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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 · You can claim the interest paid on your student loan in 2022 or for the previous 5 years of your post-secondary education. The interest payments that you make on your federal and provincial student loans will be eligible for a 15% tax credit. One thing to note: You can give a sigh of relief—as of April 1, 2023, the federal government stopped ...
Dec 12, 2023 · 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. The Apprentice Loans Act.
Feb 7, 2024 · As a student, claiming tax credits or deductions can reduce the tax you owe on income earned from work, withdrawals from your registered education savings plan, or taxable scholarships, grants and ...
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- Tuition, Education, and Textbook Tax Credit. The tuition, education, and textbook tax credit was actually repealed in 2017, meaning that education and textbook credits are no longer valid for students to claim.
- Interest Paid on Your Student Loans. Student loans collect interest over time, which can add yet another expense to a student’s finances. However, that interest is eligible for deduction on your taxes, as long as the student loan meets the following requirements
- Moving Expenses and Transportation. Moving from one home to another is stressful enough as it is. The costs associated are another burden to add to the pile; however, if you are moving to go to school, you can claim moving expenses on your taxes with line 21900 of your tax return.
- Scholarships, Bursaries, and Grants. If you succeeded in obtaining a scholarship or bursary for your studies, the good news is that the income is not taxable, and you don’t have to declare it as income on your taxes.
Interest paid on your student loans – You may be able to claim an amount for the interest paid on your student loan in 2018 or the preceding five years for post-secondary education. It must be interest paid on a loan received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Canada Apprentice Loans Act, or a similar provincial or territorial law.
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Filing Your Return -> Students-> Student loan interest Line 31900 Student Loan Interest. Note: Before 2019, Line 31900 was line 319. Income Tax Act s. 118.62. A non-refundable tax credit for student loan interest can only be claimed by the student, even if it was paid by a related person. Unused interest amounts can be carried forward for 5 years.
