Deducting student loan interest not as easy as it seems
Post-secondary students enjoy some of the most generous tax credits available. And even though they generally can’t use them right away, they’re allowed to carry forward unused amounts for the future when they’re earning more money.
Alternatively, they can transfer credits to a spouse, parent or grandparent, advises Cleo Hamel , a senior tax analyst with H&R Block Canada.
Full-time students can claim $400 per month and part-time students $120 per month. The number of months you’re allowed to claim is indicated on your T2202A Form.
Your tax return is for the calendar year though, so if you attended school from September to December, your T2202A Form will indicate four months. And you can claim partial months if you started late or finished early, Hamel says.