Schedule M: Interest Paid on a Student Loan

What's in this article?

 

What is this?

You can claim a non-refundable tax credit if you (or someone related to you) paid interest after 1997 on a student loan that was granted to you. In order to claim or carry forward an unused interest amount, you must complete a Schedule M. Refer to your Schedule M from the previous year or your Notice of Assessment (NOA) or Notice of Reassessment to determine any unused portion that you can claim.

Note: You cannot claim an amount for interest paid on a student loan that has been combined with another type of loan.

 

Am I eligible?

You can claim this tax credit if you (or a person related to you) paid interest after 1997 on a student loan that was granted to you under one of the following:

  • The Act respecting financial assistance for education expenses;
  • The Canada Student Loans Act;
  • The Canada Student Financial Assistance Act;
  • The Apprentice Loans Act; or
  • A law of a province other than Québec governing the granting of financial assistance to post-secondary students

Note: We recommend that you complete a Schedule M, even if you are not claiming the amount for the current tax year, to determine the total amount of interest you can carry forward.

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

Important: Before you begin, ensure that you told us that you lived in QUÉBEC on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, claim your Schedule M: Interest Paid on a Student Loan by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I wasn’t a student but I have unused tuition amounts or interest and click Continue.
  4. Click the STUDENTS icon. You will find yourself here:
  5. Under the CREDIT AMOUNTS section click the checkbox labelled Student loan interest paid in 2015 or interest not claimed in a previous year.
  6. Scroll to the bottom of the page and click Continue.

When you arrive at the page for Student loan interest paid in 2015 or interest not claimed in a previous year, enter your information into the tax software.

 

Where can I learn more?