Filing Your Return -> Safety Deposit Box Fees

Safety Deposit Box Fees Are Not Deductible

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.

Canada Revenue Agency notes that safety deposit box charges are not allowed, in their article about Line 22100 - Carrying charges and interest expense.

TaxTips.ca Resources

Interest Expense on Money Borrowed to Purchase Investments

Interest Expense on Money Borrowed to Purchase Real Estate

Tax Tip:  This deduction is no longer available!

Revised: December 12, 2025