The amount of interest and other investment income includes all interest from Canadian sources entered on the various slips. The interest may come from bank accounts, term deposits, guaranteed investment certificates, and other similar investments. The amount also includes interest and dividends from foreign sources.
It is important to use the interest income codes when you EFILE returns. These codes are:
|
Bank interest |
code 1 |
|
Bond interest |
code 2 |
|
Mortgage interest |
code 3 |
|
Other |
code 4 |
When no code is entered, the program assumes code 1, "bank interest."
Generally, when you invest your money in your child’s name, you have to report the income from those investments. However, if you deposited Canada Child Benefit payments into a bank account or trust in your child’s name, the interest earned on those payments is your child’s income.
See Also
Federal Income Tax and Benefit Guide – Line 12100
Statement of Investment Income, Carrying Charges, and Interest Expenses worksheet