do I carry it over to next year, if I'm already getting a refund?

[@danyaelsayed7230]

This video was SO helpful. I'm filing my taxes by myself for the first time, and was super confused about these credits, so thanks a lot!

[@NicksTaxes]

Danya E very happy to hear! I also made a tutorial for turbo tax if that is what software you used kzbin.info/www/bejne/h2GWe559hbJ-Y6M

[@danyaelsayed7230]

Nick’s Taxes I'm currently using UFile which seems pretty straight forward/user friendly. Do you have any more videos specifically for post-secondary students?

[@NicksTaxes]

Danya E currently no but I have other videos on how taxes work and other specific topics. But good! Ufile is good software 😃

[@5602KK]

Took a couple watches but the concepts sunk in eventually. Thanks Nick!

[@tanishasoni7546]

Nick, thank you for explaining everything in detail and in such a good manner. Keep up the great work!

[@sarahpeach5673]

I literally have a personal tax final exam in 2 hours, this was so helpful, thank you!

[@NicksTaxes]

You’ll ace it now 😎

[@sarahpeach5673]

@@NicksTaxes all thanks to you :)

[@FloriSanchez]

You have a tone to your voice, so easily explained. I'm filing my daughter's taxes and this helped so much. Thank you!

[@MrVukovic]

Awesome video. You really explained it in simple terms and now I feel like next year I won’t have to wait until tax refund time to get ahead financially! TD1 knowledge levelled up! Woo

[@NicksTaxes]

Matt V love it!

[@duncand5172]

youre so much more helpful than the Tax Instructors at University!!!

[@isthismahee]

I got all the answers to my questions in just the beginning 40seconds of the video.......Amazing Video... Ty

[@adhdHD09]

Thank you so much!! I never understood this until now

[@MichaelPerryJr]

This info. is exactly what I thought! Thanks for confirming.

[@akshatrastogi9063]

The video is very helful! Just one suggestion, please share the screen when you are explaining something from screen

[@GenZInvestor]

I really enjoyed this man! I am in my final year of university and will check this out!

[@NicksTaxes]

GenZ Investor thank you! Let me know if you have any questions

[@boolanny]

you can also transfer any unused tuition going forward to your spose if you choose too.

[@hellomeloO]

I am using turbo tax. I specified that I want to transfer 5k credits to a parent. It didn't ask for parents info. Then I filed it. Now I want to file my mom's tax and I don't know how to specify that I want them transferred to her...

[@LoriReynolds-ql6pq]

Do you put the full amount of your tuition carryover on line 11 of the T1213? Thanks nick Great video!

[@gaganbains2254]

Super helpful video! Thanks Nick

[@gerryredman3308]

very nice video and there are NOT many canadian tax learning videos out on utube hopefully you will do a course on how to do taxes as in a college does with ITA3(a) and ITA(b) etc

[@NicksTaxes]

gerry redman thanks!

[@thrill5x]

Informative video, thank you! Where does one actually enter the eligible tuition credits being claimed on UFile (i.e. which line)?

[@manjindersingh8677]

Hi @Nick, I really liked your video. It cleared many doubts. I want to ask if the 15% of the credit (non-refundable amount) is only what we can claim or if there is 8% (provincial claim) on top of this federal claim? I will only use tuition credits (40k) as an example and leave the remaining credit components. For example 15% of 40,000 = 6,000 8% of 40,000 = 3200 What would be the amount which I will be allowed to claim? Is it 6k or 9.2k?

[@jy8114]

Insightful video! I'd like to bring up one key point you could perhaps address: As you were explaining, if the total non-refundable credits (BPA, CPP, tuition credits, etc) comes out to MORE than the withheld tax ($4,000) in your example, then are you able to claim the least amount of tuition tax credits (so none of it is wasted) and carry them over? In that case, should you delay applying your tuition credits if come tax season you find out all of your other non-refundable credits (times 15%) already cover the taxes withheld? I guess this question applies both on fed and prov side. Thanks!

