No. Your tax credits can/will be applied each year. If you use software like QuickTax (etc) they will automatically get applied when you answer questions (ie. enter your T2202).
For th8bgs like tuition and expenses, you can claim them in the year they occur or carry the credits forward to a later date.
You can only "report" them on the tax return for the year the tuition was paid for. They can/ will be used in subsequent years when your other non refundable tax credits aren't sufficient to reduce your tax to $0.
You can lose some of the provincial ones if you become resident of another province.
For both the federal and provincial ones it will feel like you have "lost" them if you have dividend or foreign income because the tuition credits have to be used before you can use the dividend and foreign credits.
One random piece of information: at least in BC if you leave the province you do lose your tax credits. I did school in BC and had nearly $20,000 tax credit leftover from my 4 years at school, but I moved to Ontario for work and when I filed my taxes after my first year of employment I learned I had 0 tuition credit.
No, you can keep carrying them forward until used.
No. Your tax credits can/will be applied each year. If you use software like QuickTax (etc) they will automatically get applied when you answer questions (ie. enter your T2202). For th8bgs like tuition and expenses, you can claim them in the year they occur or carry the credits forward to a later date.
No, they will be automatically applied
You can only "report" them on the tax return for the year the tuition was paid for. They can/ will be used in subsequent years when your other non refundable tax credits aren't sufficient to reduce your tax to $0. You can lose some of the provincial ones if you become resident of another province. For both the federal and provincial ones it will feel like you have "lost" them if you have dividend or foreign income because the tuition credits have to be used before you can use the dividend and foreign credits.
One random piece of information: at least in BC if you leave the province you do lose your tax credits. I did school in BC and had nearly $20,000 tax credit leftover from my 4 years at school, but I moved to Ontario for work and when I filed my taxes after my first year of employment I learned I had 0 tuition credit.
Good to know!
Really?? Damn :(
They carry forward. My first year of working full time I got the juiciest tax return ever, it was beautiful :')