While you are not able to claim your student loan for tax purposes, you may be able to claim the amount of interest you paid on your student loan during the tax year. To be eligible, you must have received the student loan for post-secondary education under one of the following situations:
- The Canada Student Loans Act;
- The Canada Student Financial Assistance Act;
- The Apprentice Loans Act;
- Act respecting financial assistance for education expenses (Québec residents); or
- A similar provincial or territorial government laws.
You are the only person who can claim the amount of interest you (or a person related to you) paid on your student loan. In order to claim the amount, you must be current in your repayment of your student loans.
You cannot claim interest paid on any other kind of loan such as a personal loan or a line of credit. The interest paid on a student loan that is combined with another type of loan or on a student loan received from another country are also not eligible.
Note: If you are a resident of Québec, you can claim the amount of interest you paid on your student loan after 1997, and you can carry forward any unused interest from 1998 through 2015, as long as you have not claimed that amount on a previous return. Complete Schedule M to calculate the amount of interest you can carry forward.
Tax tip: If you don’t have any tax payable for this year, we recommend that you don’t claim your student loan interest on your tax return this year. Instead, you can save the interest and apply it to your tax return in any of the next five years, to help reduce your income tax payable. Keep all supporting documents (such as receipts from the loan provider) for the amount you are claiming, in case the Canada Revenue Agency (CRA) or Revenu Québec asks to see them at a later date.
Where can I learn more?
- Line 319 - Interest paid on your student loans (CRA website)
- 385 – Interest Paid on a Student Loan (Revenu Québec website)
- Schedule M – Interest Paid on a Student Loan (Revenu Québec website)