What is the difference between management fees and investment council fees? Can I claim management fees for my RRSP, TFSA?

TurboTaxSusan advised last year that you can claim fees associated with an RRSP or TFSA as 'carrying charges'. Clarify whether carrying charges mean claiming these fees as a management fee or is this an investment council fee?

2703

Intuit Alumni

Apr 10, 2024 6:32:14 AM

As per our TurboTax article: Claiming Carrying Charges and Interest Expenses

Fees to manage or take care of your unregistered investments. Fees you paid for services in connection with your Pooled Registered Pension Plan (PRPP), Registered Retirement Income Fund (RRIF), Registered Retirement Savings Plan (RRSP), or Tax-Free Savings Account (TFSA) do not qualify as these are “Registered Investments”.

This information can also be found in the Canada Revenue Agency (CRA) link: Line 22100 – Carrying charges, interest expenses, and other expenses

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What is the difference between management fees and investment council fees? Can I claim management fees for my RRSP, TFSA?