Canadian Tax and
Financial Information
Safety Deposit Box Fees does not research or endorse any product   or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?

Need an accounting, tax or financial advisor? Look in our Business Directory.      Stay Connected with!      Internet Explorer - Use compatibility view for calculators to work properly!

What's New
Personal Tax
Sales Taxes
Free in 30!
Financial Planning
Real Estate
Stocks Bonds etc.
British Columbia
Atlantic Provinces
Federal Budget
Provincial Budgets
Statistics etc.
Site Map
Business Directory
Advertise With Us
Contact Us/About Us
Links & Resources

Filing Your Return

Safety Deposit Box Fees No Longer Deductible - Last year for this was 2013

Income Tax Act s. 18(1)(l.1)

If you use a safety deposit box for safekeeping of your investments, you could previously claim the cost as a "carrying charge" on line 221 of your tax return, if the cost had been incurred in order to earn income from your investments.  For information on this and other investing related costs (both deductible and non-deductible), see our article regarding investing related interest expense.

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.

Tax Tip:  This deduction is no longer available!


Revised: March 24, 2015


Copyright © 2002 - 2015 Boat Harbour Investments Ltd. All Rights Reserved  See Reproduction of information from

Facebook  | Twitter  |  Google + |  Monthly Newsletter Sign-up  What’s New E-mail Notification RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage.  See our Business Directory for tax, accounting and finance-related firms in your area.
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.