As per the Canada Revenue Agency (CRA), the income you report is based on the interest you earned during each complete investment year. To claim only the portion of the interest that was earned during the last tax year (2022), you will need to review the T5 slip that you received from the bank. The T5 slip should indicate the amount of interest that was earned each year during the term of the investment. If you cannot find it, please consult with your bank.
Once you have determined the portion of the interest report investment income you earn from your GIC on Line 12100 – Bank accounts, term deposits, guaranteed investment certificates (GICs), and other simi... of your Tax Information and Benefit Return .
For more information, please refer to TurboTax FAQs page: Reporting Income from Guaranteed Investment Certificates
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