Lunchtime Takeaway: Tax tips for students

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Today’s takeaway is…

Tax tips for students

Regardless of who paid tuition, the tax credits must first be claimed by the student.

If he or she cannot utilize all of the tax credits (because taxes payable have been reduced to zero), then the student has the choice of either carrying forward the credits indefinitely so that they may be used to reduce future taxes, or he or she may transfer up to $5,000 of the unused credits to a spouse or common-law partner, parent or grandparent (which also includes the spouse / CLP’s parent or grandparent) in the current year.

Want more? Read: Tax savings tips for students

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.