Can I enter only a portion of Canada Training credit. Tuition is low and using $750 seems a waste, can I use only say $500 of current limit.

Forum|Forum|3 years ago
March 11, 2023
1 reply
4 views

ProFile (Canada)

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J

janisbossenberry

Level 7

From the wording on the Schedule 11, line 6, it looks to me like you could override the amount of the Canada training credit if you wish. It just says it cannot be more than line 5, it does not say it cannot be less than line 5. However, the credit is calculated as the lesser of the amount available and 50% of the tuition, so if your tuition is very low, the training credit will also be low. Also, any amount not used to reduce taxes is shown as a refund on line 45350 of the tax return, so it might be best just to claim all available. You won't get more for it in a future year.

L

ldres1985Author

Level 4

Thanks Janice, your interpretation was correct.

I had a situation where Line 3 was $522 and the available credit was $750.

I entered 522 at line 5. Just checked the Express NOA and it was process as such.

It shows next year Canada training limit as $478 (2022 limit of 750 less the 522 used in 2022 plus 250 credit earned in 2022)

Thanks for your input.

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