385 – Interest paid on a student loan
You can claim an amount if you (or a person related to you) paid interest after 1997 on a student loan that was granted to you under 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) or a law of a province other than Québec governing the granting of financial assistance to post-secondary students. However, you cannot claim an amount for interest paid on any other type of loan (such as a line of credit) or on a student loan that was combined with another type of loan, or for interest paid further to a court decision concerning your default on a student loan.
To claim or carry forward an amount, complete Schedule M and file it with your return. You are the only person who can claim an amount for the interest paid on a student loan granted to you.
Even if you are not claiming an amount for 2024, it is to your advantage to complete Schedule M to determine the cumulative amount of interest that you can carry forward. File the schedule with your return.
Carrying interest paid on a student loan to a future year
You can carry to a future year the interest paid on a student loan from 1998 through 2024, provided you have not already claimed it on a previous return. To calculate the amount that can be carried forward, complete Schedule M and file it with your return.