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scofenn
Returning Member

Account Transfer to Other Financial Institution fees. Are they carrying charges and are they tax deductible?

 
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Account Transfer to Other Financial Institution fees. Are they carrying charges and are they tax deductible?

Account transfer fees that you pay to move your investments from one financial institution to another are not carrying charges. Carrying charges are expenses incurred to earn income from investments, such as interest on loans used to buy investments or fees for investment management services.

Account transfer fees are generally not tax-deductible, as they are considered to be personal expenses.

The Canada Revenue Agency (CRA) has an extensive list of carrying charges and interest you paid to earn income from investments. These fees can be claimed on your tax return on Line 22100 – Carrying Charges and Interest Expenses. Eligible expenses may include legal fees for support payments, fees for preparing your income tax return and management fees for your investments if you qualify.

 

For more information, please refer to the Canada Revenue Agency (CRA) page: Line 22100 – Carrying charges, interest expenses, and other expenses

TurboTax FAQs page: Claiming Carrying Charges and Interest Expenses

 

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