TAX Question for you Canadians

[redsun_ty]

How come I am unable to claim my tution fees on my 2005 tax wtf? Is there limit when claiming the tution ? I done that year before they let me do that but this year I can't. I have around 4000 dollars remaining in Federal and Provincal that was left over from previous year.

[WildAces]

helped

You have up to 5 years to claim your tution money that you spent. But I think your a little last filing now... you may want to go see a tax person, and not H&R block, thems are thieves!!

[Interfire]

I've been able to claim all mine in the past. That's weird they won't let you, I'd say get some help with it too.

[redsun_ty]

Re: helped

You have up to 5 years to claim your tution money that you spent. But I think your a little last filing now... you may want to go see a tax person, and not H&R block, thems are thieves!!

5 years starts when the date that you graduated?

[redsun_ty]

cuz what they did instead of claiming it they carried over next year which is no point I don't know why they think that way.

[WildAces]

I believe from the date you pay your tution, you should have a formal reciept from the institution you paid!

[Yoyoma_2]

Re: TAX Question for you Canadians

How come I am unable to claim my tution fees on my 2005 tax wtf? Is there limit when claiming the tution ? I done that year before they let me do that but this year I can't. I have around 4000 dollars remaining in Federal and Provincal that was left over from previous year.

You need the provincial and federal schedule 11 form. Just get a software like taxwiz (20$) and it does it all for you.

Your college or university should have sent you a slip (kind of like a t4) stating how many months of full time education you did (thats how it works). I think its like 400$/mo for federal, 200$/mo for provincial so all in all 600$/mo, thats your G6 car payment :P

[redsun_ty]

Re: TAX Question for you Canadians

[quote=Yoyoma_2]

How come I am unable to claim my tution fees on my 2005 tax wtf? Is there limit when claiming the tution ? I done that year before they let me do that but this year I can't. I have around 4000 dollars remaining in Federal and Provincal that was left over from previous year.

You need the provincial and federal schedule 11 form. Just get a software like taxwiz (20$) and it does it all for you.

Your college or university should have sent you a slip (kind of like a t4) stating how many months of full time education you did (thats how it works). I think its like 400$/mo for federal, 200$/mo for provincial so all in all 600$/mo, thats your G6 car payment :P[/quote:3apxqrtc]

Well I did get those slips when I was at school but I'm out of school since 2003 and trying to claim the rest of the tution fee. So that means I can't claim it? I have quick tax at home it says I cannot claim the tutuion fee as well all it does is carry forward to next year which is not my intention

[jonnycat]

The limit per year should be $5000, for a full time student, and you should be able to claim all the overages for 5 years after you graduate. If you are trying to file right now, there may be issues as you are way late or way too early. If not go see a tax man, and he'll know for sure

[jnak]

You can only claim the tution and education tax credits in the year you paid them. If your T2202A is from 2003 (for example), you need to claim them in 2003. If you didn't have income in 2003, they would be carried forward to 2004.

If you are trying to claim your past amounts, you need to go back and amend those returns (for example, amend the 2003 tax return). This will allow you to carryforward the amounts and use them.

If you claimed the amounts in the right years, your Notice of Assessment (the paper that comes with your refund cheque) will tell you how much of a Tuition and Education carryforward you have. Enter this amount on line 1 of Schedule 11.

Also note that if you do not have enough income (ie. taxable income less non-refundable tax credits), you can not use the tuition and education tax credits.

Wow! I'm post-whoring AND working at the same time!

[jonnycat]

what are you, a chartered accountant or something

[jnak]

One step above a finance guy on the ladder of social ineptitude....

[FraGmE]

...its better to claim them when your making money if you can wait but if you need the return should be no reason why you can't claim it up to the limit. I claimed the maximum every year in school cause i needed it.