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abhi-techy
Returning Member

Do i need to declare foreign bank interest

 
4 Replies
TurboTaxKim
Moderator

Do i need to declare foreign bank interest

Yes, CRA requires you to declare any Foreign Interest and other investment income on your tax return.

 

Line 12100 - Interest and other investment income

abhi-techy
Returning Member

Do i need to declare foreign bank interest

I am using Turbo Tax ONLINE, Where exactly do i need to put foreign bank interest and foreign dividend?

@TurboTaxKim  

abhi-techy
Returning Member

Do i need to declare foreign bank interest

@TurboTaxKim  Thanks, but where exactly do I need to enter 'Foreign Bank Interest' in the Online Turbo Tax software?

TurboTaxKim
Moderator

Do i need to declare foreign bank interest

You will report your foreign bank interest the same as you would CAD interest. It will show up on Line 12100 of your tax return and can be entered in TurboTax by going to Income > Investments > Interest on Bank Accounts not Reported on a T-Slip. Or you can use the "Find" button and type in "Interest" to find that same spot.

 

Just remember to report any foreign interest in CAD dollars. The following link will give you exchange rates to use: Bank of Canada - Annual Exchange Rates 

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