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posted Mar 8, 2024 10:02:03 AM

Do the fee I pay to manage my money in RRSP and TFSA count? What qualifies as Investment Expenses?

I have mutual funds and automated investing accounts. Both these accounts show earnings post fees and taxes. Can I claim the fees paid as investment expense?

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Moderator
Mar 8, 2024 10:31:23 AM

As per the CRA, investment fees can be deducted if they qualify on the following points:

  • They have been paid for advice connected to the buying or selling of a specific investment
  • They cover the cost of administering or managing an investment owned by the person making the claim
  • They are not a commission
  • They relate to advice on investments made in non-registered accounts. The CRA will deny a deduction of fees related to registered accounts including RRSPs, RRIFs, RESPs and TFSAs. An investor cannot circumvent this rule by charging fees related to a registered account to a non-registered account. 

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