btax

Which of the following is correct with respect to the tax credits available for a student paying eligible tuition fees while enrolled at an eligible educational institution? The student will qualify for the tuition fees, education, and textbook credits. The entire amount of the student's excess tuition fees tax credit (not required to reduce the student's tax payable balance to zero) can be transferred to a parent, grandparent, or spouse. The maximum amount of the tuition fees credit eligible for transfer to the student's spouse, parent, or grandparent is the least of the avallable credit and $5,000 (only after applying the credit against the student's tax payable balance). If the tuition fees tax credit is not transferred to a parent, grandparent, or spouse, the portion of the credit not utilized by the student is lost as it cannot be carried forward and applied in any future taxation year