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How do I report student loans or a student line of credit?

by TurboTax•2• Updated 3 weeks 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 Loans Act

Canada Student Financial Assistance Act

Apprentice Loans 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.

  1. From the Tax home screen, under Add to your return, enter student and select Students Profile.
  2. At the Your Student Profile screen, select the box for Student loan interest, then continue.
  3. At the Student Loan Interest screen, select Yes, I have eligible student loan interest, then continue.
  4. Enter your amounts on the next Student Loan Interest screen, then continue.
  5. At the Student Summary screen, verify your amounts.
  1. Select Find (or the magnifying glass icon) from the TurboTax menu, enter Students in the search bar, select Students, then select Go.
  2. At the Your Student Profile screen, select the box for Student loan interest paid… and continue.
  3. At the Student Loan Interest screen, select Yes, I have eligible student loan interest and continue.
  4. At the second Student Loan Interest screen, enter applicable amounts.
  5. At the Student summary screen, review the info displayed.