Can the fee charged by the financial institution f...

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New Member

Can the fee charged by the financial institution for a RSP withdrawal be claimed as an expense? If so where is the fee amount entered?

 
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New Member

Can the fee charged by the financial institution for a RSP withdrawal be claimed as an expense? If so where is the fee amount entered?

Most institutions do not charge for an RRSP withdrawel. Are you sure it wasn't the taxes withheld? 

Banks are required by CRA to withhold a minimum of 10% taxes. (more if you withdraw over $10,000)

You would receive a T4RSP with all this information on it. The taxes withheld are a credit to your total tax payable. By entering the T4RSP, you will have credit for the taxes withheld. 

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New Member

Can the fee charged by the financial institution for a RSP withdrawal be claimed as an expense? If so where is the fee amount entered?

Thanks for your response.
There was an additional fee charged by the bank to perform the withdrawal - in addition to the taxes withheld.
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New Member

Can the fee charged by the financial institution for a RSP withdrawal be claimed as an expense? If so where is the fee amount entered?

RRSP's are a special type of investment. NO carrying charges, interest or other fees can be claimed against an RRSP. Presumably because the Tax relief from the RRSP is credit enough.  So no, you can not claim the extra fee.
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