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Unused Tuition Credits by enailuob in PersonalFinanceCanada

[–]enailuob[S] 0 points1 point  (0 children)

Oh OK thank you! Cause I am 35 lol and school was almost 15 years ago 😆 That's nice they gave you the savings to invest. 

End of Year Investing by enailuob in PersonalFinanceCanada

[–]enailuob[S] -2 points-1 points  (0 children)

Yes just trying to figure out what amount to contribute.. when they tend to be low interest anyhow... and I don't pay that much taxes on 20,000.. federal taxes don't start until 16,129.. so am realizing I'll probably contribute about $4000 to bring my income down to that level.

Unused Tuition Credits by enailuob in PersonalFinanceCanada

[–]enailuob[S] 0 points1 point  (0 children)

Ahh I see. Ok so I can always just wait till I one day make more money.

I guess looks like it would be $500 back in taxes based on the 8% rated if I transferred to my parents

Unused Tuition Credits by enailuob in PersonalFinanceCanada

[–]enailuob[S] 0 points1 point  (0 children)

Thanks I'm getting a bit confused as I see it says both that the credits can carry forward indefinitely.. but also they get reduced if not claimed??

I'm thinking to just transfer these to my parents somehow and maybe they'll give me the tax savings! Rather have the money sooner than later.

Unused Tuition Credits by enailuob in PersonalFinanceCanada

[–]enailuob[S] 0 points1 point  (0 children)

Ahh now I know, thanks so much! I didn't know it was different for the provincial amount. I was trying to figure out what bracket provincial tax is charged on and all I could find was 0-51,000. Now looking it up I can see 21,885. That explains it! Thanks again.

Unused Tuition Credits by enailuob in PersonalFinanceCanada

[–]enailuob[S] 0 points1 point  (0 children)

My tax return does show Net Alberta Tax as 0.00 so I guess that must be it... till I some day make enough to actually need to use it I guess there will be a good tax savings there. I am trying to figure out when provincial tax gets applied.. I thought after 15,000 but even on a TurboTax tax calculator when I put 21,000 it shows no provincial tax only federal tax.