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New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

Intuit Turbo Tax for some reason is won't allow me to claim my interest paid in the current year if I have tuition tax credits available. Since the carry forward period on Student Loan Interest is only five years that Turbo Tax should deduct that Interest Paid on Government Student Loan Tax Credit prior to applying Tuition Tax Credits due to the constraint on carry-forward period of (5yrs vs. Infinite).

All advice is welcomed.

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New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

I know you feel this is unfair, however Intuit Turbo Tax is correctly applying the provisions of the Income Tax Act.  These provisions state that tuition credits must be applied prior to certain other credits such as your student loan interest.  Please note Ordering of Credits 118.92 in this link http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-185.html#docCont 

It will not matter if you paper file your return, use another soft ware product, or take your return to a qualified tax preparer or an accountant, the application of these credits will be the same.

View solution in original post

4 Replies
New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

I know you feel this is unfair, however Intuit Turbo Tax is correctly applying the provisions of the Income Tax Act.  These provisions state that tuition credits must be applied prior to certain other credits such as your student loan interest.  Please note Ordering of Credits 118.92 in this link http://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-185.html#docCont 

It will not matter if you paper file your return, use another soft ware product, or take your return to a qualified tax preparer or an accountant, the application of these credits will be the same.

View solution in original post

New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

I can not even see the option to enter the interest paid.  I see it in the summary but not anywhere where I can input the amount.
New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

This "recommended answer" does not make sense. 118.92 does not mention interest on student loans at all.
New Member

Interest Paid on Government Student Loan Tax Credit claimable before Tuition Tax Credit? Carry-forward on Interest Paid is only 5 years where Tuition is infinite

For anyone revisiting this topic, you may find Income Tax Folio S1-F2-C2 helpful.  Paragraph 2.48 does mention interest on student loans.  https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-fol...