[@NicksTaxes]

Yes you can hold off on using your tuition expenses

[@enid1265]

Very helpful video. Thank you

[@thadsamazingjourney]

well explained I love this video.

[@263kiki]

phenomenal video, thanks so much

[@tourcanadahd871]

Hello Nick. Great video. Just wondering if an international student can claim the available amount carry forward to use it? Like how is the filling process of the schedule 11 form or to transfer to your common law partner? It would be great a video explaining how to do so

[@NicksTaxes]

Thank you!! International students may claim tuition assuming they have a tax filing requirement!

[@tourcanadahd871]

@@NicksTaxes yes like for example in my CRA account it appears in the carry forward amount, an available amount to be transfer. However, I don’t know how to claim it or if I transfer it, is the person going to receive that specific amount?

[@beeda69]

@@tourcanadahd871 i have the same question. were you able to claim it? if so then how did you claim it?

[@kalpeshs9860]

Just wanted to confirm: So it shows in my QC tax return for 2019 the SCHEDULE T: TAX CREDIT FOR TUITION OR EXAMINATION FEES (CLAIMING OR TRANSFERRING THE CREDIT): Amount that can be carried forward to a future year line 48 as 31,###.##. And I had been studying in QC for 4 years and then worked for 2 years but apparently did not use the credits. So now I can add this 31, ###.## in the number 5 of the 2021 Personal Tax Credits Return TD1 ? And this would reduce my 2021's taxable income right. OR I could just do it in my tax return for 2020 otherwise and return a lump sum as you mentioned ?

[@peternguyen5671]

super helpful! thank you!

[@akshatrastogi9063]

Please make a video on GST/HST tax credits for students

[@Shane-op6le]

Thank you sir, this was really helpful

[@TransformHypnosis]

Doing GOD'S WORK right here. great video, well explained

[@NicksTaxes]

Thanks 🙏

[@bestservice469]

The tuition tax credit is “non-refundable”., how i am geting paid? just what ever they took from my pay stub ? or other taxes aswell

[@viveksoty]

Hey Nick, Question: I did masters degree in Quebec but moved to Nova Scotia for the past year. I have the federal tuition carry over but what happens to the provincial 8% I have with Quebec? I hear there isnt much that can be done if I no longer live in Quebec. Is that true? Great explanation btw. Thank you.

[@naomiolokode6558]

Can we use these credits to pay off any debts to the CRA or just balancing or reducing tax balances alone?

[@LakhveerSingh-vf4zc]

Concise info 👌

[@George-nq2mx]

Thank you so much for the great video!! but for example if you have 40k tuition and total credits of 55kx15%= 8250 and federal tax let say 10k in this case you owe 1750$ but does your tuition credit 40k decrease for the upcoming years or will it remain the same??

[@NicksTaxes]

Kinan Alkhouri no decrease. What you don’t use you get to carry forward to the next year

[@George-nq2mx]

@@NicksTaxes Thank you so much for your reply!! so just to confirm my understanding if I have 40k of unused tuition tax x15% =6k and it's paid for the federal tax that I owe let say it's 6k in this case my unused tuition credit for next year will be zero correct???

[@NicksTaxes]

Kinan Alkhouri yes. The CRA will also let you know your remaining tuition credits via the notice of assessment so you don’t have to worry about calculating it exactly

[@beeda69]

So, my company took tax from me for the year and did not reimburse me. Now when I'm filling my taxes, how do i claim the money that was taken from me. I have 30k(15%=4500$) in carry forward amount as of now and I will be filling my taxes soon. What should I tell my accountant or what do they need from me in order to make this happen?

[@Noob___Noob]

Hi Nick, with the CERB being considered as a taxable income, can I transfer my tuition credit to my parents, so that they won't be "taxed"?

[@NicksTaxes]

Noob Noob yes of course!

[@BimSan87]

Thank you!!!

[@fullofswagger19]

Does it automatically use the credits when I have tax owing?

