During 2020, Fahim is in full time attendance at a Canadian university for 8 months of the
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Question:
During 2020, Fahim is in full time attendance at a Canadian university for 8 months of the year. His tuition fees total 3,934 for the year. His Taxable Income for 2020 is 12,804. Other than his tuition tax credit, his only tax credit is his basic personal credit. Fahim wants to transfer as much of his unused tuition credit to one of his parents in 2020 (each parent has net income for tax purposes $100,000).
Calculate the maximum amount of Fahim's total tuition credit that can be transferred to one of his parents in 2020.
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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