The money i receive from a high interest savings account, do i have to report that as "earned money" to the government?
2007-07-28 09:35:06 · 12 answers · asked by Fred 1 in Business & Finance ➔ Taxes ➔ Canada
its because i use PC financial for investments. Since they have that 4 percent savings plus interest offer. And i dont get anything in the mail from them, everything is done online.
2007-07-28 11:13:18 · update #1
Yes. It's called "investment income."
2007-07-28 09:37:32 · answer #1 · answered by jdkilp 7 · 2⤊ 0⤋
Hi there, sorry it doesn't matter that you don't receive a T5, in Canada we live in a self reporting system so, even if you don't get a T5 you are still responsible for reporting all investment income on your tax return. Put in on the Schedule 4. By the way you may just think you're not getting anything, over a certain dollar value the PC investing company is still reporting the numbers to CRA, and one day you could file a tax return and find that it's been matched up. To be sure you could apply for an epass on the my account area of the website I've given you. Check out what's really been reported.
2007-07-29 10:20:30 · answer #2 · answered by Debb 2 · 1⤊ 0⤋
Certainly, here in Canada the charter banks prepare an income tax form (looks like the receipt for the RRSP's) and mails them out to clients with an amount of interest earned that is high enough to be claimed. No receipt does not necessarily mean don't claim! Make sure your bank has your correct mailing address, AND is an institution that sends receipts automatically. Standard procedure dictates that the receipts be mailed to the client by the first week of March. Good luck!
2007-07-28 09:47:30 · answer #3 · answered by i_8_the_canary 4 · 1⤊ 0⤋
Only if you are a dependent of somebody. If not, you do not have to even file a federal tax return if that is your only income. Your income + 1/2 of soc sec benefits does not come to the $25K (or $32K if married) threshold for taxing SS benefits. And your total gross income (which does not include SS benefits) of $4800 is below the filing requirements UNLESS you are a dependent of somebody. You may have to file and pay some state income tax depending on your state.
2016-05-21 03:15:57 · answer #4 · answered by wanita 3 · 0⤊ 0⤋
Absolutely...it doesn't matter whether you have to pay taxes or not...all interest income must be reported. Besides, the bank reports it to the IRS automatically anyway so you can't hide from it.
2007-07-28 09:38:52 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Yes, you should report it. You won't get a slip unless the amount is over $100, but you still need to report it.
2007-07-29 03:28:45 · answer #6 · answered by CanadianBlondie 5 · 1⤊ 0⤋
Yes, even if it is just a few dollars because the bank reports that they paid it to you.
2007-07-28 09:43:17 · answer #7 · answered by Anonymous · 1⤊ 0⤋
yup unless you don't feel like it and the CRA will do it for you if they know...
banks will usually mail out a slip for you (it has to be over a certain amount for them to mail it out though)
techincally though bank "charges" should counteract this as a business operating loss............. if you have any bank charges.
"keep all business-related vouchers and receipts, and recording all your expenses in a journal. ...
deductions include: accounting and legal fees, advertising expenses, fees, licences, and dues, interest and bank charges, meals and entertainment, maintenance and repairs, vehicle expenses, use of a workspace in your home and inventory and costs of goods sold. "
2007-07-28 09:38:31 · answer #8 · answered by intracircumcordei 4 · 0⤊ 1⤋
i am not sure in canada -- but in the states you get a 1099 from the bank 1st part of the year that is also sent to the irs giving how much interest you received.............
2007-07-28 09:39:57 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Yes, your bank should have sent you a w-2 for it.
2007-07-28 09:38:13 · answer #10 · answered by Julie G 2 · 0⤊ 1⤋