I am sorry to hear of your loss.
For guaranteed investment certificates (GICs), you only have to report the interest. If the amount of interest is over $50, you will get a T5 slip, but even if you didn’t get a slip, you will still need to report the income.
For the mutual funds, you should receive a T3 or T5 slip for any income earned. If the mutual funds were sold, you may get a T5008 slip to report the sale.
This is how you can report any interest or mutual fund sales that you didn’t receive a slip for in TurboTax Online:
- Select Find (or the magnifying glass icon) from the top right
- In the Find window, type invest and then choose “Investments” from the list. Then click “Go”.
- On the Your Investments Profile for 2021 screen, check off “Capital Gains or Losses” (to report the sale of mutual funds), and “Interest and Other Investment Income” (to report interest not on a slip).
- Click “Continue” to go through the pages and enter your amounts.
This TurboTax FAQ has more information regarding preparing returns for the deceased: Can I prepare a return with TurboTax for someone who has died?
This TurboTax Article has more information regarding guaranteed investment certificates (GICs): Reporting Income from Guaranteed Investment Certificates
This Canada Revenue Agency (CRA) page has more information on Mutual Funds: Tax Treatment of Mutual Funds for Individuals
Thank you for choosing TurboTax.
