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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4417
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Is there an Ontario or Canadian Tax on investment management

Resolved Question:

Is there an Ontario or Canadian Tax on investment management fees paid in Canada to a Canadian mutual fund or investment manager
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for using Just Answer.

Kindly note that there is no tax on any Investment Managemeng fees paid in Canada to a Canadian Mutual Fund or any Investment Manager.

However, you CAN deduct such fees paid to manage your investments. Fees can be deducted if they qualify on the following points:

==>They have have been paid for advice connected to the buying or selling of a specific investment
==>They cover the cost of administering or managing an investment owned by the person making the claim
==>They are not be a commission
==>They relate to advice on investments made in non-registered accounts. The CRA will deny a deduction of fees related to registered accounts including RRSPs, RRIFs, RESPs and TFSAs. An investor cannot circumvent this rule by charging fees related to a registered account to a non-registered account.

The following CRA link is a good information resource.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html


I am sure this would help.

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Warm Regards
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4417
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Rakhi Vasavada and 4 other Finance Specialists are ready to help you
Expert:  Rakhi Vasavada replied 3 years ago.
Dear XXXXX,

Is there anything more I can help you with ?

You may please leave a positive rating if this helps as that is the only way we receive credit for assisting you. Alternatively feel absolutely free to revert with more queries if you have.

Warm Regards