2007-09-23 12:35:40 · 6 answers · asked by mobilecats 1 in Business & Finance ➔ Taxes ➔ Canada
You pay income tax on the gains. T5 Slip is issued if the account earns more than $50 in the previous tax year.
2007-09-26 11:55:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I believe you dont pay tax on the balance of your account in the bank.
You pay tax on the interest earned in that bank account.
You could have billions in the account and not pay tax on the balance, but the interest earned on that monies you will pay tax on.
The bank will issue you a form called T5, and on there you will report it on your personal income tax return.
This is on the assumption that it's a basic chequing or savings account with a Canadian Bank.
2007-09-24 09:52:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is not the amount you have in the bank that gets taxed. It is the interest earnings on the amount that get taxed. Usually the bank will send an 1099 income form to anyone with more than $10.00 in earnings.
2007-09-23 22:03:26 · answer #3 · answered by Kat 2 · 0⤊ 0⤋
There is no tax on bank balances. You could have billions in the bank and not pay any tax at all. If the bank pays your interest on your deposits, that interest (all of it) is taxable.
2007-09-23 19:46:35 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You don't pay tax on the amount of money in your bank account.
You paytax on any interest that you earn.
2007-09-23 19:47:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
it depends on which bank and i think its at 200 dollars.
2007-09-23 19:40:14 · answer #6 · answered by Anonymous · 0⤊ 1⤋