My financial advisor told me I could claim my account fees from my investments as an expense. The CRA didn't recognize this and now I owe them tax. Where do I claim it?

[lkutryk]

Are account fees from my investment summary deductible as an expense?

[SandraWWoodbridge]

You might be interested to read this discussion on a similar topic.

For tax purposes, the general rule is to match the expense with the reported income. If the investment goal is to accumulate capital gains, the expenses related to the investment could only be claimed when the investment is sold, thus reducing the taxable capital gain from the sold investment. With a 50% capital gains inclusion rate, that means only 50% of the net capital gain will be taxable. So, if you didn’t sell any of the investments and didn’t report any capital gains, the expenses could not be claimed yet.

Please check the list of investment expenses that can/cannot be claimed on this CRA website.

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