Credit card balance transfer fee deductible for tax?

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Mar 1st, 2021 11:09 pm

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Feb 21st, 2021 2:49 pm

dijkstrabfs3 [OP]: Newbie; Jan 12, 2021; 9 posts

Feb 21st, 2021 2:49 pm

Credit card balance transfer fee deductible for tax?

Newbie to BT. Have a question about tax.
If I use the BT to invest in stocks, can I somehow deduct the BT fee from tax?
Would it be "Line 22100 - Carrying charges and interest expenses" or something else?

Thanks.

3 replies

Feb 21st, 2021 7:51 pm

dijkstrabfs3 [OP]: Newbie; Jan 12, 2021; 9 posts

Feb 21st, 2021 7:51 pm

bump

Feb 22nd, 2021 9:14 am

choclover: Deal Fanatic; Oct 7, 2007; 8099 posts; 4069 upvotes

Feb 22nd, 2021 9:14 am

I would look up (i.e. Google) the CRA definitoin of Line 22100 and if that doesn't help try giving CRA a phone call. If you ask for a senior agent (and take down their particulars), they are usually very helpful.

Mar 1st, 2021 11:09 pm

towcheng2000: Member; Mar 13, 2004; 245 posts; 99 upvotes

Mar 1st, 2021 11:09 pm

I always do that, The BT fee is just an upfront interest you pay. The sooner you pay off the balance, the higher the equivalent rate you pay.

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