is education amount transfer to parent
Once the student has completed their tax return and reduced their taxable income to zero, they can then transfer any unused current-year tuition and education amounts. The annual maximum transferable from a student to a supporting parent or spouse is $5,000.The student must authorize the transfer by completing and signing the back of their Tuition and Education Certificate T2202A.he end result is that the student gets a full refund of any taxes paid during the year plus the GST credit, and the supporting parent or spouse obtains an additional $1,100 tax refund (on average) from a $5,000 tuition and education credit transfer. Working Enterprises Tax Services Ltd.