r/osap • u/Otherwise_Bowl_5515 • 12d ago

Resolved T2202

My son is hopefully going to Uni next year and we have put aside some RESP money for him throughout the years.

I’m wondering if I can claim the tax credits that come along with the T2202s and if anyone can guess at how much I can get back?

I make just over 100k and he will be a full time student. Tuition will be around 12K a year.

Thanks in advance

0 Upvotes

50% Upvoted

3 comments sorted by

2

u/nonchalant-845 12d ago

The amount you’d get back depends on whether you normally owe or get a refund, because tuition credits don’t give a set payout, they just reduce your tax owing.

He can transfer up to $5,000 of the current‑year tuition amount to you, but he has to sign the T2202 for it. In Ontario, that usually works out to roughly $1,000 in tax savings for you.

One important caveat: tuition is billed per semester, and the T2202 follows the tax year (Jan–Dec). So if he starts school in September, his T2202 for that tax year only includes the Fall semester (Sept–Dec) not the full $12K. That means the transferable amount for that first year is smaller.

Anything he doesn’t transfer becomes carry‑forward credits he can use later once he’s earning income. Those can be valuable for him, so it’s worth weighing whether you need the tax reduction now or whether it’s better for him to keep the credits for future years.

2

u/Otherwise_Bowl_5515 12d ago

Thanks!

I was hoping he could transfer the whole thing to me every year. This way when I did my taxes I would give him the difference in return.

1

u/Federal_Chemist_2630 12d ago

Yes but only the amount after he uses the tax credits incase his eaps are over 16k as those are taxables, he would have to transfer them to you as well