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Student Tax Deductions in Canada – TurboTax Tips
Student Tax Deductions in Canada
Last modified:
January 18, 2017
Are there student tax deductions that I may have missed?
The deductions that students overlook most often are moving expenses and childcare expenses as well. There are also federal non-refundable tax credits that reduce your federal tax. The ones that apply to most students are the Canada employment amount, the public transit...
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Tax Tip: Can I Claim Interest Paid on a Student Loan ...
Tax Tip: Can I Claim Interest Paid on a Student Loan?
Last modified:
January 18, 2017
Overview
As a student, you can take advantage of a nonrefundable tax credit that allows you to claim interest paid on student loans. There is a catch, however; you can only claim interest paid on federal and...
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Claiming Student Loan Interest on Your Tax Return ...
Your student loan interest, with the rest of the information you report on lines 300 to 395 of your income tax return, earns you a non-refundable tax credit.
If you owe taxes, this amount is subtracted from your taxes owed; as a result, you have a lower tax bill. However, if you do not owe any taxes or if you have covered your taxes due with other credits, you cannot get a refund based on your student loan interest. The interest earns you a tax credit that is non-refundable, so you cannot convert it into a tax refund.
Maximizing Your Student Loan Interest Claim
Because you...
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