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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.
Jan 21, 2021 · Canada training credit – You may be able to claim this refundable credit for eligible tuition and other fees paid to an eligible educational institution in Canada for courses you took in 2020, or fees paid to certain bodies in respect of an occupational, trade, or professional examination taken in 2020. Interest paid on your student loans ...
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. In order for the interest to be eligible, the loan must have been obtained under. the Canada Student Loans Act,
On line 31900 of your tax return, you can deduct the interest you paid on a student loan. To claim interest on a student loan in TurboTax, follow these steps: 1. From the top right side, choose Find (or the magnifying glass symbol). 2. Type Students into the Find window and select it from the list. Then click Go. 3.
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If you received a loan under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or similar provincial or territorial government laws for post-secondary education, only you can claim, on line 31900 of your Income Tax and Benefit Return, the interest that you, or a person related to you, paid on that loan during 2024 or, starting from the oldest ...
