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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.
You can transfer up to $5,000 federally, and an additional $5,000 provincially ($6,184 for Ontario residents). These amounts are reduced by the portion of this year's tuition, education, and textbook amounts that you used on your own return. Example.our total tuition, education, and textbook amounts are $6,360. You used $2,000 of this amount to reduce your tax payable to zero. This leaves you $3,000 available for transfer: $5,000 minus the $2,000 that you used.