If you pay an administration fee or management fee for your RRSP plan, the fees are not deductible for income tax purposes. You should talk to your financial advisors to see if they can make a reasonable allocation of these fees to a non-registered account. By doing so, a portion of these fees may be tax deductible. This tax saving tip can be achieved with just a simple phone call.

If you do pay a fee within your registered plan, pay the fee yourself each year. Do not simply have the money paid from the registered account. This will allow your RRSP to grow unhindered. Your payment of the RRSP fee will not be considered a contribution to your RRSP.

Information for Tax Tips is provided as a public service by the Chartered Accountants of British Columbia.