I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate non-refundable tax credits (NRTCs) for all the tuition fees I was paying. At the end of the four years, this was a substantial amount (let's say
The past year, I worked full time and had federal and provincial tax deducted at source (this amount is
Based on the information answer provided here, it seems clear to me that since my NRTCs are 4 times the tax deducted at source, the following should occur when I file my next tax return:
- I should receive
$xas part of a tax refund
- My NRTCs should become
Have I understood the system correctly? Since
$x is a substantial amount, I want to know if I can factor this in as money that will be coming in.