Schedule 4 Change - Fees under Paragraph 20(1)(bb)

T1
1

I just updated TaxCycle minutes ago and I noticed a new warning and description changes on (formerly) Schedule 4 under IV - Carrying Charges. “Fees to manage or take care of your investments” now has a warning “this line should exclude any that is for investment counsel fees under paragraph 20(1)(bb) which should be entered on the line below. And the line below has changed to be described as “Investment counsel fees under paragraph 20(1)(bb).

I’m curious as to what led to this change? I don’t see any mention of it in the April 9 release notes. But mind you I’m running on a low tank!

2

I just noticed this as well. Can TaxCycle explain why this line was renamed? It previously had the label “Fees for investment advice.” I’m guessing this is just an administrative update to clarify that not all investment advice qualifies, but perhaps this was driven by something from the CRA?