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R
rbcharlton9-gmai
March 26, 2022
Question

Can I deduct interest for money borrowed to contribute to an RRSP? If so where in my return do I record the expense?

  • March 26, 2022
  • 1 reply
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    1 reply

    T
    Tom_Cheng
    April 2, 2022

    Generally, interest expense is considered to be a capital expenditure and is not deductible unless it meets specific requirements of the Act, such as those contained in paragraph 20(1)(c).

    The interest payments on an RRSP loan are not deductible on your tax return.

     

    For more information, please click: 

    Canada Revenue Agency(CRA) Series 3: Property, Investments, and Savings Plans

     

     

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