Solved: How do I claim, as a tax deduction for 2017, inter...

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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

 
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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

I am unfamiliar with the form you mention.  Presumably the interest is reported in box 13 of a T5.  Deductions related to investment income are claimed as carrying charges.  Please refer to the following link, and perhaps what you have in your letter from BMO will fit.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...

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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

Why wasn't the interest received?  Presumably you mean you have a T5 showing the interest as your own income.
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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

The IPSRR1 form explains, I quote: " Due to early redemption, The difference of xx.xx which was reported but not received by you, should be claimed as a tax deduction". And actually, the forms starts with "Over the period of 11-SEP- 2015 to 14-SEP-2017, you received xxx.xx in interest..the Bank was required to report on Forms T5"
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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

Hi TurboTaxJeffrey, I want to add that the same question was asked 6 years ago but apparently it was not answered.
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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

I am unfamiliar with the form you mention.  Presumably the interest is reported in box 13 of a T5.  Deductions related to investment income are claimed as carrying charges.  Please refer to the following link, and perhaps what you have in your letter from BMO will fit.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...

View solution in original post

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New Member

How do I claim, as a tax deduction for 2017, interest reported in 2017 with a T5 but not received? This is a BMO form called " Investment Products" IPSRR1 032003.

CRA says this should be reported on line 232 (Added Deductions) of my tax return
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