i have a savings Canadian bank account that generates a small profit each year. I’m wondering how are taxes paid on the profit. Do I need to submit a bank statement to my accountant or something to take care of this?
How to pay taxes on the income made by my savings bank account?
- Thread starter andrew999929
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If you are a non-resident, you do not have to file a Canadian tax return. Report the interest income in your home country tax return.
Your bank will provide you a T5 form. They normal send it by post. I received mine yesterday
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Your bank will send you a T5 form for investment income. Use that for your tax return filing.
You can find a sample tax return checklist here: https://www.savvynewcanadians.com/filing-my-2016-income-tax-return/
You can find a sample tax return checklist here: https://www.savvynewcanadians.com/filing-my-2016-income-tax-return/
If you earn interest on your chequing account, you will have to include it. However, most chequing accounts do not earn interest.
If you earn interest on your chequing, it is included. Big banks don't pay interest on chequing accounts, however, online banks like Tangerine and Simplii Financial do pay interest. If the interest you earn is very little i.e. a few bucks, the banks will not send you a T5 and there's no need to declare it.