Saturday’s= Retirement
Your financial advisor is getting paid somehow. Investors who think otherwise are being naïve, at best. You should ask how the advisor gets paid if you do not know. Any fees that you are paying for investments other than ones which are tax sheltered will be a deduction on your tax return.
You do want to be careful that any fees, which relate to your RRSP funds, are being paid from funds that are not sheltered in your RRSP.
The funds that you have invested in your RRSP are growing tax-free until you take them out or die. You will pay tax on your RRSP when you remove the funds.
However, your RRSP will grow faster if fees are not withdrawn from the amount invested. For tax purposes, you are not able to deduct the cost of any fees that relate to your RRSP but you don’t have to pay these fees from the money held in the RRSP.
Ask your advisor to take the fees out of other investments that you have which are not protected from tax, or just send you an invoice.
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