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Carrying Charges - Reduce Your Income
If you own securities, you may be able to claim some of your investment-related costs as tax deductions known as carrying charges. Potentially deductible costs are fees paid for advice on buying and selling specific securities and fees paid for the management of the securities themselves. To qualify for the deduction, you must pay the fees to a person or corporation whose principal business is advising others on whether to buy or sell securities. Fees you pay for general financial counselling or planning advice or subscriptions to financial magazines and newspapers are not deductible. To deduct eligible investment counsel fees, you must own investments yourself. For example, the investments must not be in an RRSP or owned by your spouse.
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