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| *The Commerce Journal>>>Canada Taxes |
Do i need to report my savings interest to my income tax? |
The money i receive from a high interest savings account, do i have to report that as "earned money" to the government? Yes. It's called "investment income." Yes, your bank should have sent you a w-2 for it. 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. " http://www.enterprisetoronto.com/index.c... probly. The government in the UK love hearing about any possible money they could get their hands on 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. 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............. |
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