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1st Session, 36th Parliament,
46-47 Elizabeth II, 1997-98
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The House of Commons of Canada
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BILL C-316
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An Act to amend the Income Tax Act (interest
on student loans)
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| R.S., c. 1 (5th
Supp.); 1994,
cc. 7, 8, 13,
21, 29, 38, 41;
1995, cc. 1, 3,
11, 18, 21, 38,
46; 1996, cc.
11, 21, 23;
1997, cc. 10,
12, 25, 26
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Her Majesty, by and with the advice and
consent of the Senate and House of Commons
of Canada, enacts as follows:
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1. The Income Tax Act is amended by
adding the following after paragraph 60(d):
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| Interest on
student loan
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(d.1) the aggregate of all amounts paid by
the taxpayer during the taxation year that
are payments of interest on a student loan as
defined in subsection 60.1(2.1);
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| Unused part
deductible by
guarantor
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(d.2) in the case of a taxpayer who was the
guarantor of a student loan mentioned in
paragraph (d.1), and the person to whom the
loan was made does not deduct the full
aggregate of all amounts that are payments
of interest on the student loan in a taxation
year, the amount by which such aggregate
exceeds the amount deducted by the person
to whom the loan was made, pursuant to
paragraph (d.1);
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2. The Act is amended by adding the
following after subsection 60.1(2):
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| Definition of
``student
loan''
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(2.1) In paragraphs 60(d.1) and (d.2),
``student loan'' means
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(a) a loan under the Canada Student Loans
Act;
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(b) a loan under the Canada Student
Financial Assistance Act; or
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(c) a loan from a prescribed financial
institution to a taxpayer for the purpose of
assisting the taxpayer to follow a course of
study for which a loan could be made under
the Canada Student Loans Act or the
Canada Student Financial Assistance Act
and that meets the requirements prescribed
by the Minister for the purposes of this
subsection.
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