buksoBank fees and interest
Not tax advice. General bookkeeping information only, checked against the official sources linked below (Canada Revenue Agency, IRS, provincial governments and Justice Laws) on Oct 17, 2026. Rules change; check with your accountant before you file.
Canada
Bank charges and interest on money borrowed for the business are deductible. Paying off the loan principal is not.
Official source: canada.ca
United States
Business interest and bank fees are deductible. Loan principal repayments are not.
Official source: irs.gov