What is carry forward amount?

[welldone]

I have over 17000 of federal tuition and over 17000 of provincial tuition to carry forward I got this on my notice of assessment I was attending college for 2 years in 2010 to 2012. What this mean you have carry forward amount?

Thanks

 

[ldn123]

When you say tuition are they fees or grants/loans?
If they are fees which you paid then you can offset these expenses with any income you have in the tax yr. So say you had 34k income. In tax year 2014. You can bring forward the 34k tuition expenses and deduct it from your income. You now have nil income to pay tax on.

Carry forward usually means credits whicb you can use in the future. Its something very useful to have so make the most of it- research into this more as it will help you save on taxes!

 

[welldone]

Thanks for the info.Yes its from tuition fee, I have about 35000 and income about 38000 in end of year. So I will get back that paid in 2013 about $8000.

 

[PINKORIA]

On 17000 Fed credit , 15 % difference in your Tax and 17000 Prov depends on the prov of residence , in Alberta it is 10 % tax relief.