As it is an investment, this is not an expense, but an asset, treated the same way for accounting (and tax) purposes as cash in a bank account. Any interest earned on the GIC has to be reported as income.
1 Replies
rhino2
New Member
Oct 29, 2019 8:29:44 PM
As it is an investment, this is not an expense, but an asset, treated the same way for accounting (and tax) purposes as cash in a bank account. Any interest earned on the GIC has to be reported as income.