My late father has some GICs (non registered). On his final tax return, do i report the full amount of the GICs or just the interest earned during the year ? Does this apply to mutual funds too ?
I am sorry to hear of your loss.
For guaranteed investment certificates (GICs), you only have to report the interest. If the amount of interest is over $50, you will get a T5 slip, but even if you didn’t get a slip, you will still need to report the income.
For the mutual funds, you should receive a T3 or T5 slip for any income earned. If the mutual funds were sold, you may get a T5008 slip to report the sale.
This is how you can report any interest or mutual fund sales that you didn’t receive a slip for in TurboTax Online:
This TurboTax FAQ has more information regarding preparing returns for the deceased: Can I prepare a return with TurboTax for someone who has died?
This TurboTax Article has more information regarding guaranteed investment certificates (GICs): Reporting Income from Guaranteed Investment Certificates
This Canada Revenue Agency (CRA) page has more information on Mutual Funds: Tax Treatment of Mutual Funds for Individuals
Thank you for choosing TurboTax.
I am sorry to hear of your loss.
For guaranteed investment certificates (GICs), you only have to report the interest. If the amount of interest is over $50, you will get a T5 slip, but even if you didn’t get a slip, you will still need to report the income.
For the mutual funds, you should receive a T3 or T5 slip for any income earned. If the mutual funds were sold, you may get a T5008 slip to report the sale.
This is how you can report any interest or mutual fund sales that you didn’t receive a slip for in TurboTax Online:
This TurboTax FAQ has more information regarding preparing returns for the deceased: Can I prepare a return with TurboTax for someone who has died?
This TurboTax Article has more information regarding guaranteed investment certificates (GICs): Reporting Income from Guaranteed Investment Certificates
This Canada Revenue Agency (CRA) page has more information on Mutual Funds: Tax Treatment of Mutual Funds for Individuals
Thank you for choosing TurboTax.
thank you for the advise
mccaustlin
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