What's in this article?
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.
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.
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:
- Click the HOME tab.
- 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:
- Click the PREPARE tab.
- Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
- Click the checkbox labelled I wasn’t a student but I have unused tuition amounts or interest and click Continue.
- Click the STUDENTS icon. You will find yourself here:
- Under the CREDIT AMOUNTS section click the checkbox labelled Student loan interest paid in 2015 or interest not claimed in a previous year.
- 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.