Carrying charges and interest expensesTo report the carrying charges and interest you paid to earn investment income, please follow these steps:
1. On the "Left side menu on the Interview tab", select "Interview setup".
2. On the right-hand side page, go to the "Investment income and expenses" group, check the box "Interest, investment income and carrying charges/interest expenses/CNIL (T3, T5, T4PS, T5008, RC359)" and click "Next" at the bottom of the page.
3. Return to the "Left side menu on the Interview tab" and select "Interest, investment income and carrying charges".
4. On the right-hand page, choose the "Income" group you have earned and enter the income you have earned, and on which you paid interest or financial expenses.
5. Then, in the "Expenses" group, click on the "plus" sign icon to the right of the line "Carrying charges or interest expenses (line22100)". Complete this page according to your situation.
The program will carry over this amount on line 22100 of your federal return and, if applicable, on line 231 of your Quebec tax return.
If you have already reported the interest charges on a T5013, do not claim them here again.
Note for residents of Quebec: the amount of investment expenses you deduct cannot exceed your investment income. If the fees exceed your investment income, the program will calculate an adjustment to the investment expenses in line 260 of your Quebec return, by completing Schedule N.
We suggest you visit the following link:
For more information about this subject, please consult the following links:
For CRA :For Revenu Quebec:
ID: 20190916112652DEXX.xml
Webpage: KPA310-20190916112652DE.htm