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Completing your tax return. Claim on line 22100 of your return your total carrying charges, interest expenses and other expenses. If you have carrying charges for Canadian and foreign investment income, complete the chart for line 22100 using your Federal Worksheet. Keep all your documents in case the CRA asks to see them later.
Depends how you interpret line 221? Only capital gains. I only bought dividend last year to take advantage of line 221. But just thinking out loud if I bought non Dividends for 20K with 20K them I used margin to buy dividends it's line 221 but do it the opposite way have dividends then buy non dividend same amount the interest is the same.
May 29, 2018 · A: There are tax deductions for certain types of fees related to your finances and investments. Line 221 of your tax return – carrying charges and interest expenses – is for claiming ...
May 29, 2018 · TFSA fees aren’t deductible either, given TFSA income and growth is tax-free. You can only claim fees that relate to taxable investment accounts like non-registered investment accounts, but not all fees. Commissions to buy or sell investments are not tax deductible on line 221. That said, they increase your adjusted cost base for capital ...
Feb 24, 2017 · Technically, the statement is correct. On filing his/her tax return, an investor can claim a deduction for a directly charged fee on Line 221, “Carrying charges and interest expense,” but she cannot claim an management expense ratio (MER) fee on Line 221. While an MER is not deducted by the conscious action of the investor, it is ...
Oct 30, 2019 · Specifically carrying charges or interest expenses. On my tax return it was entered on line 221. To enter Carrying Charges, Investment Interest paid or Investment Management Fees (IMFs), in TurboTax Online or the EasyStep view of TurboTax Desktop:
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Line 221 – Carrying charges and interest expenses. You can claim the following carrying charges and interest you paid to earn income from investments: most interest you pay on money you borrow for investment purposes, but generally only as long as you use it to try to earn investment income, including interest and dividends.
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