What’s in this article?
- What is this?
- Canada Revenue Agency (CRA) says…
- Revenu Québec says…
- Am I eligible?
- Where do I claim this?
- Where can I learn more?
Student loan interest is the interest amount you’ve paid on your loan for post-secondary education. You may be eligible to claim an amount for the interest you paid in the year or in the preceding five years if the loan was received under:
- The Canada Student Loans Act;
- The Canada Student Financial Assistance Act;
- Act respecting financial assistance for education expenses (Québec residents);
- A similar provincial or territorial government laws; or
- A Canada Apprentice Loan amount for registered Red Seal apprentices
The amount for student loan interest reduces your income tax payable. If you do not have tax payable for the year in which the interest is paid, we recommend that you do not claim the interest amount but carry it forward to a future year.
Canada Revenue Agency (CRA) says…
You can carry the interest forward and apply it on your return for any of the next five years.
Revenu Québec says…
You can carry forward to a future year the interest paid on a student loan from 1998 through 2014, provided you have not already claimed that amount on a previous return.
If you are a Canadian living outside of Québec, claim the interest amount on Schedule 1 of your return. If you are a Québec resident, you can use Schedule M to claim or carry forward the interest amount.
You can claim an amount on the interest you paid on your student loan in the year or preceding five years, provided it has not been claimed already. The student loan must be one that is under government laws (Canada Students Act, Canada Student Financial Act, or similar provincial or territorial government laws) and cannot be a loan such as:
- A personal loan or a line of credit;
- A student loan that has been combined with another kind of loan; or
- A student loan received from another country.
Only you can claim the interest amount that you, or someone related to you paid, on your student loan.
In addition, you must be current in your repayment of student loans to claim an amount for the interest paid.
Follow these steps in H&R Block’s tax software to file your 2015 taxes:
1. Click the PREPARE tab.
2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
3. Select the checkbox that applies to you:
a. If you were a student in 2015, select the checkbox labeled I was a student, indicating that you paid interest on a student loan.
b. If you were not a student in 2015, select the checkbox labeled I wasn’t a student, but I have unused tuition amounts or interest, indicating that you paid interest on a student loan in a previous year and have amounts that you have carried forward.
4. Scroll to the bottom of the page and click Continue.
5. Click the STUDENTS icon. You will find yourself here:
6. Under the CREDIT AMOUNTS section, select the checkbox for the Student loan interest paid in 2015 or interest not claimed in a previous year.
7. Scroll to the bottom of the page and click Continue.
When you arrive at the page for the Student loan interest, enter your information into the tax software.
- Line 319 - Interest paid on your student loans (CRA website)
- Line 385 – Interest paid on a student loan (Revenu Québec website)
- Schedule M – Interest Paid on a Student Loan (Revenu Québec website)