Calculate Your Student Loan Interest Tax Credit

How much can you get back from the interest you paid on your student loans?

Canadians all get the same federal tax credit on eligible student loan interest. At writing, this is 15 percent. But the provinces vary in their tax credit rates. This means you get a different payback on your tax credit, depending on where you live.

This Debt 101 calculator combines your federal and provincial tax credits to show you approximately what they're worth in dollars - in your own province or territory.

Which student loans qualify for this tax credit? And how can you claim it? For this and more, see Claim Your Student Loan Interest Tax Credit.

 

                                                   How To Use this Calculator

 Just add up the total 'interest paid' amounts from your student loan statements. Select the province you're living in. Then click the "Compute" button.

The total amount shown at the bottom would be deducted against the taxes you owe. That's because this is a non-refundable tax credit, as described in Claim Your Student Loan Interest Tax Credit.

Unless the government is keeping your refunds to pay against back debts, any surplus from your taxes should come back to you as a refund!

 © 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017 - Original Calculator by Student Finance 101 Society, created by the Student Finance 101/Debt 101 calculator team.  For more information about our calculator team, see About Us. For more on our copyrights, see Legal.

Share this