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Financial

Can I write off Bank Charges & Interest in Canada?

YES

Explanation

Monthly business bank fees, merchant processing fees (Stripe/PayPal), and interest on loans made for business purposes are fully deductible.

💡 Pro Tip

Open a separate business bank account. It makes it infinitely easier to separate deductible fees from personal banking costs, which are not deductible.

Official Source: Line 8710 – Interest and bank charges