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
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 such a loan.
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).