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SUMMARY |
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The purpose of this enactment is to allow a person who pays interest
on a student loan to deduct from income, for the purposes of
determining the tax payable, the full amount of the interest for 10 years
after the first payment of interest was due. If the student does not use the
full deduction in any year it may be transferred to the person, if any, who
guaranteed or co-signed the loan initially.
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It covers loans made under the Canada Student Loans Act, the
Canada Student Financial Assistance Act and certain other loans for the
same purpose not made under the government loan program for
students if they meet the prescribed conditions.
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