[@08JuHan]

hey Nick thanks for the video! After we start claiming tuition credits once we work full-time, how will tuition credit balance change? For example, if the tuition credit balance is $40000, and the taxes withheld by the employer throughout the year is $4000, will the new tuition credit balance be $36000?

[@syedah6704]

Nope

[@lingjunma2783]

Hi, I’m trying to use TurboTax to do a taxi return for last year and I found it automatically claimed large amount of these credits and I can’t even modify it. I wish to carry forward all my credits till the year my income is much larger but it seems like I can’t do it? I need some help on this pls.

[@aseembhardwaj2665]

Hello Nick, which line on Notice of Assessment should I refer for student credit?

[@54suzie]

How does my parent claim on his taxes the transfer amount for tuitition

[@hanaikwe]

If you could give me some guidance it would be so appreciated! So I was filling my taxes and was entitled to $1200~ (from my T4, T4A)in income refund. I added my T2022 afterwards and reduced to around $160~. Did I by chance incorrectly input my t2022 or is it actually supposed to reduce? Would it be wise to file my t2022 or can I hold it off ?

[@edwigmunangati]

Hi Nick, how does this work for international students? I just finished school and I don’t have a spouse or anyone to transfer this to. I work full time now. When I autofill from my CRA, my tuition credits are put in there and it raises the amount of my return. Is that correct? (Since you said they are non-refundable) I have about $60k in credits.

[@radio_nowhere]

Great content! I have a query for you 😬. If I paid $50k in tuition fees, does it mean I have tuition credits worth $50k? In other words, does $1 in tuition fees equal $1 in tuition credit?

[@NicksTaxes]

AS Dutt yes. Multiply by 15% for your tax savings

[@davida6146]

​@@NicksTaxes I thought it was $120 per month (for part-time tuition) and $400 per month (for full-time tuition)... because the number of tuition tax credits never adds up with the tuition I paid to the school...? Nonetheless, I think this video was the clearest explanation I've come across for this tax benefit! Thank you!! Also, the Basic Personal amount on my 2019 tax return was $10,682

[@huseyinsalman820]

is unused tuition amount same as tuition tax credit? For example, as an international student, I have 100k$ federal unused tuition amount and 100k$ provintial unused tutition amount. Do I multiple those by 15% to get that year's tuition credit or it is all I can ever get from those unused tuition amounts? For example, lets say I pay 10k$ federal income tax and 10k$ provintial income tax: 100k$ federal income tax X 15% = 15k$ => I get my 10k$ paid as federal income tax back with tax return 100k$ provintial income tax X 15% = 15k$ => I get my 10k$ paid as provintial income tax back with tax return For next year, Scenario 1: Do I carry forward 5k$ for both federal and provintial tax credit to next year. 15k$ credit - 10k$ income tax paid = 5k$ carried to next year OR Scenario 2: 100k$ - 15k$ = 85k$ carried to next year for both federal and provintial. Then next year, I again calculate my education tax credit by 85k$ X 15%.

[@shanaa483]

Do software like simpletax and turbotax automatically claim these credits for you? Or do you have to manually specify how much of the 15% you want to use? Or does the government force these credits to be used if possible?

[@NicksTaxes]

should be automatic!

[@shanaa483]

@@NicksTaxes thanks! Also very good video

[@Kakkatz]

Are tuition credits prioritized automatically over other government credits ? Prior to filling out the tuition credits section, the tax return was ~$3900 where CWB (Canada Workers Benefit) refunded ~$788. After filling in my "tuition amount carryover" of 60,000 & 40,000 for feds and provs respectively, the tax return was still ~$3900. The only difference being that CWB became $0 when tuition credits is used.

[@NicksTaxes]

Kakkatz you can choose to not tax the credits and carry them forward :) but yes you’re correct. They’ll automatically be taken first by most tax prep softwares

[@xuanpham9117]

Hello, Can I claim tuition fee with the receipt because the school does not have T2202

[@kkgirl543]

so how do they calculate the credits?

