Posted on: 17-04-10 12:09:08
Hi,
My wife was a full time student last year and as far as we know that we can use the tuition/textbook fee as non-refundable tax credits (either these can be transferred to the spouse or can be carry forward ).
Are there any other credits that can be claimed as she was paying for rent & transit passes etc.?
I was going through a few websites which specifiy that education amount tax credit can be claimed ($400/month), where can I specify this amount (which line number/or box number if using UFile?? as this amount is not mentioned on R2202A.
Apart from it, I have T4/T5/RRSPs....So should we use the UFile software(or any other?) and that would be enough or do we need to consult a professional to see if there're any other credits which can be claimed ?
Quote:
Originally posted by MeagainMe
Hi,
My wife was a full time student last year and as far as we know that we can use the tuition/textbook fee as non-refundable tax credits (either these can be transferred to the spouse or can be carry forward ).
Are there any other credits that can be claimed as she was paying for rent & transit passes etc.?
I was going through a few websites which specifiy that education amount tax credit can be claimed ($400/month), where can I specify this amount (which line number/or box number if using UFile?? as this amount is not mentioned on R2202A.
Apart from it, I have T4/T5/RRSPs....So should we use the UFile software(or any other?) and that would be enough or do we need to consult a professional to see if there're any other credits which can be claimed ?
Ufile would be fine for you as it would take care of all these for you automatically provided the details are filled in correctly.
When you complete the schedule 11 and fill the details from the Form T 2202A do not forget to put the numbers mentioned in the columns B and or C and the software would calculate your education amount for both Federal and Provincial portions and populate the respective fields in Federal Schedule 11 and provincial S11.
For tuition and education credits, first the software would use the amount to reduce the taxes of your spouse to NIL before transferring any amount to you.
The claim for transit passes/children fitness amount/claim for children can be claimed by the higher income spouse to get the maximum benefit. The software should/will take care of these for you. However, the child care expenses have to be claimed generally by lower income spouse barring certain specific conditions.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Mr. Pramod.
I was looking at UFile and it asks me to enter the tuition fee and specifies that software will automatically calculate the textbook amount.
but it doesn't say nothing about education amount. Neither it asks me to fill the education amount nor it specifies that it will calculate on it's own. So where do I need to specify that amount ?
Quote:
Originally posted by MeagainMe
Thanks Mr. Pramod.
I was looking at UFile and it asks me to enter the tuition fee and specifies that software will automatically calculate the textbook amount.
but it doesn't say nothing about education amount. Neither it asks me to fill the education amount nor it specifies that it will calculate on it's own. So where do I need to specify that amount ?
I haven't used UFILE but I am sure when you fill the details from the form T2202A, you have to write the amount of tuition fee (from column A of the form) and then you have to fill in the number of months your wife was a full time or part time student. This figure would come from the column B or C from the form and then the software will take care of the education amount it self.
p.s. I just checked from UFILE.CA and it shows clearly below the amount of tuition fee, you have to add the number of months the student was full time or part time. Here is a snapshot from the UFILE.
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Eligible tuition fees paid for 2009 (Enter description in first field, amount in the $ field.)
Months of full-time post-secondary studies (T2202/A Col C)
Months of part-time post-secondary studies (T2202/A Col B)
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I hope it is clear now.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks again Mr. Pramod.
Only thing I was not clear about is why UFile doesn't say explicitly anything about Education fee . Though I finally found that in the help section
"Indicate the total number of months at school in part-time and full-time attendance. This will enable the program to determine the education deduction and the textbooks amount."
There are 3 components:
1) Tuition fee - which is listed on 2202A form and UFile asks to enter it in the box provided
2) Textbook amount - UFile specifies that it will automatically calculate the Textbook amount
3) Education amount: UFile will calculate that amount automatically.
Thanks
