Friday, January 23, 2009

Tax Deductions Regarding Your Investments.

You can claim the following carrying charges and interest you paid to earn income from investments:

  • Fees to manage or take care of your investments (other than administration fees you paid for your registered retirement savings plan or registered retirement income fund),including safety deposit box charges.
  • Fees to have someone complete your tax return but only if:
    you had income from a business or property;
    accounting was a usual part of the operations of your business or property; and
    you did not use the amounts claimed to reduce the business or property income you reported.
  • 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. However, if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid.

For more information on this topic, go to:

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