So my son is in graduate studies and he had approximately $16K in Ontario credits in 2019. I looked at his carryover amounts and for federal, he has an amount for 2020 (identical to 2019) but for provincial, it only shows (CRA website) that his 2019 start (from 2018) was $16K but under the "Amount from prior year applied", it shows the same $16K amount with "Amount available for carry forward" for 2020 at 0? Did he lose $16K of provincial credits that he could have used once he started working (which will be in September of this year)? Did I do something wrong when I filed for his taxes last year? Will the same thing happen for his federal credits?
A little stressed out (on his behalf) - I do appreciate any helpful info. Thank you in advance.
Just found out my son's Ontario Tuition Credits are 0???
Moderator: Mark T Serbinski CA CPA
Re: Just found out my son's Ontario Tuition Credits are 0???
This is not a cross-border issue.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: Just found out my son's Ontario Tuition Credits are 0???
Not sure why would be different for Ontario vs federal tuition credit, but have you considered that tuition credits must be deducted in the first year that they can be used against income? Any remaining can then be carried forward is my understanding. I.e. Vs. donations can be elected to carry forward and need not be used in the first year they can be applied.