No. Investment clubs are similar to Investment magazines and both are not considered carrying charges for tax purposes. Fees paid for advice such as general financial counseling or planning are not within the provisions of paragraph 20(1)(bb) even though the principal business of the advisor or counselor otherwise qualifies. Also, where the principal business of the person providing the service does not meet the requirements specified, fees paid for advice on buying or selling a specific share or security of the taxpayer or for the administration of the shares or securities of the taxpayer are not deductible under paragraph 20(1)(bb).
Please refer to the CRA link:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it238r2/archived-fe...
I hope this was helpful
Sign In
Canada (English)
EN
