Line 319 - Interest paid on your student loans
You may be eligible to claim an amount for the interest paid on your loan in 2016 or the preceding five years for post-secondary education if you received it under:
- the Canada Student Loans Act;
- the Canada Student Financial Assistance Act;
- the Apprentice Loans Act; or
- similar provincial or territorial government laws.
Only you can claim an amount for the interest you, or a person related to you, paid on that loan in 2016 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.
You cannot claim interest paid on any other kind of loan or 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 for this tax credit.
In addition, you cannot claim interest you paid because of a judgment obtained after you failed to repay a student loan.
Completing your tax return
On line 319 of your Schedule 1, Federal Tax, 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 5852 of your provincial or territorial Form 428.
For more information about your student loan and interest paid, visit CanLearn.
Keep all your documents in case we ask to see them later.
Filing a paper return
Attach your documents for the amounts you are claiming for 2016.
Forms and publications
- General Income Tax and Benefit Package - Guide, Returns, Schedules
- Pamphlet P105, Students and Income Tax
- Apprentice Loans Act
- Canada Apprentice Loan
- Canada Student Financial Assistance Act
- Canada Student Loans Act
- Date modified: