Tax wiki
s. 118.62
PART I — Income Tax · DIVISION E — Computation of Tax · SUBDIVISION A — Rules Applicable to Individuals · Annual Adjustment of Deductions and Other Amounts
Credit for interest on student loan
Not yet annotated · Text current to 2026-06-21 · section last amended 2015-01-02
Current text
For the purpose of computing an individual’s tax payable under this Part for a taxation year, there may be deducted the amount determined by the formula
A × B
where
is the appropriate percentage for the year; and
is the total of all amounts (other than any amount paid on account of or in satisfaction of a judgement) each of which is an amount of interest paid in the year (or in any of the five preceding taxation years that are after 1997, to the extent that it was not included in computing a deduction under this section for any other taxation year) by the individual or a person related to the individual on a loan made to, or other amount owing by, the individual under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act or a law of a province governing the granting of financial assistance to students at the post-secondary school level.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2015-01-01:
Show the text in force 2004-08-31 to 2015-01-01
Credit for interest on student loan
118.62 For the purpose of computing an individual’s tax payable under this Part for a taxation year, there may be deducted the amount determined by the formula
A × B
where
Ais the appropriate percentage for the year; andBis the total of all amounts (other than any amount paid on account of or in satisfaction of a judgement) each of which is an amount of interest paid in the year (or in any of the five preceding taxation years that are after 1997, to the extent that it was not included in computing a deduction under this section for any other taxation year) by the individual or a person related to the individual on a loan made to, or other amount owing by, the individual under the Canada Student Loans Act, the Canada Student Financial Assistance Act or a law of a province governing the granting of financial assistance to students at the post-secondary school level.- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1999, c. 22, s. 38
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 118.62 links to the one before it.
Enacting and amending legislation
- 1999, c. 22, s. 38; 2014, c. 39, s. 35
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Referred to in
References are generated from the statutory text and list other sections of the Act only.
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 118.62.