Transfer fees

[pedecamera]

I transfered my investments from one bank to another ( That is a story on its own, but glad I did ) Anyway the bank I transfered my investment out from, charged me a transfer fee plus HST. Can I claim this in my taxes?

[pedecamera]

I am not the only one here right?

[Eclectic12]

I transfered my investments from one bank to another ( That is a story on its own, but glad I did ) Anyway the bank I transfered my investment out from, charged me a transfer fee plus HST. Can I claim this in my taxes?

I don't think you can ... but I'm not a tax expert and so far (knock on wood) have been able to avoid transfer fees.


Cheers

[Spudd]

Did you ask the new bank if they would cover the transfer fee? Often they will, if the amount you're transferring is big enough.

[stardancer]

No, investment fees for carrying charges purposes = fees paid to manage your account/portfolio only (exceptions are RSP and TFSA fees which are not eligible)

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

[CanadianCapitalist]

You cannot claim transfer fees in your taxes.

The next time you want to do a transfer, first ask the receiving institution for a refund of your transfer fees. Note down the name of the agent you spoke to. Then send in the paperwork. After the transfer is done, follow up and get the transfer fee refunded.

I've done multiple account transfers and I have always been able to get the transfer fees refunded from the receiving institution.

[Four Pillars]

first ask the receiving institution for a refund of your transfer fees.

I once got the old institution to waive the transfer fee.

[CanadianCapitalist]

I once got the old institution to waive the transfer fee.

Really? You have excellent negotiating skills. Typically, the old institution will refuse and clients will have very little leverage because they are leaving anyway.

[Four Pillars]

Really? You have excellent negotiating skills. Typically, the old institution will refuse and clients will have very little leverage because they are leaving anyway.

Trust me I don't.

It was my labour-sponsored funds account which was at TD Waterhouse. Along with the sky high MER, I had been paying $50/year account fee for an account with a book value of $15,500 that was worth about $6,000.

Questrade had already agreed to cover the transfer fee, but I was so angry about the whole LSIF fiasco that I called up the TDW advisor's assistant and asked if she would waive the fee given the small size of the account and how poor the performance had been.

Surprisingly enough, she did.

[dave2012]

Trust me I don't.

It was my labour-sponsored funds account which was at TD Waterhouse. Along with the sky high MER, I had been paying $50/year account fee for an account with a book value of $15,500 that was worth about $6,000.

Questrade had already agreed to cover the transfer fee, but I was so angry about the whole LSIF fiasco that I called up the TDW advisor's assistant and asked if she would waive the fee given the small size of the account and how poor the performance had been.

Surprisingly enough, she did.

You're doing well!

I invested $5000 in each of two Labour Sponsored Funds years ago. They are now worth less than $1000 each and following a very consistent line downward since day one. They are both locked up so I cannot cash out the last remaining dollars without paying something like a 40% penalty. Supposed to be able to cash out 5-10% a year at some point but considering history of these funds, I consider it is all lost money. My bad for listening to my sales advisor way back. Interestingly they still sell and recommend these to unsuspecting folks!