TurboTax HelpIntuitHow do I report student loans or a student line of credit?
by TurboTax•35• Updated 6 months ago
Repayments of principal on student loans or lines of credit can't be claimed on your tax return. Interest paid on a student line of credit can't be claimed.
However, you can claim the interest paid on these types of loans as a federal non-refundable tax credit:
Canada Student Financial Assistance Act
There are provincial tax credits for interest on loans governed under Provincial or territorial government laws, similar to the federal laws.
If the claim reduces your balance of tax owing to zero and there’s any unclaimed interest for the year remaining, it can be carried forward to future tax years for up to five years. Only you can claim it, even if someone else paid it.
Effective April 1st, 2023, the Government of Canada permanently eliminated the accumulation of interest on all Canada Student Loans, including loans currently being repaid. See National Student Loans Service Centre.
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