Line 22100 – Carrying charges, interest expenses, and other expenses

Note: Line 22100 was line 221 before tax year 2019.

Claim the following carrying charges and interest that you paid to earn income from investments:

• fees to manage or take care of your investments (other than fees you paid for services in connection with your pooled registered pension plan (PRPP), registered retirement income fund (RRIF), registered retirement savings plan (RRSP), specified pension plan (SPP), and your tax-free savings account (TFSA))
• fees for certain investment advice (see archived Interpretation Bulletin IT-238R2, Fees Paid to Investment Counsel) or for recording investment income
• reasonable fees, that have not already been deducted, to have someone prepare or assist you in filing your return if you have income from a business or property (see consolidated and archived Interpretation Bulletin IT-99R5, Legal and Accounting Fees)
• most interest you paid on money you borrowed for investment purposes, but generally only if you use it to try to earn investment income, such as interest and dividends

• legal fees you incurred relating to support payments that your current or former spouse or common-law partner, or the natural parent of your child, paid or will have to pay to you

Policy loan interest
To claim interest paid during the year on a policy loan made to earn income, ask your insurer to complete Form T2210, Verification of Policy Loan Interest by the Insurer.

Refund interest
If the CRA paid interest on your income tax refund, report the interest on line 12100 of your return in the year that you received it. If the CRA then reassessed your return and you repaid any of the refund interest in 2022, you can claim, on line 22100 of your return, a deduction for the amount you repaid up to the amount you had reported as income.

You cannot deduct any of the following amounts on line 22100 of your return:

• interest you paid on money that you borrowed to contribute to a registered retirement savings plan (RRSP), a deferred profit-sharing plan (DPSP), a pooled registered pension plan (PRPP), a registered pension plan (RPP), a retirement compensation arrangement (RCA), a net income stabilization account, a specified pension plan (SPP), a registered education savings plan (RESP), a registered disability savings plan (RDSP), or a tax-free savings account (TFSA)
• safety deposit box charges
• the interest paid on your student loans (although you may be able to claim a credit on line 31900 of your return for this amount)
• subscription fees paid for financial newspapers, magazines, or newsletters
• brokerage fees or commissions you paid when you bought or sold securities. Instead, use these costs when you calculate your capital gain or capital loss. For more information, see Guide T4037, Capital Gains, and archived Interpretation Bulletin IT-238R2, Fees paid to investment counsel
• legal fees you paid to separate or divorce or to establish custody of, or visitation arrangements, for a child

If you have a tax shelter, see Other amounts you have to report on your return.

Completing your tax return

Claim on line 22100 of your return your total carrying charges, interest expenses and other expenses.

If you have carrying charges for Canadian and foreign investment income, complete the chart for line 22100 using your Federal Worksheet.

Keep all your documents in case the CRA asks to see them later.

Forms and publications

• Income Tax Package – Guide, return, and schedules
• Guide T4037, Capital Gains
• Form T2210, Verification of Policy Loan Interest by the Insurer
• Interpretation Bulletin IT-99R5 CONSOLID ARCHIVED, Legal and Accounting Fees
• Interpretation Bulletin IT-238R2 ARCHIVED, Fees Paid to Investment Counsel

Related topics

• Line 12100 – Interest and other investment income
• Line 12700 – Taxable capital gains
• Line 31900 – Interest paid on your student loans