Line 319 - Interest paid on your
student loans
You may have a loan under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or similar provincial or territorial government laws for post-secondary education. For more information about the Canada Apprentice Loan if you are training as a registered Red Seal apprentice in a designated trade, contact Employment and Social Development Canada or visit servicecanada.gc.ca.
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.
Notes
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.
Supporting documents - If you are filing electronically, keep all your documents in case we ask to see them later. If you are filing a paper return, attach your documents for the amounts you are claiming for 2016.
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