There are lots of questions when it comes to taxes. Let us answer them for you. With members averaging 18 years of experience, the Tax Advisory is your trusted source of tax information.
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You Asked
Can you claim the interest on your student loans?
A non-refundable tax credit for student loan interest can only be claimed by the student – even if tuition was paid by another person. Unused interest amounts can be carried forward for five years. In order for the interest to be eligible, the loan must have been obtained under:
- The Canada Student Loans Act
- The Canada Student Financial Assistance Act, or
- A similar provincial or territorial government law for post-secondary education
Personal loans or line of credit from other financial institutions do not qualify for this tax credit.
