Tuition Tax Question?

Question

I never carried my tuition and education amount from last year since I only worked part time I was told if I claim them this year I would get more on my taxes. Is that true this is what I have left to carry for 2006 I held on to this to carry over for this year since I was told I would get more. I have unused federal and ontario tuition amounts that I will carry over this year of 14.620$ and 14.932$. I am also a single mom with a son 10. If anyone can let me know anything would appreciate it. I do not make much so my income is 22 000

Answer 1

Your tuition and educ amt will help reduce your tax liability. Seeing that you can also claim Line 305, Amt for Eligible Dependent, you won't have a problem reducing your tax owing to zero. This means that the total taxes you paid on all your T4's will be refunded to you this year.

Answer 2

You can carry forward any unused tuition amounts from previous years. Make sure that the amount that you specified in your question matches your notice of assessment. There is a form you will need to fill out with your taxes, the federal schedule 11 (Tuition, Education, and Textbook Amounts) and there will also be a form to accompany your provincial tax and credits. Chances are that with your income you will likely have a small amount that you can carry forward for next year as well.

Also if you have a student loan that you are paying you can also claim the interest that you paid on your loan.

Answer 3

If using the unused amounts does not help your taxes. You can carry it forward until the next year. I was in school for three years and all those years I carried it forward to the next year. It is true that it can help to lower what you might pay back.