How to change a past tax return Apr 11th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.

Latest News

Do you actually need a financial advisor in your 30s and 40s? May 9th

At some point, most Canadians are told they need a financial advisor. But is hiring one really necessary when you’re in your 30s and 40s, or can it wait until you’re closer to retirement? Like a lot of financial advice, the answer depends on your personal circumstances; it’s less about yo.... More »

The best RRSPs in Canada for 2024 May 23rd

RRSPs The best RRSPs in Canada We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts. Compare now Tap the button for more details. .... More »

Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th

Here’s a round-up of news for Canadian investors this week. Dollarama Transat Roots Featured RRSP Accounts featured EQ Bank Build your retirement savings with 2.00% interest, t.... More »

Stock news for investors: RBI earnings rise as Tim Hortons and international growth boost results + MORE Nov 1st

Here’s a round-up of news for Canadian investors this week. Restaurant Brands International Parkland Wealthsimple Cameco Algoma Corus Spin Master Featured RRSP Accounts featured EQ Bank .... More »

How your net income gets calculated for tax and OAS + MORE Feb 7th

Ask MoneySense Appreciate your article on OAS (Old Age Security). Can you tell me how net income is calculated? For example, if I have $100,000 in pension income and $30,000 was deducted for income tax, is my net income $70,000? —Kevin Calculating net income for tax and OAS purposes I lik.... More »

How to change a past tax return

– moneysense.ca

Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?

—Ian

How to change a tax filing to claim investment management fees

If you pay investment management fees for your non-registered investment account, the fees are generally tax deductible, Ian. They can be claimed on line 22100—carrying charges, interest expenses and other expenses. Fees paid for tax-preferred accounts like tax-free savings accounts (TFSAs) or registered retirement savings plans (RRSPs) are not deductible.

According to the Canada Revenue Agency (CRA), two types of fees are eligible to deduct:

“fees to manage or take care of your investments,”

and “fees, other than commissions, paid for advice on buying or selling a specific share or security by the taxpayer or for the administration or the management of the shares or securities of the taxpayer…

Continue Reading On moneysense.ca »

Not sure what the best Retirement strategies in Canada are? Be sure to get the best advice possible – Visit our Retirement page for details.

Share