Hello there!
I just want to ask if how these unused tuition credits work? Like for example, if I do have $5000 unused tuition credits, does it mean that I can carryover it this 2020? Thanks!
This will be handled by your tax accountant (who may be a Taxcycle user), so you should really refer your question to them.
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These credits work by operation of Income Tax Act sections 118.5. 118.6 and 118.61, also S118.9 etc.
In the legislation (Act), there are a LOT of very precise rules and restrictions relating to what may or may not be done.
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If the “unused” was from before 2019 TY, the actual 2020 C/f may be well $0. The accountant would need to examine the file details.
CRA general inquiries line is 1-800-959-8281
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