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dman1118
New Member

Can my wife deduct monthly banking fees on our joint account as an expense for my wife who is self employed?

 
1 Reply
Lvsingh_2692
Level 1

Can my wife deduct monthly banking fees on our joint account as an expense for my wife who is self employed?

As per CRA, your wife can deduct bank charges and interests (Line 8710 )  only if this joint account is used as business account for your wife's self-employed business. This expense can be recognised as a business expense which is deductible. 

*Please note that if this joint account is used as a non-business account the bank charges will be considered as personal expenses hence, it will not be deductible.

 

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