Are investment fees tax deductible? + MORE Aug 23rd

The B.C. government ended the last fiscal year with a surplus of $2.7 billion, largely in line with unaudited financial results released two months ago by the province’s former Liberal government.
The 2016-17 public accounts released Tuesday by Finance Minister Carole James also show a $3.4-billion increase in revenue over the budget forecast while spending was $1.3 billion higher.
James said while B.C.’s economic growth outperformed most other provinces, poverty remains a reality for many people struggling to afford basic needs in a province where the cost of housing is high.
She said the New Democrats are planning programs to benefit seniors, as well as low- to middle-income families that can’t pay for quality child care and businesses that can’t find employees because of the cost of living in some communities.
“It’s really tough for people out there to see the benefit of a surplus this size when they’re struggling day to day to manage, when you take a look at the poverty rates in our province,” James said…

Canadian Securities Institute to recognize Toronto college’s financial planning grads who want to take next step

Q: I pay a few thousand dollars in monthly fees to the various RRSP funds that I have—all with one institution and at a preferred rate. Since these fees are to earn money, are they an allowable tax deduction?
—Jerry
A: Fees paid to a financial institution may be tax deductible, Jerry. It depends on the nature of the fees.
You refer to your “various RRSP funds” and I assume you are referring to mutual funds or pooled funds held in your RRSP accounts. Fees paid for RRSPs, whether embedded fees in your funds or fees charged separately to your account for investment management are specifically not tax deductible. If you pay an annual administration fee, this too is not eligible for a tax deduction.
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This lack of tax deductibility applies for all registered accounts, whether an RRSP, LIRA, RRIF, LRIF, LIF, etc.
As a rule, Jerry, if the income isn’t taxable – registered accounts are tax-deferred – costs related to earning that income are not deductible…

Lawyers representing Sears employees and pensioners argue that a Toronto judge should allow a last-minute bid from one of Canada’s largest retail space owners to purchase a Sears store in Winnipeg, even though the insolvent retailer already has a deal in place.
The court will decide whether to allow RioCan Real Estate Investment Trust to bid for the Garden City Outlet store location.
RioCan made its bid after Sears had already accepted a $5 million offer for the property from WCRE Investments Ltd.
Lawyers representing employees argue that RioCan’s offer for $1 million more should be allowed to proceed because it would give more money to creditors, including former employees.
Lawyers for Sears and the court-appointed monitor said the location had been marketed widely and that RioCan had been specifically asked if it was interested before they reached the deal with WCRE.
Counsel for RioCan said it was not given enough time to put an offer together.
A lawyer for Sears said that allowing the RioCan offer to proceed would re-open the bidding process and make other potential bidders think twice before making an offer…

Canada’s biggest banks could deliver another profitable season for investors as third-quarter results starting to roll in this week are expected to get a boost from the strengthening economy.
Analysts expect modest improvements from the Big Six banks, which launch their quarterly earnings reports beginning with Royal Bank on Wednesday, but some suggest the industry could outdo the conservative predictions.
“There always seems to be this hesitancy that somehow the numbers won’t be as good,” suggested Gareth Watson, vice president of investment management and research at RichardsonGMP.
“But we’ve always come out of the results saying ‘Things weren’t as bad as people thought they were going to be.”’
It’s an issue analysts continue to grapple with in this period of intensified questions about the direction of Canada’s housing market and expectations the Bank of Canada could make another move on interest rates later this year…