Oh gosh no, I don't want you to calculate anything!  I'm saying that I think I understand now why she has the limit she has.  I attached a file here just to show you why it looked so confusing to me.

You know a lot!  Thanks so much for taking the time to help me out.

I should ask though - what is CWB that you are getting the information from?

Cindy

Cindy: some info comes from online resources, others from my "bible", i.e., "Preparing Your Income Tax Returns. 2022 Edition for 2021 Returns." I've been getting this book annually since 1988 or so.

Well thank you so very much!  When CRA was its own separate site before, I could usually find my answers there but now that they've amalgamated all of the government services under one site, I can't find a dang thing anymore!  It wastes too much time trying to find something that actually applies to what you are looking for.  So I definitely appreciate the help!!!  

Good morning my esteemed and learned colleagues.

In regards to CTC, if I enter the credit of $250 with $4700 tuition fee, the refund jumps to over $2000 on provincial amount. I know it is 50% of the tuition fee amount to the maximum of $2500 but I want to be absolutely sure that it is correct otherwise if the client receives that money and has to return it back with interest they will not be very happy. Can someone confirm it please. I really appreciate it.

Correction

Good morning my esteemed and learned colleagues.

In regards to CTC, if I enter the credit of $250 with $4700 tuition fee, the refund jumps to over $2500 on provincial amount. I know it is 50% of the tuition fee amount to the maximum of $2000 but I want to be absolutely sure that it is correct otherwise if the client receives that money and has to return it back with interest they will not be very happy. Can someone confirm it please. I really appreciate it.

I believe it's correct-I've already made a number of my clients extremely happy by increasing their refund by $2,500! As you see, education DOES pay off-even before you graduate from school!

Jack, is that the book by J.K. Lasser?  And is it strictly Canadian taxes?  I don't want a book that gets into US taxes whatsoever!

And do you know anything about this one - "Make Sure it's Deductible: Little-Known Tax Tips for Your Canadian Small Business" by Evelyn Jacks?

Thanks in advance!

I'm not sure I understand how this happens considering that the most anyone can have available as a credit right now is $500 and you use the lower of the numbers of (50% of tuition) or (500 CTC).  Meaning you would always be using only the $500 CTC amount wouldn't you?

Yes the federal amount of $500 credit is OK but the big jump is provincial amount of upto $2000.So the person ends up getting upto $2500 in refund depending on the amount of tuition fee.

Also I am working on a return of a 26 year old. With zero income and $5500 in tuition fee. With $250 Canada training credit, his refund goes from zero to $2250. $2000 on line 47900 and $250 on line 45350. I thought the person has to have a minimum income of $10342.

I don't understand. Is there a glitch in the software. Can someone explain please

Cindy: No, the book is published annually by Wolters Kluwer and it deals with Canadian taxes only.

I think I have “Make Sure it’s Deductible” by Evelyn Jacks, but I haven’t bought any recent editions for a while.

BTW, some 20 years ago I bought a book, written by a Chartered Accountant, about corporations, taxes and deductions. I was quite surprised by some of his suggestions regarding allowances. I even contacted the CRA and eventually spoke to a very knowledgeable senior officer, quoting him some of the passages from the book. He was quite surprised, too, and said that he did not agree with what the author said either. So sometimes it’s a good idea not to accept everything you read at face value!

Is this the one Jack? 

I'm editing this now because I can see this is NOT the one.  I finally found it though - it has a blue cover this year.  Feel free to email me at [email address removed] if it's easier Jack because I do have two more questions if you don't mind.

1.  I do only personal income tax, not even rental, so is this book too much for what I need?

2.  Do you use the Profile program for doing taxes or the one from this other company?

Thanks in advance!

Cindy

I wasn't getting this result so I tested it on every province and territory.  This big jump ONLY HAPPENS on an ONTARIO resident's tax return - no others.

Hey Jack.  This wasn't working for me, so I tried it out on every province and territory.  Turns out it ONLY makes that jump on an ONTARIO resident's tax return - no others.

(I sent you a couple of other questions on another post)

Awesome Jack.  Once again, thank you so much for your insight.  I really appreciate it.

A client is 28, has 250 training credit as per 2021 NOA and paid fee of 7K BUT his income for 2022 is o. BUT the Profile gives him a refund of $2250 (2000 provincial and 250 training credit). Is it correct? I thought one has to have a minimum income of 10K before they can use training credit? Also my second question is for a second client, does this credit apply for online courses if the client meets all the other criteria BUT No T2202 though.