Canadian Money Forum banner
1 - 3 of 3 Posts

·
Registered
Joined
·
308 Posts
Discussion Starter · #1 ·
Hi Everyone,

I recently started doing the Smith manouevre, which involved turning my mortgage into a readvancebale HELOC/mortgage. Part of that process involved a $300 appraisal fee, which the bank slapped on to my HELOC. All of the money from the HELOC is being used to invest. Would this $300 appraisal fee be tax deductible? Thanks!
 

·
Registered
Joined
·
98 Posts
I am running the Smith Manoevre and have claimed opening/appraisal fees on line 22100. I have not been audited/bothered about it by the CRA.

If you go to the source:

Claim the following carrying charges and interest that you paid to earn income from investments:
  • fees to manage or take care of your investments
Appraisal fee was necessary to open the HELOC which is being used to take care of your investments.
 
1 - 3 of 3 Posts
Top