US Student Loan Interest, Eligible for Canadian Tax Credit?

cyntax · Post by **cyntax** » Mon Apr 28, 2014 1:58 pm

Hello,

I am a full year tax resident in Canada for 2013. I did my Masters degree in the USA and I am still paying a student loan issued by a Public (state-run) USA lender.

Can I claim the interest paid on this USA loan on my CANADIAN tax return as a Non-Refundable Tax Credit? Is there anything in the Tax treaty about it?

Thanks a lot for any guidance!

nelsona · Post by **nelsona** » Mon Apr 28, 2014 2:13 pm

CRA requires that these loans by DIRECTLY under the Cdn student loan programs, so in my opinion, no.

HOWEVER, Since there is no specific T form that is issued for this expencse, even for Cdn loans, I would be tempted to try it bt be prepared for later denial if they scratch. What do you have to lose?

You can claim unclaimed interst for past 6 years.

nelsona · Post by **nelsona** » Mon Apr 28, 2014 2:13 pm

There is no treaty provision for this type of expense.