Hello
I was working till august and quit to go to university. My husband is in the high income category. I wanted to transfer my education credits to him and I am filing by Ufile. For some reason, I am unable to transfer. Is there a reason. Somone had mentioned to me that first I need to use it own my own and if any thing balance i can transfer it.
Also, I noticed that my husband has not claimed his education credits worth 7000 dollars. It is mentioned in teh tax form as split in to 2 and could be used as carry forwards. Do you think I should claim all at once or carry forward partially.Does it really help and I think the max amount that can be claimed for tition is 5000.
Let me know what you think. Is it advisable to carry forward as I also have to claim my education credit or does it really make a big difference. Does the amount bring down his taxable income.
Thanks in advance....
Hello,
With regards to tuition, if you have taxable income beyond the basic personal tax credit, the tuition tax credit will automatically be used, and then you can transfer the remainder to your spouse.
You are correct, a maximum amount of $5,000 can only be transferred to the spouse, which generally, you should take advantage of since the spouse will be in the 46% tax bracket.
You should do the math specifically to optimize the tax savings, but those are the general guidelines.
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Madan Chartered Accountant team
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