Reference no: EM132853847

Introduction - Tuition

Your taxable income: $18,000

Basic credit $13,229 {everyone}
CPP credit 1,131 {calculated correctly}
EI paid 395
Employment credit 1,245 {everyone employed}
Total Credits $

Tuition paid $6,500

How much tuition do you need to claim this year to get Taxable Income to zero?

Taxable income $
Less:
Total Credits $_______
= Credits needed $
( to get to zero)

How much tuition is left to transfer or carry forward?

Tuition paid $
Less amount used $______
Available

Maximum allowed to transfer:

Max limit $5,000
Used this year $_____
Maximum transfer $

If we transfer $1,200 to our mother...how much do we have left to carry forward?

Exercise #1

(A) A student's net and taxable income is $19,600. It is all Employment income. CPP credit is $810 and EI is $316. The Canada Employment credit and the basic credit are the only other credits (besides tuition). Tuition paid is $6,440; full-time attendance at accredited post-secondary institution: 8 months. The maximum that this student has available to transfer federally to a parent this year is:

(B) If the maximum is transferred, how much is left to carry forward?

Exercise #2
A student's net and taxable income is $16,300. It is all Employment income. CPP credit is $581 and EI is $245. The Canada Employment credit and the basic credit are the only other credits (besides tuition). Tuition paid is $6,880; full-time attendance at accredited post-secondary institution: 8 months. The maximum that this student has available to transfer federally to a parent this year is:

(A) If the maximum is transferred, how much is left to carry forward (FEDERAL)?