To the editor;
I would like to share something I believe seems to be a little-known secret. It’s a little late for this tax season, but never too late for next year.
If you have investments, all the fees are tax-deductible. Nobody in my circle of friends seems to know about this or even realize how much they pay for financial-investment services.
I don’t know of any other purchase you make where you don’t have a clue about the cost. But when you buy investments, with the fees included as a percentage of the fund, it never gets broken out as a separate amount.
They are always a percentage of the share or fund price. It varies from place to place. You would be wise to shop around and get the best deal, just like you do with every other purchase you make.
For example, if you started investing at age 20 or 25 and made contributions for the next 40 years, the fees to manage your funds could be in the tens of thousands of dollars or close to it, depending on the amount of the investment. If you could write off $2,000 a year for 40 years, that is a huge payoff in your favour.
It’s the small things over time that make the biggest difference.
If you don’t care about the write-off, at least know how much you pay your broker for services and returns you get on your money. I would be really curious to know how many people know about this option and how many people take advantage of it.
In a world where everything continues to increase in price, it is sure nice to find a bargain or reap the benefit of a better deal. It pays to be a smart consumer.
I hope this letter helps educate people interested in maximizing their deductions for investments — or at the very least find out how much you are really paying for those investments.