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.
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How annuities work in Canada + MORE Apr 18th

Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... More »
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The best RRSPs in Canada for 2024 + MORE May 2nd

RRSPs The best RRSPs in Canada for 2024 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 »

How to double your CPP income Apr 25th

A series of academic papers being rolled out by the National Institute on Ageing (NIA) has added fuel to the oft-argued case for delaying benefits for the Canada Pension Plan (CPP) to the latest possible age: 70.  As I reported on my own site, when an introduction and ove.... More »
How to change a past tax returnAsk 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?


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…

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