Key Points:
- Carrying Charges and Interest Expenses: These are expenses incurred to earn investment income in non-registered accounts and can be claimed on your tax return.
- Eligible Fees: Includes fees for managing investments, certain investment advice, and recording investment income.
- Non-Deductible Fees: Fees for registered accounts like RRSPs, registered retirement income funds, and tax-free savings accounts are not deductible.
- Financial Planning Fees: Generally not tax deductible, except when part of a fee-based investment account.
- Mutual Fund Management Fees: Deductible in non-registered accounts, but not the management expense ratios (MERs).
- Stock Purchase Fees: Commissions or trading fees for buying stocks are not deductible.
- Tax Return Preparation Fees: Deductible only under certain business or property income conditions.
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