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

[IntuitJacquelyn · Accepted solution]

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;

[ron16]

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.