To claim interest expenses or carrying charges (including investment management fees) in Wealthsimple Tax, follow these steps:
- Add the Carrying Charges and Interest Expenses (Line 22100) section to your Wealthsimple Tax profile
- Enter your expenses:
- Input the total amount of eligible interest expenses
- Enter any carrying charges related to investments
- Categorize your expenses:
- Ensure you're entering amounts in the correct fields
- Separate interest expenses from carrying charges if applicable
Common deductible expenses:
- Interest paid on money borrowed for investment purposes
- Fees for investment advice or management of investments
- Fees for certain investment newsletters or services
Important notes:
- Not all interest or fees are tax-deductible
- Keep all receipts and documents supporting your claims
- Some expenses may need to be pro-rated if they're partly for personal use
Learn more about eligible interest expenses and carrying charges from the CRA.
Remember:
- Only claim expenses related to earning investment income
- Some expenses may have specific rules or limitations
If you're unsure whether a specific expense is deductible, review the CRA guidelines or consult with a tax expert.
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