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IT238R2 Fees paid to investment counsel
IT

INCOME TAX ACT Fees Paid to Investment Counsel

IT-238R2 October 6, 1983 Paragraph 20(1)(bb)

This bulletin replaces and cancels IT-238R dated November 15, 1976. Current revisions are indicated by vertical lines.

1. Paragraph 20(1)(bb) allows a taxpayer to deduct fees, other than commissions, paid for advice on buying or selling a specific share or security by the taxpayer or for the administration or the management of the shares or securities of the taxpayer. The fees must be paid to a person whose principal business is advising others whether to buy or sell specific shares or whose principal business includes the administration or management of shares or securities. A person is defined in subsection 248(1) to include any body corporate and politic.

::: posted by Mega at 5:50 AM

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