Students Get Tax Credit
The Government of Canada offers help to students in the form of tax relief. With the tax credit, you can get:
- a 15 percent tax credit on the interest you pay on your student loans each year.
The student loan tax credit allows you to deduct the interest that you pay on your student loans each year. This credit applies to interest payments you make on both your federal and provincial or territorial student loans, and the appropriate documents will be sent to you by mail for you to use when you file your taxes.
The credit does not apply to interest payments you may make on any loans held with a private lender, such as a student line of credit with a financial institution.
- an education claim of $400 per month on your tax form for full-time studies
- a non-refundable textbook tax credit of $65 for each month you're enrolled in a course that entitles you to a full-time education tax credit
- a full tax exemption for all post-secondary scholarships and bursaries. You'll still receive a T4A slip but if the scholarship or bursary relates to enrolment in a program that entitles you to the Education Tax Credit, then the amount doesn’t need to be reported on your income tax return.
If you received a Canada Student Grant or Canada Access Grant in 2010, you will get a T4A tax information slip (Statement of Pension, Retirement, Annuity, and Other Income) in the mail by March 8, 2011. If you did not receive a T4A slip, if your slip is lost, destroyed or stolen, or if you need a duplicate slip, please contact the National Student Loans Service Centre.
National Student Loans Service Centre
1-888-815-4514 (within North America)
800-2-225-2501 (outside North America)
TTY: 1-888-815-4556 - tax-free Registered Retirement Savings Plan withdrawals for the purposes of Lifelong Learning.
Get student tax tips or find more information on students and income tax by visiting the Canada Revenue Agency website.