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Divorce Support This forum is for discussing the emotional aspects of divorce: stress, anger, betrayal of trust and more.

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  #1  
Old 03-09-2020, 12:07 PM
denbigh denbigh is offline
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Default Tuition tax credit

What are your thoughts on this in divorce situations? Child carries it forward until out of school and they can use it? Parents use it? Can it be split between 2 parents? Wondering for those who have been through or currently in post secondary years, how is this felt with? Should this be put into a separation agreement? Not sure as it is the child who controls this and could chose to not sign it over to parents
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Old 03-09-2020, 12:11 PM
rockscan rockscan is offline
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Technically because it is not available to the paying parent it is supposed to come off the cost split. Parents are at liberty to discuss it. In my husbandís case his ex claimed it and tried to argue it shouldnít come off because she is allowed to claim all tax benefits. Thatís how she interpreted the agreement.

For him the benefit was anywhere from $200 to $500 per year. If you know it is claimed by kid then donít include it but if you or your ex are benefiting from it then it should be calculated.
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Old 03-09-2020, 11:08 PM
Abba435 Abba435 is offline
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RESPs are another topic to watch. There is an annual limit and "catch-up" potential.
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Old 03-10-2020, 07:10 AM
rockscan rockscan is offline
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Theres an annual limit on grant funding you can withdraw. That is what is taxable to the kid but if you take the grant out in a year they have low income or take it out over the course of the year it has little impact. They only pay tax after the personal limit of like $11,000.
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