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TUITION TAX CREDITS Explained for Canadian Students (T2202, TD1 u0026 T1213 forms)

Breaking Bad Debt - Dr. Steph 35 views

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𝗧𝗼𝗽𝗶𝗰𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱: br0:00 - Intro br0:21 - Tax Credit vs Tax Deduction br1:37 - T2202 Tuition and Enrollment Certificate br2:07 - TL11A, TL11C & TL11D Forms br2:39 - Eligibility for Tuition Credits br3:47 - How to Calculate your Tuition Credits br6:13 - T1213 & TD1 Forms: How to Reduce your Taxesbrbr𝗢𝘁𝗵𝗲𝗿 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀: brSTUDENT LOAN REPAYMENT: Everything you need to know: youtube/toE540mM2pI
Comment from : @BreakingBadDebt

Very helpful video!
Comment from : @carlcarlson3184

❤❤❤❤❤❤❤❤❤thank you 😊 🙏 💓
Comment from : @BabeMozart

This a very helpful video God bless you for spreading financial literacy Would've loved to see a numerical example of T1213 in action
Comment from : @adityamalhotra8222

Hello Dr Steph , would you let me know about , For maximum of how many years the student can Carry Forward the Tuition Fee tax credits without loosing it ? Can it be accumulated right through Undergrad until say 10 years or so , without having to transfer to parents ?
Comment from : @maheshswa

I have $18k in unused tuition amounts right now and let's say I paid about $10k in income taxes this year Can I claim the entire $10k as refund against my unused tuition credits when I file my return next year?
Comment from : @iamsgaurav

I was actually under the impression the tax credit would be top down, but instead it uses the lowest possible bracket I am kind of disappointed, not a very good incentive for someone working full time to also study at the same time
Comment from : @AW-gj4ji

446 Langworth Point
Comment from : @PulitzerDonald

Dr Steph, you explained it so clear, better than my accounting prof 😂😂
Comment from : @jenniferman42

Hello, in your video it says that OSAP grants and school scholarships are usually exempt from tax for full time students brbr1 So does this mean we don't enter OSAP grants/Scholarship amounts at all when filing taxes? Or we enter the info from the T4A for these along with the T2202, but it shouldn’t generate any taxes owed?brbr2 If the the combination of OSAP grant, entrance scholarships, and EAP funds taken from an RESP exceed the amount of what the tuition cost - would the OSAP grant/Scholarships still not be taxed and/or not factored in?brbr3 Would only the EAP portion be calculated for the purpose of determining if a student would pay any taxes?brbrI'll be filing the taxes myself (no accountant) so a little clarity on this part would be very helpful! Thanks!
Comment from : @rachellec9157

Thank you so much for this The T1213 is a powerful tool for tuition tax credits that I and most people I know had no clue about
Comment from : @nufirmdm

Is there a form for employer to apply the provincial tuition credit off your paycheque?
Comment from : @TheLondon1

Hello DrSteph Thanks for sharing this information with us It really helped me understand the basics brI have a question though This is my last term at the university, it ends in June I was unemployed in 2023 I wanted to file for tuition tax credits I paid about $25000 last year How can I use the tax credit now? I am almost done studying at this university brbrAlso, I will be studying at a different college from September Please tell me how to claim a tuition tax credit for 2023 brbrThank you Have a wonderful day
Comment from : @NidhiPatel-js5no

I can't find my canada training credit limit on 2023 NOA What do i do?
Comment from : @kanzaali1169

Hello Dr Steph, I graduated in Dec 2023 ( last year ) and I paid 92K in tuition ( including 2022, and 2023 ) I did not pay any tuition in 2024 My question is: I recently got a job What should I enter in line 5 of the TD1 form ? Zero OR 92k ? I want to use my unused tuition credits in advance to reduce my tax paid
Comment from : @amitupreti1206

how long we can carry them forward
Comment from : @rakeshravish7339

T1213 form submission :br1 Is the total unused carry-forward tuition amount mentioned in the notice of assessment is my total tuition tax credit?br2 What supporting documents must I submit for only tuition tax credit?
Comment from : @salehinshahriar6762

can we claim that education fee tax credits as a deposit to our bank account
Comment from : @chandrasekharmurari6627

So what the fuck exactly do we put on line 5 of TD1 You keep mentioning the mistake of putting total tax credit, so what exactly we need to put there Like the tuition we paid for the terms of completed year? Or the tuition of the term we are studying currently??
Comment from : @kolianguyen1608

