Where would I enter tax refund interest income to me?
I was paid interest on my tax return refund due to long processing time of CRA. I have been led to believe that I must declare that monies in, as income. Just checking to make sure this is true, and where would I enter that on Turbo Tax?
Where would I enter tax refund interest income to me?
Under the Income Tax Act, Section 67.6, generally, fines or penalties are not tax-deductible, and unfortunately, this includes CRA fines and penalties (According to the CRA – Income Tax Folio S4-F2- C1, 'Deductibility of Fines and Penalties'). Because in your case the delay was caused by CRA, we would suggest you to contact them directly at 1-800-959-7383 in this regards. If they agree to deduct the interest you paid, you will just need to look for that line on your T1 form.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
