๐ŸŽ“ Line 31900 โ€“ Interest Paid on Your Student Loans

You may be eligible to claim a non-refundable tax credit for the interest you paid on a qualifying student loan on Line 31900 of your Canadian income tax return. This credit applies for interest paid in the tax year and up to five previous years.

๐Ÿ“Œ Who Can Claim This Credit?

Only the student (borrower) who is legally responsible for the loan can claim this amount. If someone else (like a parent) paid the interest on your behalf, you can still claim it if the loan is in your name.

This applies to loans received under:

  • โœ” Canada Student Loans Act
  • โœ” Canada Student Financial Assistance Act
  • โœ” Apprentice Loans Act
  • โœ” Similar provincial or territorial student loan laws

You cannot claim interest on:

  • โœ˜ Loans not issued under the qualifying acts
  • โœ˜ Loans combined, renegotiated or consolidated with other loans
  • โœ˜ Interest paid because of a court judgment for failing to repay a student loan

If in doubt, consult official receipts or loan documents to verify eligibility.

๐Ÿ’ก How Much Can You Claim?

There is no fixed maximum โ€“ you can claim the total amount of interest you actually paid on qualifying student loans in the current and previous five years.

If you have no tax payable for the year you paid the interest, you can carry forward any unused interest and claim it in the next five years. You must track this yourself, as the Canada Revenue Agency does not do this for you.

๐Ÿงพ How to Claim on Your Tax Return

  • ๐Ÿ‘‰ Enter your federal amount on Line 31900 of your federal tax return.
  • ๐Ÿ‘‰ On provincial/territorial returns, enter the amount on Line 58520 of Form 428 where applicable.

For electronic filing, keep your supporting documents (loan interest statements) in case the CRA requests them later. For paper filing, attach the supporting documents to your return.

๐Ÿ“Š Federal & Provincial Treatment

The interest paid can be claimed federally and, where applicable, on your provincial or territorial tax forms. Each province or territory may calculate their tax credit slightly differently but generally follows the same rules as federal eligibility.

๐Ÿ“ Helpful Tips

  • ๐Ÿ“Œ Keep careful records of interest paid and receipts for at least six years.
  • ๐Ÿ“Œ Interest on private bank lines of credit or personal loans are generally not eligible unless they meet qualifying government student loan criteria.
  • ๐Ÿ“Œ You cannot transfer this credit to another person. It is personal to the borrower.
  • ๐Ÿ“Œ If you are filing for someone who died, special rules may apply.

๐Ÿ“š Forms & Related Resources