Schedule N: Adjustment of Investment Expenses

You’ll use Schedule N: Adjustment of Investment Expenses to calculate your deductions for partnership losses and other expenses you had to earn property income in 2017.

Note: You’ll notice that there are fewer fields to fill out on your Schedule N in H&R Block’s Tax Software than there are on the form found on Revenu Québec’s website. That’s because our software automatically pulls information from other pages you’ve already entered. You’re still required to enter the following information to calculate the deductions related to adjustment of your investment expenses: 

  • The total expenses you paid to earn property income: These are the total of expenses you paid to earn property income, including:
      • Repayment of interest received
      • Foreign income tax paid on income from property other than rental property
      • Life insurance premiums related to property income that isn’t rental income
      • Other expenses relating films
      • Repayment of an advance on a life insurance policy
  •  Other property income allocated by a trust and property income allocated to shareholders
  • Your unused adjustment of investment expenses amounts from previous years: This is the total of the amounts entered since 2004 for your adjustment of investment expenses and adjustment of other investment expenses, minus the amount already used to reduce your investment income for a previous year. You can also find your unused amount on line 80 of your 2016 Schedule N. If this is the first time you’re completing Schedule N, leave this field blank.

Note: Don’t take into account any bad debts deducted in the calculation of property income.

 

Where do I claim this?

Follow these steps in H&R Block's 2017 tax software:

Before you begin, make sure you tell us that you lived in Québec on December 31, 2017.

  1. Under the PREPARE tab, click IN THIS SECTION icon.

  2. Click the Add This button under the option indicating that you had investments.

  3. Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:

    DIY17_PENSION_EN.png

  4. Under the INVESTMENT INCOME section, click the checkbox labelled Adjustment of investment expenses (Schedule N), then click Continue.

  5. When you arrive at the page for Adjustment of investment expenses, enter your information into the tax software.
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