Are you required to report the yearly interest earned on a non-registered GIC investment that matures in a future tax year?
If yearly interest on a non-registered GIC investment that matures in a future tax year must be reported yearly, then a T5 must be issued yearly? I am requesting a response to this question as an issue has arisen.
Are you required to report the yearly interest earned on a non-registered GIC investment that matures in a future tax year?
Accrued interest may have to be reported on an annual basis if the interest earned is considered to be from an "investment contract" (even if the interest is not actually receivable until a future year).
See the definition of an "investment contract" here:
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