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karkura
New Member

Can I include my student loan opayments on my 2019 ax?

Good Morning,

First:I paid $200 interest on my studint loan, so I claim this , but what about the  monthly loan payment that I paid monthly from my income.
Second: do I have to put all my tuition fee include the tuition fees that paid by Osap or just the fees that paid from my packet.
finally,
I have 1500 transferred tuition from 2018, can I give it to my spouse or for myself for 2019
1 Reply

Can I include my student loan opayments on my 2019 ax?

We appreciate you choosing TurboTax,

 

  1. Yes, your interest on your loan is to be claimed but unfortunately the loan payment is not to be included in your taxes.
  2. You do include all your tuition fees paid for, as the income from the OSAP will be included from your T4A as seen in our TurboTax article Simple Steps for Students Filing Tax Returns.
  3. The transfer of your unused tuition fees can only be transferred in the year they were incurred.
  • If the student chooses to carry forward the amount to a future year, the carry forward amount must be claimed in the first year they have tax payable. (You do not have the choice to carry forward the amount if you need to use it and CRA will apply it automatically to reduce your tax payable).
  • The other option is to transfer the credit. You can transfer any unused amount to your parents, grandparents or spouse/common-law partner. The student completes Schedule 11 to determine the amount that can be transferred and cannot transfer any carried forward amounts.

Thank you for choosing TurboTax.