Consolidating OSAP loans to a line of credit with a lower interest rate

[Rapple]

For OSAP loans, the interest you pay is tax deductible. If I consolidate my OSAP loan to a line of credit with a lower interest rate, how can I make it so the interest on the line of credit is tax deductible as well?

[dolphie]

you can't.
Keep paying osap for the deduction, or get a lower interest rate and lose the deduction.

[rilhouse]

you have to do the math to see if the reduction in interest > tax benifit

also with OSAP if you can't pay (b/c of job loss) you can always go into interest releif. can't do that with a bank loan.

[realinvestor101]

For e.g. if your investments > OSAP Loan. Pay off your OSAP loan by divesting. Then you use the Line of Credit to buy back the investment. Now the line of credit becomes tax deductible.

Realise it is not applicable to everyone.

;)