To report interest received from a tax refund in Wealthsimple Tax, follow these steps:
- Add the Other Investment Income section
- Report the interest:
- Select "Interest received from a tax refund" from the dropdown menu
- Enter the amount of interest received in the Total amount field
- Enter your share in the Your share (%) (if applicable)
Important notes:
- Tax refund interest is considered taxable income
- Report this interest even if you didn't receive a T5 slip for it
- The CRA typically pays interest on refunds for returns processed after May 31
Remember:
- Keep any documents showing the amount of interest you received
- This interest is reported separately from your regular tax refund amount
If you have questions about reporting tax refund interest or other types of investment income, consider consulting with a tax expert. For assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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