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Claiming Student Loan Interest on the Tax Return

Claiming Student Loan Interest on the Tax Return

The Canada sales Agency acknowledges that repaying figuratively speaking could be economically hard in some instances. To aid offset a few of that burden, the CRA delivers a deduction for qualifying student loan interest repayments.

Eligible Interest

You are allowed by the CRA to claim the attention you’ve got compensated on nearly all your post-secondary figuratively speaking on your own taxation statements. Nevertheless, you will find restrictions from the kinds of loans that qualify:

  1. You simply can’t claim interest from unsecured loans or credit lines even though you utilized those monies to cover post-secondary training. Furthermore, you may perhaps not claim interest on figuratively speaking received from international banks.
  2. You’ll just claim interest re payments on loans gotten underneath the Canada student education loans Act, the Canada scholar Financial Assistance Act, or similar provincial or territorial programs.