Used to be that if you stored investment income information, stocks, bonds, investment account papers or business contracts in your safe deposit box you could claim the box rental as a deduction from either investment income or business income.
For individuals that would be 2014.
For corporations, for years that begin after March 20, 2013.
This denial is placed in the same section as personal or living expenses and use of recreational facilities or club dues... that means you can't write it off on the T2125 or on the corporate books either, and bury it in bank charges or storage charges.
It's a named item that you can NOT deduct after 2013. So commencing 2014, no safe deposit box fees are deductible... and you can't prepay it to get around this.
S. 18(1)(l.l) is a general limitation in computing income of a taxpayer from a business or property
http://laws-lois.justice.gc.ca/eng/acts/I-3.3/section-18.html
It was passed before Parliament Prorogued in Bill C-60
http://www.parl.gc.ca/HousePublications/Publication.aspx?Language=E&Mode=1&DocId=6249902&File=38#3
Safe Deposit Boxes no longer claimable for business or property income
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