The tuition tax credit is a non-refundable tax credit that can reduce the amount of taxes you owe on your tax return. This credit is generally available for all individuals, part-time and full-time, who have paid tuition fees in 2022 to a post-secondary educational institution in Canada, such as the University of Waterloo, or another education institution certified by the Minister of Employment and Social Development Canada. The institution will issue a T2202 slip which will detail the amount of eligible tuition fees paid that you can claim. To qualify, the tuition fees you paid must be greater than $100 for each educational institution.
For UWaterloo students, this can be accessed through Quest under 'Finances’ and then 'Tax Documents’. If you do not earn enough income in the year to use all of your eligible tuition fees against your taxes, any amounts that are unused can be carried forward indefinitely to claim in the future or they can be transferred to your spouse or common-law partner, parent or grandparent, or your spouse’s or common-law’s parent or grandparent to be claimed on their 2022 tax return up to a maximum of $5,000 of eligible tuition fees.
- Vicky, Young Tax Professional