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April 21, 2022
Question

Where do I find investment expenses?

  • April 21, 2022
  • 1 reply
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such as the MER ?

    1 reply

    April 21, 2022

    Assuming you are talking about the Management Expense Ratio (MER), it is a percentage of a fund's total assets, that is automatically expensed from their value. Therefore you are not supposed to report this as an investment expense, because it's already baked into the fund's price (And as a consequence, it's total returns). As a caveat, if you have paid mutual fund management fees, (Which are different from Management Expense Ratios) they are indeed tax deductible and can be reported under Carrying Charges. However, you may report investment expenses associated with carrying charges, or Outlays & Expenses. To find this section, log into TurboTax Online:

     

    > Choose your current return

    > On the left navigation pane, click "Income"

     

    If you are looking to report Carrying Charges,

    > Click on "Investment Expenses", and you can report them here.

     

    If you are looking to report Outlays & Expenses for a security transaction,

    > Click on "Investments", then "Capital Gains and Capital Gains Deduction Profile"

    > Then check which options you are eligible for.

    Make sure to click "Continue" and "Done" once complete to make sure all information is saved.

     

    For more information, check out: Canada Revenue Agency - Tax Treatment of Mutual Funds

     

    Thank you for choosing TurboTax.