Today’s tax tip:
Interest paid on your student loans
You may be eligible to claim an amount for the interest paid on your loan in 2017 or the last five years for post-secondary education if you received it under:
1) The Canada Student Loans Act
2) The Canada Student Financial Assistance Act
3) The Apprentice Loans Act or
4) Similar provincial or territorial government laws
Only you can claim an amount for the interest you, or a person related to you, paid on that loan in 2017 or the preceding five years.
You can claim an amount only for interest you have not already claimed. If you have no taxes owing for the year the interest is paid, it is to your advantage not to claim it on your return. You can carry the interest forward and apply it on your return for any of the next five years.
More detailed information about this can be found at:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-319-interest-paid-on-your-student-loans.html
