I-3 - Taxation Act

Section 752.0.18.15 Disposition versions

2017-12-07

752.0.18.15. An individual may deduct from the individual’s tax otherwise payable for a taxation year under this Part an amount equal to the amount obtained by multiplying 20% by the aggregate of all amounts each of which is an amount of interest, other than any amount paid on account of or in satisfaction of interest under a judgment, paid in the year or in a preceding taxation year that is after the year 1997 by the individual or a person related to the individual on a loan made to, or other amount owing by, the individual under

(a)  the Act respecting financial assistance for education expenses (chapter A-13.3);

(b)  the Canada Student Loans Act (R.S.C. 1985, c. S-23);

(c)  the Canada Student Financial Assistance Act (S.C. 1994, c. 28);

(c.1)  the Apprentice Loans Act (S.C. 2014, c. 20, s. 483); or

(d)  a law of a province other than Québec governing the granting of financial assistance to students at the post-secondary school level.

However, in computing the deduction provided for in the first paragraph in respect of an individual for a taxation year, an amount of interest paid in a preceding taxation year shall not be taken into account if it was taken into account in determining an amount that was deducted under this section for another taxation year or if it was taken into account in determining an amount that was deducted under section 118.62 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) for a taxation year in which the individual was not subject to tax under this Part.

2001, c. 53, s. 119; 2017, c. 1, s. 200; 2017, c. 29, s. 152.

2017-02-08

752.0.18.15. An individual may deduct from the individual’s tax otherwise payable for a taxation year under this Part an amount equal to the amount obtained by multiplying the percentage specified in section 750.1 for the year by the aggregate of all amounts each of which is an amount of interest, other than any amount paid on account of or in satisfaction of interest under a judgment, paid in the year or in a preceding taxation year that is after the year 1997 by the individual or a person related to the individual on a loan made to, or other amount owing by, the individual under

(a)  the Act respecting financial assistance for education expenses (chapter A-13.3);

(b)  the Canada Student Loans Act (R.S.C. 1985, c. S-23);

(c)  the Canada Student Financial Assistance Act (S.C. 1994, c. 28);

(c.1)  the Apprentice Loans Act (S.C. 2014, c. 20, s. 483); or

(d)  a law of a province other than Québec governing the granting of financial assistance to students at the post-secondary school level.

However, in computing the deduction provided for in the first paragraph in respect of an individual for a taxation year, an amount of interest paid in a preceding taxation year shall not be taken into account if it was taken into account in determining an amount that was deducted under this section for another taxation year or if it was taken into account in determining an amount that was deducted under section 118.62 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) for a taxation year in which the individual was not subject to tax under this Part.

2001, c. 53, s. 119; 2017, c. 1, s. 200.

2006-03-01

752.0.18.15. An individual may deduct from the individual’s tax otherwise payable for a taxation year under this Part an amount equal to the amount obtained by multiplying the percentage specified in section 750.1 for the year by the aggregate of all amounts each of which is an amount of interest, other than any amount paid on account of or in satisfaction of interest under a judgment, paid in the year or in a preceding taxation year that is after the year 1997 by the individual or a person related to the individual on a loan made to, or other amount owing by, the individual under

(a)  the Act respecting financial assistance for education expenses (chapter A-13.3);

(b)  the Canada Student Loans Act (Revised Statutes of Canada, 1985, chapter S-23);

(c)  the Canada Student Financial Assistance Act (Statutes of Canada, 1994, chapter 28); or

(d)  a law of a province other than Québec governing the granting of financial assistance to students at the post-secondary school level.

However, in computing the deduction provided for in the first paragraph in respect of an individual for a taxation year, an amount of interest paid in a preceding taxation year shall not be taken into account if it was taken into account in determining an amount that was deducted under this section for another taxation year or if it was taken into account in determining an amount that was deducted under section 118.62 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) for a taxation year in which the individual was not subject to tax under this Part.

2001, c. 53, s. 119.