If you use a safety deposit box for safekeeping of your investments, you can claim the cost as a “carrying charge” on line 221 of your tax return, if the cost has been incurred in order to earn income from your investments.
The Federal 2013 Budget proposes to eliminate this deduction, starting with the 2014 tax year for individuals. This is because with electronic records being the norm, it is more likely that the use of a safety deposit box is a personal use, rather than being related to earning investment income.