Textbook Credit

Students are eligible for textbook credit for each month in which the student is entitled to claim the education credit.

–          65 dollar credit base for full time student

–          20 dollar credit base for part time student

 

Carryforward and Transfer of Tuition Credit

The tuition credits may be transferred to a spouse, parent or grandparent of the student. The student must specify in writing the amount that will be transferred.

 

The amount that can be transferred is computed as follows:

The lesser of:

a)       The amount determined by A-B

  • Where A is the lesser of
    • Student’s tuition credit and education credit for the year
    • Current year’s tax rate multiply by 5000
  • Where B is the amount of the student’s Part I tax payable after deducting credits for personal, age, pension, mental or physical impairment, EI, CPP, unused tuition and education

b)      The amount specify for transfer by the student

Note that unused credits are carryforward indefinitely

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