Tuition Tax Credit in Canada: Eligible Fees, Transfers, Carryforwards & Studying Abroad
Post-secondary education can be expensive, but the Canadian tax system provides some relief through the Tuition Tax Credit . If you paid eligible tuition fees during the year, you may be able to reduce the income tax you owe — or transfer part of the credit to a parent, spouse, or grandparent. This guide explains who can claim the credit, what fees qualify, and what options exist if you don’t need the credit right away. What Is the Tuition Tax Credit? The Tuition Tax Credit is a non-refundable tax credit . This means it reduces the amount of tax you owe but does not create a refund on its own if you have no tax payable. The credit is calculated by multiplying your eligible tuition amount by the lowest federal tax rate (15%) . A provincial credit may also apply depending on your province of residence. Students receive a tuition slip from their school that reports the eligible amount. Common tuition slips include: T2202 – Tuition and Enrolment Certificate (Canadian institutions...