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Before making a major financial decision you
should consult a qualified professional.
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.
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