Hello, I have a CFS Managed Investment. I record those investments amounts at 13, 18, 20 and 24. I pay a monthly adviser service fee. At which label do I claim this as a deduction on the tax return.
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Hi @Kerrysi,
It depends, is it a business expense or and work expense?
Check out our website for further info and instructions on claiming deductions.
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Hi @Kerrysi,
It depends, is it a business expense or and work expense?
Check out our website for further info and instructions on claiming deductions.
Well it is a managed investment fund. It wouldn’t be a work expense. There is TD 2023/D4 in para 10 which states these are monthly adviser fees are deductible. I just need to know the label to record the expense.
para 10 -Section 8-1 – general deduction
10. An individual is entitled to a deduction for fees for financial advice under section 8-1 to the extent that the loss or outgoing is incurred in gaining or producing assessable income.
Hi @Kerrysi,
We have instructions available on our website when it comes to filling in your tax return. There's also a great video that you might find useful.
It would appear that it may come under other deductions which would be at label Q.
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