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Tax filing unused tuition and education amounts??

cbcguy

Newbie
Apr 16, 2020
6
0
Hi all, so I haven't been a student for a few years already. I got my notice of assessment and it says Based on our records, you have unused tuition and education amounts from prior years. You can carry forward a federal amount of $15,034 and a provincial or territorial amount of $11,816 to later tax years


What does this mean??

thanks
 

canuck78

VIP Member
Jun 18, 2017
27,902
6,047
Hi all, so I haven't been a student for a few years already. I got my notice of assessment and it says Based on our records, you have unused tuition and education amounts from prior years. You can carry forward a federal amount of $15,034 and a provincial or territorial amount of $11,816 to later tax years


What does this mean??

thanks
It means you can offset your tax payments by claiming tuition from previous years. You should refile and use your unused tuition to lower your tax amount owed.
 

cbcguy

Newbie
Apr 16, 2020
6
0
is it too late? or should I do it next year for it? and what should I tell my accountant?
thanks
 

cbcguy

Newbie
Apr 16, 2020
6
0
Didnt they use the available tuition credits then the remainder is the unused potion to be carried forward?For the past 4 years they have been reducing my amount owing by using the tuition credit then the unused credits are carried forward to be used in the following years.Its usually very straight foward as i do it online,enter the fed and provincial un used tuition amounts in their spots,they deduct what i need and the remainder is carried forward for the following year.I dont think you need to refile your taxes for the same year(2019 i assume) as you probably already used some of the tution credits and the remainder/un used is what you carry forward.Additionally,if you dont owe taxes,your available tuition will be un used and carried forward to the following years.I remember years when i didnt owe taxes and my available tuition credits were never used-they were carried forward as un used tuition for the following years.
I remember I have claimed it before once when I was still enrolled as a student. So this means there are nothing left to claim?