I know that we can claim interest on Govt. Student loan but can we claim interest on the student loan or student line of credit from a private bank? if yes then but we need as proof. Is a bank statement is enough?
No you cannot claim it.
Nope. You need the official federal and provincial annual student loan interest receipt. This will give you the eligible student interest.
Here’s an interesting Student Loan receipt a client just gave me from RBC Royal Bank.
Student Loans from a Bank are typically not claimable, but this one specifies that it pertains to loans held at RBC granted under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar Provincial or Territorial statute.
Based on this description, it seems like the Loan Interest stated on this Bank Statement meets the requirements specified for this credit and can be claimed by my client. Agree or Disagree?
CRA’s requirement for Line 31900 states:
You may be eligible to claim an amount for the interest paid on your student loan in 2021 or the preceding 5 years for post-secondary education if you received it under:
- the Canada Student Loans Act
- the Canada Student Financial Assistance Act
- the Apprentice Loans Act
- provincial or territorial government laws similar to the acts above
Looks legit to me. I also had one and claimed it. E-filed and so far so good. PS: two weeks ago…
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I find it curious though that that phone number is for RBC Royal Bank Collections.
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Many student loans end up there soon or later.