Federal Tax Credit Website
April 11th, 2009
Question: Tax Credits question? – Canada?
I just graduated from university in 2008. This will be my first year doing my own taxes. (my parents accountant used to do them). So I went to the Canada Revenue Agency website and creating my own epass account so that I could have access to my past tax information. On there, I found out that I have 10,000 dollars in unused Federal tax credits (tuition, books etc.) and 6,000 dollars in provincial unused tax credits.
I don’t know what this means, but a friend of mine keeps telling me to make sure I claim my unused tax credits.
What does this mean? Does this mean my parents accountant wasnt’ claiming these since I have so many? Or were all of those from last year?
What should I do with this?
Answer: These are amounts carried forward from previous years.
Your accountant probably transferred the maximum amount ($5000) to your parents each year you received them and this is what’s left.
You claim these on federal and provincial Schedule 11.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/323/schdl-eng.html
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