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.
Line 324 â Tuition, education, and textbook amounts transferred from a student. The student has calculated on their Schedule 11 the amount of this credit which they will need to reduce their own tax owing. If there is any remaining amount the student may choose to transfer it to one of the following individuals.he student cannot transfer any amount they carried forward in a previous year. The maximum amount they are allowed to transfer is $5,000 less the amount they needed to use to reduce their own tax owing. Only one person can claim this transfer from the student.