Claiming Student Loan Interest on the Tax Return

Claiming Student Loan Interest on the Tax Return

The Canada income Agency understands that repaying student education loans may be economically difficult in many cases. The CRA offers a deduction for qualifying student loan interest payments to help offset some of that burden.

Eligible Interest

You are allowed by the CRA to claim the interest you’ve got compensated on lots of your post-secondary figuratively speaking on your tax statements. Nevertheless, you can find limitations in the kinds of loans that qualify:

  1. You simply cannot claim interest from signature loans or credit lines even though you used those monies to cover post-secondary education. Furthermore, you might perhaps perhaps not claim interest on student education loans received from foreign banking institutions.
  2. You might just claim interest re payments on loans gotten beneath the Canada figuratively speaking Act, the Canada scholar Financial Assistance Act, or similar provincial or programs that are territorial. Read More