If you incur management and administrative fees in the course of running your business, you may claim those fees as business expenses on your income tax return.

For example, your monthly banking fees for your business chequing account are a cost of operating your business. These fees are considered administrative fees, and you can write them off as a legitimate business expense.

To claim these expenses, use Form 2125, Statement of Business and Professional Activities, and include the total of these fees on line 8871. From there, they are subtracted from your gross business income to establish your net business income which is transferred to your income tax return form T1 General.