Accounting Tips: Deducting Student Loan Interest Payments

by Craig Anthony

0 min read

If you are a student and you, or someone related to you, paid interest on a student loan, you may be entitled to a tax deduction. The loan must be from an official government program , either federal or provincial. For example, loans made under the Canada Student Loans Act are eligible.

Only the student may claim the deduction. In other words, if your parents paid the loan for you, you may still claim the interest deduction, but they cannot.

If you do not have sufficient income to justify claiming the deduction, keep your documentation because the deduction for interest on student loans can be carried forward to future years.

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