Interest Paid on a Student Loan

You can claim a non-refundable 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 (federal statute)
  • a law of a province other than Québec governing the granting of financial assistance to post-secondary students

You are the only person who can claim an amount for the interest paid on the student loan granted to you.

Even if you are not claiming the tax credit in your income tax return for the current taxation year, it is nonetheless to your advantage to complete Schedule M to determine the cumulative amount of interest that you can carry forward.

For more information, see the instructions for line 385 in the guide to the income tax return (TP-1.G-V).

Last Updated: