Financial Planner / Adviser

Tax guide for Canadian self-employed financial planners and investment advisers

Allowable Expenses

• Professional licences & dues — CFP Canada licence, IIROC registration, CFA Institute dues
• Professional liability insurance — E&O insurance for advice given to clients
• Financial research tools — Bloomberg Terminal, Morningstar Direct, fund research databases
• Compliance & regulatory training — Mandatory continuing education for CFP or IIROC compliance
• Home office — Proportional share of rent, utilities, property taxes
• Compliance & regulatory fees — FPSC, IIROC, or provincial securities commission registration and annual fees

Tax Tips

• CFP Canada annual dues and registration fees are fully deductible professional membership expenses
• Bloomberg Terminal and Morningstar Direct subscriptions are fully deductible as business research tools
• Professional liability (E&O) insurance is mandatory in most provinces and fully deductible
• Mandatory continuing education (CE) hours required for licence renewal are deductible

Frequently Asked Questions

Can I deduct my CFP Canada dues as a self-employed financial planner?

Yes — CFP Canada annual licence fees, provincial registration fees, and mandatory continuing education costs are all deductible professional expenses on Form T2125.