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did you know you can claim fees for financial advice about your investments under the carrying charges and interest expenses hi my name is Amanda from cloud tax to help you determine the carrying charges and interest expenses that could be claimed on your tax return generally in order for interest to be deductible the interest must be payable in the year or in respect of the year on borrowed money used for the purpose of earning income from a business or certain property you can deduct interest and carrying charges incurred to earn income from securities bonds and other Canadian or foreign investments if they are earning investment income the requirement of earning income generally means that the investment should be paying interest or dividends if an investment will never earn anything except capital gains then the interest expense is not deductible if an investment such as common shares is not currently paying dividends Canada Revenue Agency will still normally allow the deduction of