TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Tax Year Prior to 2020: Are savings/checking account maintenance fees deductible as an investment expense?

Forum|Forum|7 years ago
June 5, 2019
1 reply
1 view

No text available

TurboTax Home & Biz Windows

Level 10

Unfortunately, those normal bank fees are not deductible, except for business bank accounts.

However, you can deduct expenses that you pay:

1. To produce or collect income that must be included in your gross income,

2. To manage, conserve, or maintain property held for producing such income (such as investments), or

3. To determine, contest, pay, or claim a refund of any tax.

You can deduct expenses you pay for the purposes in (1) and (2) above only if they are reasonably and closely related to these purposes.