tax on mutual fund distribution?

Question

In CANADA I heard that you have to report income from mutual fund distribution and there's general advise not to buy funds near year end because of you will have to pay tax for entire year distribution.

If a mutual fund has income distribution (say around $5/month) every month, and I buy it after Jan 1, 2007, do I need to report it in my 2006 tax?

If I buy it on Nov 15, 2006, do I report $5 income (for Dec 1 distribution) or $60 (total distribution by the fund for entire year) ?

Answer 1

No idea. Post in the CANADA section. This is for US taxes.