Carrying charges and interest expenses
To 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:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/201-to-260-net-income/line-260/
For more information about this subject, please consult the
following links:
For CRA :
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-221-carrying-charges-interest-expenses.html
For Revenu Quebec:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/201-to-260-net-income/line-231/
ID: 20190916112652DEXX.xml
Webpage: KPA310-20190916112652DE.htm
