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Quest trade margin account, carrying charge (interest charges)

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  • Aug 20th, 2021 2:41 pm
[OP]
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Apr 8, 2006
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Quest trade margin account, carrying charge (interest charges)

Have anyone successfully claimed interest charge from Questrade margin account? What info do you need to provide to CRA? I provided them with my monthly interest charge but I was unable to claim the amount. They need the below. Do you know where I can get the below info?

- the date the loan was granted;
- the total amount of the loan;
- the total amount of the interest you paid during the year;
- the principal amount of the loan owing on January 1 and December 31 of the year.
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Deal Addict
Dec 4, 2011
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Montréal
You should easily have all the information needed.

Date the loan was granted = the date you bought on margin (give them all the dates if you bought multiple times)

Total amount of loan = Amount of margin you are using

Total amount of interest = self-explanatory

Principal amount of loan = margin on Jan 1, margin on Dec 31.


But I am stunned that they refused a margin interest carrying charge. You usually just put the total yearly amount on line 22100 and that's it. What do you mean the exactly when you say unable to claim?
[OP]
Deal Addict
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Apr 8, 2006
2539 posts
1119 upvotes
admiralackbar wrote: You should easily have all the information needed.

Date the loan was granted = the date you bought on margin (give them all the dates if you bought multiple times)

Total amount of loan = Amount of margin you are using

Total amount of interest = self-explanatory

Principal amount of loan = margin on Jan 1, margin on Dec 31.


But I am stunned that they refused a margin interest carrying charge. You usually just put the total yearly amount on line 22100 and that's it. What do you mean the exactly when you say unable to claim?
I use the yearly report and add the total amount of interest monthly and submit it to them. The above is that they came back with. What else do they need? It seem impossible to claim. Or maybe I just missed some detail like what you listed.

Actually i did a correction on line 22100 because I haven't claim this for a few years so they are requesting this info.

I figured it out. I need to send them my yearly T5, NR4 which show total eligible interest paid by me.

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