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April 30, 2022
Question

Can I claim the cost of Turbotax as a carrying charge?

  • April 30, 2022
  • 1 reply
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    1 reply

    TurboTaxSusan
    May 15, 2022

    You might be able to. As per this Canada Revenue Agency (CRA) webpage - Line 22100 – Carrying charges, interest expenses, and other expenses: “[You can claim] fees to have someone complete your return if all of the following apply:

    • You have income from a business or property
    • Accounting is a usual part of the operations of your business or property
    • You did not use the amounts claimed to reduce the business or property income you reported (see consolidated and archived Interpretation Bulletin IT-99R5, Legal and Accounting Fees)”