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Enter the eligible amount of interest paid on your student loans on line 31900 of your return. Claim the corresponding provincial or territorial non-refundable tax credit on line 58520 of your provincial or territorial Form 428. For more information about your student loan and interest paid, visit Student Aid.
Aug 25, 2023 · Where do I put student loan interest on my tax return? When you file your tax return, you can claim this credit by entering the amount of interest you paid in the last year on line 31900 . You can also claim the corresponding provincial or territorial credits on line 58520 on Form 428.
- Before you start. Do you have to file a return? As a student, you must file a return if any of the following situations apply: you have to pay tax for the year.
- Filing your return. You can file your return through a service provider using EFILE, you can file it yourself online by using NETFILE, using the Auto‑fill my return service, or you can file a paper return.
- Types of income you may have. Most income you receive is taxable and you have to include it on your return. The most common types of income you may receive as a student include
- Common deductions from income. The most common deductions that apply to students are moving expenses and child care expenses. For more information on other types of deductions, see the Federal Income Tax and Benefit Guide.
To claim interest paid on a student loan: On line 31900 of your return, enter the eligible amount of interest paid on your student loans. Claim any corresponding provincial or territorial credits.
You receive a 15% tax credit on any interest you pay on your government student loans each year. This credit applies to interest payments you make on both your federal and provincial or territorial student loans. You can get your T4A documents and statements in your NSLSC account at the start of each calendar year. To learn more, visit how to ...
During the six-month non-repayment period, you can: add the interest amount to your outstanding loan balance. Note: This will increase the amount of interest you will pay over the course of your loan repayment period. Before you enter repayment, you will receive a repayment notification in your NSLSC account inbox.
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Dec 12, 2023 · How do you claim student loan tax credits in Canada? Step 1: Check your loan’s eligibility. First, you have to make sure your student loan is eligible for the tax credit. You can only claim the interest paid to your student loans if you received the loan under: The Canada Student Loans Act. The Canada Student Financial Assistance Act.
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