Only you can claim an amount for the interest you, or a person related to you, paid on that loan in or the preceding five years. You can claim an amount only for interest you have not already claimed. If you have no tax payable for the year the interest is paid, it is to your advantage not to claim it on your return. You can carry the interest forward and apply it on your return for any of the next five years. In addition, you cannot claim interest paid in respect of a judgment obtained after you failed to pay back a student loan.
On line of Schedule 1, enter the eligible amount of interest paid on a student loan. Remember to claim the corresponding provincial or territorial non-refundable tax credit on line of your provincial or territorial Form For more information about your student loan and interest paid, visit CanLearn. Filing electronically Keep all your documents in case we ask to see them at a later date.
Filing a paper return Include your receipts for the amounts you claim in If you renegotiated your student loan with a bank or financial institution, or included it in an arrangement to consolidate your loans, the interest on the new loan does not qualify for this tax credit.
In addition, you cannot claim interest paid in respect of a judgment obtained after you failed to pay back a student loan. Receipts - If you are filing a paper return, include receipts for the amounts you claim in
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