{"id":26637,"date":"2021-04-30T14:30:49","date_gmt":"2021-04-30T18:30:49","guid":{"rendered":"https:\/\/askastudent.utoronto.ca\/?p=26637"},"modified":"2021-04-30T14:31:35","modified_gmt":"2021-04-30T18:31:35","slug":"this-is-what-the-utsu-tax-clinic-is-for","status":"publish","type":"post","link":"https:\/\/askastudent.utoronto.ca\/?p=26637","title":{"rendered":"this is what the utsu tax clinic is for"},"content":{"rendered":"

hello! it’s that time of the year again–tax time! i’m a first year currently and i’m completely lost on what “unused tuition transfers” are. i wasn’t employed in 2020 and the only “income” i received are the CESB and OSAP, but i don’t know if i have unused tuition or if i should transfer it to my parents. do you know anything about that? thanks! \ud83d\ude42<\/p>\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n

hey there,<\/p>\n

<\/p>\n

i know today is tax day, so sorry for cutting it so close to the deadline! i literally just emerged out of a pile of finals an hour ago, and am back on here doling out advice.<\/p>\n

i’m really not qualified to be a tax consultant, but i can try. this is what the CRA says about tuition transfers, including unused tuition transfers.<\/a><\/p>\n

this turbotax explanation<\/a> is also helpful, even a bit clearer:<\/p>\n

“As a non-refundable credit<\/strong>, if the tuition amount is greater than the tax owed, the non-refundable credit can only be used to reduce or eliminate the student\u2019s federal\/provincial tax bill but won\u2019t generate a refund. If you aren\u2019t able to use the full amount of the credit, any unused credits can be\u00a0carried forward to a future tax year, or transferred<\/a> to a spouse\/common-law partner or parent\/grandparent.”<\/p>\n

“Unused tuition credits calculated on Schedule 11 can be transferred to qualifying relatives. Spouses and common-law partners, parents and grandparents \u2014 including those of your spouse or partner \u2014 can be designated for all or part of the transferred amount.”<\/p>\n

so it seems like, if you have a low income and aren’t owing much tax, claiming your tuition fees won’t do much in terms of getting you a refund. so the portion of your tuition that you can’t use to get credit then becomes “unused,” and you can transfer up to $5000<\/a> of that “unused” amount to a relative.<\/p>\n

in the future, if you need help with taxes i’d recommend checking out the utsu’s tax clinic.<\/a> a lot of students don’t know this resource exists, but accessing it will get you free one-on-one help with a student volunteer who’s trained with these things! much more reliable advice than mine, imo.<\/p>\n

be Boundless,<\/p>\n

aska<\/p>\n","protected":false},"excerpt":{"rendered":"

hello! it’s that time of the year again–tax time! i’m a first year currently and i’m completely lost on what “unused tuition transfers” are. i wasn’t employed in 2020 and the only “income” i received are the CESB and OSAP, but i don’t know if i have unused tuition or if i should transfer it to my parents. do you know anything about that? thanks! \ud83d\ude42 \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 hey there, i know today is tax day, so sorry for cutting it so close to the deadline! i literally just emerged out of a pile of finals an hour ago, and am back on here doling out advice. i’m really not qualified to be a tax consultant, but i can try. this is what the CRA says about tuition transfers, including unused tuition transfers. this turbotax explanation is also helpful, even a bit clearer: “As a non-refundable credit, if the tuition amount is greater than the tax owed, the non-refundable credit can only be used to reduce or eliminate the student\u2019s federal\/provincial tax bill but won\u2019t generate a refund. If you aren\u2019t able to use the full amount of the credit, any unused credits can be\u00a0carried forward to a future tax year, or transferred to a spouse\/common-law partner or parent\/grandparent.” “Unused tuition credits calculated on Schedule 11 can be transferred to qualifying relatives. Spouses and common-law partners, parents and grandparents \u2014 including those of your spouse or partner \u2014 can be designated for all or part of the transferred amount.” so it seems like, if you have a low income and aren’t owing much tax, claiming your tuition fees won’t do much in terms of getting you a refund. so the portion of your tuition that you can’t use to get credit then becomes “unused,” and you can transfer up to $5000 of that “unused” amount to a relative. in the future, if you need help with taxes i’d recommend checking out the utsu’s tax clinic. a lot of students don’t know this resource exists, but accessing it will get you free one-on-one help with a student volunteer who’s trained with these things! much more reliable advice than mine, imo. be Boundless, aska<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[306],"tags":[],"class_list":["post-26637","post","type-post","status-publish","format-standard","hentry","category-taxes"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=\/wp\/v2\/posts\/26637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26637"}],"version-history":[{"count":0,"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=\/wp\/v2\/posts\/26637\/revisions"}],"wp:attachment":[{"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/askastudent.utoronto.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}