What types of loan qualify for student loan interest tax credit?

To be eligible for a student loan interest tax credit, the interest must be on a loan under:

  • the Canada Student Loans Act, or
  • the Canada Student Financial Assistance Act, or
  • similar provincial or territorial government laws for post-secondary education

Any other kind of loan, for example, a personal or family loan, will not qualify.

You cannot claim interest paid on a student loan that has been combined with another kind of loan. 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 you for this tax credit.

You cannot claim interest paid because of a judgment obtained after you failed to repay a student loan.

What is student loan interest tax credit?

 

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