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First time filing tax. I have tuition credits that I never filed. Do I lose those credits?
I read up on some tax tips online and they all say I have to file my taxes each year that I get T2202A form (education credit). I haven't done that for the last 3 years, however, I still have physical copies of the forms. Do I lose my tuition credits? Also, they ask for a notice of assessment. Since this is the first time I am filling do I need that?
Issue is I now know I "should of" filed year by year. However, I did not, so what can I do? Thanks.
Sorry so I can mail in tax returns for multiple years at the same time?
3 Answers
- LaLaLv 61 decade agoFavorite Answer
You will have to file returns for each of those years. You could also have been entitled to refunds for those years or GST credit, so it would be worth it for you to file. Even if you didn't have income for those years, you need to file so that you can carry your tuition credits forward to when you do have taxable income.
P.S. You can carry your tuition forward indefinitely until it's all used up.
You can print forms from the CRA website http://www.cra-arc.gc.ca/formspubs/t1general/allye... or get them from a CRA office. I think you have to mail each one in separately.
- 1 decade ago
No, you don't loose them as you can carry them over to future years, indefinitely. I believe this includes not just your tuition amounts but also your eligible education and textbook credits. You would need to fill out a Schedule 11 to let them know about the amounts. If this if your first year filling, you probably did not receive a notice of assessment. Ask the CRA about it--they are probably wanting to verify that you didn't claim them before or was already carried forward from previous years.
Check out info here regarding tuition amounts:
- 1 decade ago
you should not loose them. you can fill back the previous years tax report to get it. I know you can report it from year to year, but don't remember how long and how much?
For those details, you can check my reference site in a few days I will answer that since someone else ask me also this question.
p.s. filling back is filling the previous year this year: making this year, last year and previous one (up to 5 max I think) tax report at the same time... lots of paper since first must be done in paper if i remember well (it's at least the case for immigrants)
Source(s): www.personal-tips.com