Saskatoon Directory in our Trusted Saskatoon Financial Services category.
Do you know if the fees charged by your investment advisor qualify to be deductible for tax purposes?
Comprehensive investment counsel fees are often charged to clients based on the value and composition of their assets. The fees charged typically cover a range of services including investment advice and account management services. In some circumstances, these fees may be deductible by clients for tax purposes.
Investment counsel fees paid are deductible where the fee is reasonable. Fees charged on registered accounts such as RRSPs, RRIFs, TFSAs or RESPs are not deductible as the securities of the plan belong to the trust and not the annuitant. This is the case regardless of whether the fees are paid directly by the registered account or directly by the annuitant.
Are you aware of what fees you are paying? Are they deductible? Are they reasonable?
Talk to your investment advisor about these. Talk to your tax preparer to ensure you are deducting what you can.
Looking for more transparency on what your fees are?