Even if you didn't receive a T5 slip for small amounts of interest (generally under $50), you must still report this income on your tax return. Here's how to do it in Wealthsimple Tax:
- Add the Other Investment Income section
- Report your interest income:
- Enter the amount of interest you received
- Select the appropriate type of interest from the dropdown menu
Important notes:
- You must report all interest income, regardless of whether you received a slip
- Banks typically issue T5 slips for interest income of $50 or more
- Keep your bank statements or other records showing the interest earned
Remember:
- Accurate reporting of all income, including small amounts, is required by the CRA
- If you're unsure about the exact amount, use your best estimate based on available information
If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support. For questions about reporting specific types of investment income, consider consulting with a tax expert.
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