How a child account is defined At Microsoft, a child account is defined as any Microsoft account thatâs affiliated with an adult Microsoft account when the age of the child or teen is less than the age of majority for his or her country.
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.owever, the CRA's rules state that you-the student must first claim the fees on your return, regardless of who paid them. Once you reduce your tax payable to zero, you can transfer leftover amounts to your spouse, parent, or grandparent.
If you've taken more than 200 credit hours, be aware that many universities and colleges limit the number of credits you can transfer. A general rule is that 180 hours or two yearsâ class work may be the maximum amount for transferring to a four-year college. Two-year colleges might limit you to 80 hoursâ total. Ask the admissions office how many you can expect to transfer when you're applying to attend their school.