SUMMARY

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.

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.