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Returning Member
posted Apr 30, 2024 4:25:54 AM

Bank carrying charges

Who claims carrying charges (interest) on joint loan? 

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1 Replies
Level 1
Apr 30, 2024 7:31:09 AM

Hi dunjean, 

 

Thank you for posting your question. According to the CRA - Generally, you report your share of interest from a joint bank account based on how much you contributed to it.

 
You can refer to this page from CRA for more details - https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12100-interest-other-investment-income.html#toc1:~:text=dividend%20tax%20credit.-,Bank%20accounts,-Report%20interest%20paid