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New Member
posted Oct 29, 2019 6:01:38 PM

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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1 Best answer
New Member
Oct 29, 2019 6:01:43 PM

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

Here's the source from the CRA. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22100-carrying-charges-interest-expenses.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;

 

2 Replies
New Member
Oct 29, 2019 6:01:39 PM

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
Oct 29, 2019 6:01:43 PM

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

Here's the source from the CRA. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22100-carrying-charges-interest-expenses.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;