Repaying OSAP: Claim on Income Taxes?
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I finished school and started paying back my OSAP loan in 2007. I've heard I can claim the interest paid on my income taxes and possibly get a refund.
I can't find anything online that gives a definitive answer - has anyone heard of this before? What am I suppose to do?
Repaying OSAP: Claim on Income Taxes?You should get a slip from OSAP that will show you the amount of interest that you paid on interest. I believe that it's near the bottom of your OSAP statement. Look back at your last one for 2007. If it doesn't say something like "interest paid... tax purposes", call OSAP and I'm sure they will let you know the amount you can claim.
You can check the CRA website to make sure that you can claim the interest. If it's OSAP, you can, but if it's a student line of credit from a bank, you can't.
http://www.cra-arc.gc.ca/tax/individuals...
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