Reporting Investments at Tax Time doesn’t Have to be Complicated

 

I have investments, how do I report them on my taxes?

Depending on the type of investment you have, the way you report them will be a little different.

Some investments get taxed while they grow, and others are taxed when they are withdrawn or sold.

Due to the complex nature of claiming investments on personal tax returns, we suggest you sit down with a tax specialist to ensure nothing gets missed.

 

 

 

Things to consider for your investments:

  1. Management Fees

Any fees or interest you pay to earn investment income can be claimed as a deduction on your tax return. Make sure you request a statement of fees paid from your financial institution, so we can ensure they are included on your return.

 

  1. Interest Income

Any interest earned in your bank accounts is also taxable. This includes savings accounts, term deposits (GICs), and bonds.

 

  1. Investment Statements

When you come in to meet with your accountant this tax season, bring your annual investment summary, as well as the contact information for your investment advisor with you.  These statements should include the Adjusted Cost Base (ACB) of your investments. This will streamline your tax return process, and ensure we have all the information we need to properly report your investments.

Book your tax meeting with one of our tax professionals online today or by contacting one of our seven offices in Manitoba.

Scroll to Top