Solved: Is fee for safety deposit box still deductible? W...

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Is fee for safety deposit box still deductible? Where do you claim the Interests and Carrying Charges?

 
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Is fee for safety deposit box still deductible? Where do you claim the Interests and Carrying Charges?

For tax year 2014, you can no longer claim safety deposit box expenses.

Here's the source from the CRA. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html

You cannot claim on line 221 any of the following amounts:

  • the interest you paid on money you borrowed to contribute to a registered retirement savings plan, a pooled registered pension plan, a specified pension plan, a registered education savings plan, a registered disability savings plan, or a tax-free savings account (TFSA);
  • safety deposit box charges;

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Highlighted
New Member

Is fee for safety deposit box still deductible? Where do you claim the Interests and Carrying Charges?

For tax year 2014, you can no longer claim safety deposit box expenses.

Here's the source from the CRA. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html

You cannot claim on line 221 any of the following amounts:

  • the interest you paid on money you borrowed to contribute to a registered retirement savings plan, a pooled registered pension plan, a specified pension plan, a registered education savings plan, a registered disability savings plan, or a tax-free savings account (TFSA);
  • safety deposit box charges;

View solution in original post

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New Member

Is fee for safety deposit box still deductible? Where do you claim the Interests and Carrying Charges?

TurboTax needs to correct their help info.  When you search on 'safety deposit box" in HELP, the first reference is to Guide - Line 221, where it says:

quote
To enter safety deposit box, carrying charges, or interest expenses not included on a T-slip or receipt:
Enter directly on Part III of Schedule 4 Statement of investment income. (To open Schedule 4 from the T1 General form, place your cursor in line 221 and then double-click.)
end quote.

This information is incorrect.  You can no longer claim safety deposit box.  Intuit needs to correct this reference.
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