Interest paid on student loans

You may be eligible to claim an amount for the interest paid on your loan in 2015 or the preceding five years for post-secondary education if you received it under:

• the Canada Student Loans Act;
• the Canada Student Financial Assistance Act;
• the Apprentice Loans Act; or
• a 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 2015 or the preceding five years. You can claim an amount only for interest you have not already claimed. If you have no tax payable 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.

You cannot claim interest paid on any other kind of loan or on a student loan that has been combined with another kind of loan. If you renegotiated your student loan with a bank or financial institution or included it in an arrangement to consolidate your loans, the interest on the new loan does not qualify for this tax credit. In addition, you cannot claim interest you paid because of a judgment obtained after you failed to repay a student loan.