Credit Cards

Credit card balance transfer fee deductible for tax?

  • Last Updated:
  • Mar 1st, 2021 11:09 pm
Tags:
None
[OP]
Newbie
Jan 12, 2021
9 posts

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
Deal Fanatic
Oct 7, 2007
8099 posts
4069 upvotes
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.
Member
Mar 13, 2004
245 posts
99 upvotes
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.

Top