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New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

Where can I claim expenses for a safety deposit box?  it used to be on Schedule 4 as a carrying charge.  I cant find it on the turbotax form this year.

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New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

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

6 Replies
New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

The Federal 2013 Budget eliminated this deduction for tax years beginning on or after March 21, 2013., This would mean starting with the 2014 tax year for almost all individuals.  This change was made because with electronic records being the norm, it is more likely that the use of a safety deposit box is a personal use, rather than being related to earning investment income.

http://www.taxtips.ca/filing/safetydepositbox.htm
New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

Then how do I remove this entry from turbo tax? I am getting an error message.
New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

I have a jewelery business at home and need my saftey deposit boxes to store merchandise safely I have 5 can I still claim as a business expense
New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

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

New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

this was deductible for the 2013 tax year but this has been stopped for 2014
New Member

Where can I claim expenses for a safety deposit box? it used to be claimed under carrying charges. I cant find it on the turboxtax form this year.

that law comes in in 2017!