TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Student loan taxable income?

3 replies
39 views

Hello,

If I used some of my federal student loan money to pay for room, board, and groceries, do I need to report this amount as taxable income on my tax return?

Level 15

No. The money that you get from a loan is not taxable income, no matter what you use it for. You do not report the loan proceeds on your tax return.

Alumni - Intuit

Student loan is not income. You are liable to pay it back. It is a loan, not considered income.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 15

Scholarship money used for room, board, and groceries is taxable income. But, it's not the same for loan money. Money from loans is considered "your money" as you obligated to pay it back.