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Find CRA error Netfile information >> HERE!

Could you confirm? For the "carrying charges, under the heading of "investment counsel fees" - does that include annual fees and compensation for investments?

 
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Could you confirm? For the "carrying charges, under the heading of "investment counsel fees" - does that include annual fees and compensation for investments?

Carrying charges include the following, if you paid them to earn income from your investments:

  • Management fees (except for an RRSP or RRIF);
  • Fees for investment advice;
  • Fees to have someone complete your return (if you earn income from a business or property);
  • Interest on money borrowed to earn investment income (but not if the only earnings your investment can produce is capital gains).

You cannot claim:

  • Interest on money borrowed to contribute to an RRSP or RRIF;
  • Subscription fees for financial publications;
  • Brokerage fees or commissions paid when you bought or sold securities. (Instead, you use these costs when you calculate your capital gain or capital loss).

 

If you are still unsure of whether you can claim an expense, you can contact the Canada Revenue Agency (CRA) and confirm it with them. 

 

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency