ellorie Posted May 24, 2013 Report Share Posted May 24, 2013 Does anyone know what happens to these if you move to a different province for residency? Do you lose them? Link to comment Share on other sites More sharing options...
Jochi1543 Posted May 25, 2013 Report Share Posted May 25, 2013 Are you serious? I hope to god we don't. Another thing to worry about! LOL. I'll be transferring mine to my SO in that case. Link to comment Share on other sites More sharing options...
ellorie Posted May 25, 2013 Author Report Share Posted May 25, 2013 I have no idea what happens to them - I can't imagine you would lose them all, but I don't know what happens, either. Link to comment Share on other sites More sharing options...
futureGP Posted May 25, 2013 Report Share Posted May 25, 2013 hmm i'm wondering this as well :s Link to comment Share on other sites More sharing options...
shady Posted May 26, 2013 Report Share Posted May 26, 2013 They move with you http://www.taxtips.ca/filing/students/transfercarryforward.htm Link to comment Share on other sites More sharing options...
Jochi1543 Posted May 27, 2013 Report Share Posted May 27, 2013 I have no idea what happens to them - I can't imagine you would lose them all, but I don't know what happens, either. How much are you provincial ones compared to federal? The only ones mentioned on my notice of assessment are federal. Link to comment Share on other sites More sharing options...
rmorelan Posted May 27, 2013 Report Share Posted May 27, 2013 How much are you provincial ones compared to federal? The only ones mentioned on my notice of assessment are federal. They do move with you - you cannot lose them in any way actually until you use them. The rate varies by province - it usually the lowest marginal provincial tax rate - around 6% for Ontario for instance. Link to comment Share on other sites More sharing options...
ellorie Posted May 27, 2013 Author Report Share Posted May 27, 2013 I currently seem to have 80,000 federal and 89,000 provincial. I think. That's what CRA told me when I called, anyway. Not going to lie, I'm not exactly 100% sure what that means. Link to comment Share on other sites More sharing options...
rmorelan Posted May 27, 2013 Report Share Posted May 27, 2013 I currently seem to have 80,000 federal and 89,000 provincial. I think. That's what CRA told me when I called, anyway. Not going to lie, I'm not exactly 100% sure what that means. roughly speaking take the 80K Fed x 0.16 = how much you won't have to eventually pay in Fed income tax during residency. roughly speaking take the 89K Prov x 0.625 = how much you won't have to eventually pay in Prov income tax during residency you will add to these amounts during your next two years. end result - roughly 20K more in your pocket in the end in tax savings. Expect big refunds. Link to comment Share on other sites More sharing options...
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