We both received US$1200 from US government "Economic Impact Payment". Should we report this on our Canadian Income Tax return?
01331
1 Replies
thakar88
Level 3
Mar 29, 2021 4:51:00 PM
You will not need to report EIP on your Canadian Income Tax return. The amount is considered an advanced payment of a 2020 refundable tax credit, and therefore is likely not income from a source under the Income Tax Act.