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Old 07-27-2013, 09:49 PM
 
91 posts, read 158,467 times
Reputation: 115

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Hi.
I was in Canada for 2 years- one as a student and then I interned for another. Then I returned back to my home country. I had worked and recently filed my taxes for 2012, from which I received 500 odd dollars back.
However there is one column in the returns which intrigues me and it states:

According to our assessment, you have 13,726$ of unused Ontario tuition and education amount available to carry forward to a future year.

What does this mean? I would love to come back to study another program, perhaps even at a university this time but the international tuition is off the limits(14000 average at a community college) for me.

Will this help in anyway?
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Old 07-28-2013, 05:14 PM
 
1,218 posts, read 2,114,619 times
Reputation: 1316
Quote:
Originally Posted by rishi851 View Post
Hi.
I was in Canada for 2 years- one as a student and then I interned for another. Then I returned back to my home country. I had worked and recently filed my taxes for 2012, from which I received 500 odd dollars back.
However there is one column in the returns which intrigues me and it states:

According to our assessment, you have 13,726$ of unused Ontario tuition and education amount available to carry forward to a future year.

What does this mean? I would love to come back to study another program, perhaps even at a university this time but the international tuition is off the limits(14000 average at a community college) for me.

Will this help in anyway?
The way the tax system works is that if you file a tax return and claim tuition, then you can use that amount to reduce the taxes you would otherwise owe in the form of a tuition credit on your tax return (I don't know the exact calculation of the tuition credit off the top of my head but I think its 20% of the amount paid). However, it can only reduce taxes owing and cannot be used to create a refund from the government. There is nothing you can do right now. The only benefit is that if you ever come back and earn employment income in Canada and file a tax return, then you would be able to use this tuition credit to lower your taxes owing on your tax return. That's it.
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Old 07-28-2013, 10:06 PM
 
91 posts, read 158,467 times
Reputation: 115
Okay, great. Thanks a lot.
I called the revenue office and got the same response. Thank you again.
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