This is possibly the smartest person alive Good video
Comment from : @tristanblackwood1917

Pl advise, for international students paying university hostel residential fees, and also the tution fees, how the residential fee can be used for tax credit??? Is there any form or any other informationbrTx
Comment from : @Sandeep-pv1kg

Hello Dr Steph How do I transfer my 5k unused tuition to my husband? I have paid 19k on tuition but it won't allow me to type in 5000 in my schedule 11 thank you in advance
Comment from : @espansosophialorraine

Hi I received my LMCC receipt Just wondering which line of my tax return to claim this on? Thanks
Comment from : @Okaytherenow

Hi please answer this question for me I have money in my “unused federal tuition” available to carry over and I want to know what this means and if I can just claim it on my taxes this year What is this carry over amount of unused tuition ? Thanksss
Comment from : @kaylachaves7323

Hello Doc, I have unclaimed tuition credit for 2022 Somebody told me that I should amend my 2022 tax return I am just wondering if I still need to fill up the Schedule 11 form or just the amendment form? Can you please enlighten me Thank you
Comment from : @tonitejuco8186

Hey Doc Love the video I'm also in Ontario so your video helped out a lot but I'm still confused Can you help me with my situation? brbrI arrived here in Ontario last April 2023 as a student I got a student (part-time) job since June 2023 and now I graduated from my school last December 2023 I found out that my TD1 form has the Tuition Tax Credits and I entered the full amount of my tuition, which is a mistake as mentioned in your videobrbrHowever, I did not feel paying tax less since I feel like I don't get taxed by my employer since I earn minimum wage for 20hrs/week brbrI'm trying to fill up the 2024 TD1 form now with my new employer, and this time its a full-time job that's paying almost double the minimum wage Should I claim the tuition credits in this TD1 form? Thank you
Comment from : @architectld1690

🤯How awesome can a person be, she is a doctor and has more knowledge about taxes than my friends studying accounting 😁
Comment from : @jappansingh684

Useful video, thanks!
Comment from : @danielcabral8341

I have Tuition Credits but I didn't mentioned to my employer initially How Can I claim them at end of year
Comment from : @NavjotKaur-rq9jg

Hi Dr Steph,brbrThanks for sharing this informationbrbrI have a bit of a unique situation I never filed my tuition credits for the year 2011 - 2014 I got the T2202A form from my university which is now replaced with the T2202 formbrbrMy question is, how does the filing and calculation process differ from the T2202 form? Can I still file for these credits using the Schedule 11 form for each study year?brbrThanks!
Comment from : @fortunealibo4200

HibrbrCan you do this at any point? brbrFor example I graduated in June 2023 and am starting work now in September 2023 I anticipate my first pay check in October 2023brbrWhat is the best time to fill out this form?brbrAnd do I mail to the CRA or provide it to my employer?brbrThank you so much, really helpful videos!
Comment from : @baburali8230

I have watched your video it is so informative I have recently received a letter from CRA that I am owing them more than 2000 dollar because my accountant used my tution credits more than the limit and now I’m owing money to CRA I have applied my tax in March and now it august and they only gave me 15 days to pay the full amount I am in big trouble Could you please suggest me something that can help me in finding solution for this situationbrbrThanks
Comment from : @mandeepkaur-hr8sv

hello how i get the money for the tac credit
Comment from : @cr69148

Hi there, I am filling out this form in June Do I put the tuition I've paid so far this year or my estimated for the total year?
Comment from : @ravnitbrar3237

Hello Dr Stephanie,brbrI'm Terry, a student founder from Edmonton, Canada I found your channel while searching on youtube, "Why is personal finance so sensitive," as I struggle with connecting with people to talk about their finance As I came to the realization this morning that the topic of personal finance is susceptible, and the openness of people to chat with me, I would only be able to reach people if I reached out outside the traditional methodbrbrSo I had to be creative, and your insights and expertise with your audience blew me away I am so impressed by your knowledge and what you are working towards that aligns with me brbrI would love to speak with you if you have the capacity! brbrTerry
Comment from : @terryleechen

Weird question, my daughter went to University this year, made a student's income (less than 20K), entered her tuition amount of less than 5K Went from a refund of 4 figures to less than 500$Any thoughts?
Comment from : @bryansmith7307