What can be claimed on tax line 221

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web2000
Member since: May 06

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Posted on: 24-01-12 15:41:31

I am confused if I can claim banking fee like passbook keeping fee on line 221?

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 25-01-12 10:53:52

Quote:
Originally posted by ashedfc

Here's the detail

After reading this I am still not able to figure out if bank passbook fee can be included to claim it.

web2000
Member since: May 06

Posts: 849
Location:
Post ID: #PID

Posted on: 25-01-12 14:56:03

Quote:
Originally posted by ashedfc

Its open for interpretation, & if CRA disputes than you have to provide your justification of the interpretation.
As far as bank passbook fee is concerned, if you can correlate the bank account with some kind of investments to generate value (gain) than there is a justifiable reason for bank passbook fee to be included in Line 221..
Its the same as Bank Locker Fee which is normally deducted in Line 221 (hope this clarifies).

I can include bank safety deposit box fee even though there is no income generated from keeping SDB.

CRA website is totally useless (I doubt they purposely made it like that) and it may be meaningful for the accountants but not for a common man to help fill the tax return.

Anyway thanks for the response.

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What can be claimed on tax line 221

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