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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.
May 29, 2018 · Management expense ratios (MERs) for mutual funds or exchange-traded funds (ETFs) are also not deductible on line 221 either. ... (ETFs) are also not deductible on line 221 either. The investment ...
May 29, 2018 · Management expense ratios (MERs) for mutual funds or exchange-traded funds (ETFs) are also not deductible on line 221 either. The investment fees that you can claim for your non-registered accounts, Patti, are “fees to manage or take care of your investments” or “fees for certain investment advice”.
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 ...
Refund interest - If the CRA paid you interest on an income tax refund, report the interest in the year you receive it on line 121 of your return. If the CRA then reassessed your return and you repaid any of the refund interest in 2018, you can claim on line 221 of your return, the amount you repaid, up to the amount you had reported as income.
If you are an MD Private Investment Counsel client, you can find your management fees for the year in your 2021 tax reporting package. Simply go to “Statement of fees charged to your account” and look for “Fees incurred.”. Remember that management fees are only tax deductible when incurred in non-registered accounts.
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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.
