Line 319 - Interest paid on your student loans

You may be eligible to claim most of the interest paid on your loan in 2009 and/or the preceding five years if you received it under:

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

Only you can claim most of the interest paid on your student loans even though someone related to you may have paid it. Do not claim interest that you have already claimed. Amounts that you do not claim this year can be carried forward to any of the next five years.

You cannot claim interest paid on any other kind of loan, such as:

• a personal loan or a line of credit;
• a student loan that has been combined with another kind of loan; or
• a student loan received from another country.

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 tax return, include your receipts for the amounts you claim in 2009. If you are filing electronically, keep them in case we ask to see them.

Common errors

Avoid getting a request letter, or a Notice of Reassessment from CRA by paying special attention to certain conditions. For more information see Common adjustments.

Completing your tax return

On line 319 of Schedule 1, enter the eligible amount of interest paid on a student loan.

Be sure to complete the tax and credits form for your province or territory of residence.

Forms and publications

• General Income Tax and Benefit Package for 2009 - Guide, Returns, Schedules
• Pamphlet P105, Students and Income Tax

Related topics

• Students

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