[@dccd673]

Is it still possible to carry it forward to someone? Like a dependent who is over 18

[@c-daniel]

Hello, there Can I transfer my tuition credit to my wife?

[@drmaiio]

After I graduate and have my first job, can I still choose to carry my tuition credits forward to the following year when I have a better job and will be in a higher tax bracket?

[@NicksTaxes]

May Abdelhamid Ahmed you can but you don’t really save more tax by waiting to be in a higher bracket

[@milkywayandbeyond]

If you you had $8000 in tuition and forward $5000 limit to your parents, can you still keep the remaining $3000 to carry forward?

[@NicksTaxes]

Milk Man yes absolutely

[@4cindy1]

I was doing my son's taxes and he was getting $2100 back, but then I added his T2202 and it went down to $600. Is this because he had no taxes taken off at work? Do we have to claim his tuition fees or can we carry it forward to next year when he has a regular job?

[@NicksTaxes]

You can opt to carry them forward!

[@4cindy1]

@@NicksTaxes Thank you so much for responding.

[@freedamiranda7064]

Hello Nick, I am an international Student, however after completing my studies I am returning back to my country, so is it possible I can get the credit

[@NicksTaxes]

If you file as a resident and have income to report. Yes

[@anonanon8609]

I went to a school in the Uk for three years and graduated in 2018. I’ve never claimed tuition credits before, is it still possible?

[@user-sn8wd2bm9p]

Im in school rn in the uk have the same question lmk if you figured it out!!

[@calvingeraldwilsonsr.7488]

How long do you carry Tuition Credits forward ?

[@NicksTaxes]

Until you exhaust them!

[@muleyeofficial6139]

So if I Transfer my credits to my parents will I get more refund back ? This year or it will be on the next year ?

[@NicksTaxes]

Tim Vevo you can transfer up to $5k worth of tuition credits to a parent each year. Then your parent gets more of a potential refund, not you

[@NicksTaxes]

Tuition is a non refundable tax credit so it depends how much tax you remitted

[@davida6146]

So I calculated my total non-refundable tax credit, which came out to about $11,500..... does this mean I'll get all of this back or will it be gradual (like $5,000 each tax year until it's all used up)?

[@NicksTaxes]

All depends on your tax liability for the year. It’s a non refundable credit so you don’t ‘get it back’ it offsets your taxes

[@AnalyticalExplorer1]

@@NicksTaxes Please help me understand this: I owed tax of $4000 This was taken directly from my monthly paycheck over the year When filing tax, I have $4000 of education tax credit (after 15% of $30,000) Can I get back that $4000 as I don't owe anything but still paid it?

[@beeda69]

@@AnalyticalExplorer1 i have the same question. my employer charged me tax for the year and i would like to claim my tuition credits but my accountant is giving me an amount which doesn't include tuition credits.

[@missjoy2925]

I wish I known this sooner….

[@esmeees9175]

I'm so confused.😣 Taxes and my brain are two parallel lines. They'll never meet.

[@m2412]

What’s the difference between federal tuition amount and provincial tuition amount 😫😫😫

[@NicksTaxes]

Federal and provincial tax

[@Jenny-wt2ii]

do the credits ever expire if you carry them forward?

[@NicksTaxes]

Jenny as of right now, they do not! Most will begin applying their tuition credits in the years after graduation (when you start earning income and needing to pay taxes)

[@nicholassebben86]

Graduated in 2016, all my tuition credits were gone in two years

[@davida6146]

Usually it’s the first two years that it lasts

[@kevywilliams3304]

It’s so bad. Tuition tax . Jesus . Let’s not ever ever go to school . Let’s just pop a tent in the country and collect a welfare check and buy beer before we feed our kids !!!!! 😡😡😡😡😡😡😡 Jesus this pisses me off ! Anyone who is positive and tries a life .. they sub do them !

[@asianxbb]

Thank you! Super helpful!

[@NicksTaxes]

asianxbb thanks for the feedback!