Interest paid on a student loan
Enter the amount of interest paid on student loans that you have
not yet deducted. You can claim the interest for the current year
and any interest on loans carried forward from previous years.
For Quebec residents, enter the unclaimed amount
from previous years on the line "Interest paid on student loans
in prior years and not claimed - Quebec (Schedule M)"
Please consult both your federal and Quebec notices of
assessment to determine the amount you can claim from previous
years.
To enter the amount of interest paid on student loans, please
follow the steps below:
1. On the "Left-side menu on the Interview tab", select
the "Interview setup".
2. Then, on the page that appears on your right, go to the
"Student" group, check the box for "Education, tuition,
textbooks, student loans and Canada training credit" and click
on "Next" at the bottom of the page.
3. Return to the "Left-side menu on the Interview tab",
select the "Tuition, education, student loans" and, on the
right-hand side, choose the option "Interest paid on your
student loans (line 31900)".
4. On the page that appears, enter the amount you paid to your
bank on the line "Interest paid on a student loan in
2021".
5. If you want to limit the amount of interest paid and carry
forward the remainder to another year, enter the amount claimed
this year on the line "Limit the amount of student loan interest
claimed."
6. For residents of Quebec, if you want to claim or limit your
amount, click on the "Maple leaf" icon located to the right
of the line to generate a new field for the Quebec amount. Then,
enter the amount for Quebec. This box will only appear if you have
previously entered the federal amount.
The unused portion can be carried forward to be used in future
years. The program will report this information in the "Summary
of carryforward amounts" in the "Tax return" tab.
The program will claim the deduction this year on
line 31900 of your federal return.
For Quebec residents, Schedule M will be generated, and the
amount will be carried over on line 385 of the Quebec return.
For more information, please consult this CRA link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31900-interest-paid-on-your-student-loans.html
For Quebec, consult the following link:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/350-to-398-1-non-refundable-tax-credits/line-385/
ID: 20210719123902NA.xml
Webpage: KPA355-20210719123902NA.htm
