Line 12100 – Interest and other investment income:
Bank accounts, term deposits, guaranteed investment certificates (GICs), and other similar investments

Note: Line 12100 was line 121 before tax year 2019.

Bank accounts

Report interest paid or credited to you in 2021 even if you did not receive an information slip. You may not receive a T5 slip for amounts under $50.

Generally, you report your share of interest from a joint bank account based on how much you contributed to it.

Term deposits, guaranteed investment certificates (GICs), and other similar investments

Interest builds up over a period of time, usually longer than one year, on these types of investments. Generally, you do not receive the interest until the investment matures or you cash it in.

For example, interest on a compound GIC is earned on a monthly basis and is automatically reinvested, earning compound interest until the bond is cashed or matures. Interest on a compound GIC is paid when the investment is cashed, and not annually.

The income you report is based on the interest you earned during each complete investment year.

For example, if you made a long-term investment on July 1, 2020, report  the interest that accumulated up until the end of June 2021 on your 2021 return even if you do not receive a T5 slip. Report the interest from July 2021 to June 2022 on your 2022 return.

Note

If your investment agreement specified a different interest rate each year, report the amount on your T5 slips, even if it is different from what the agreement specifies or what you received. The issuer of your investment can tell you how this amount was calculated.

For most investments you made in 1990 or later, you have to report the interest each year as you earn it.

For information about reporting methods for investments made before 1990, see archived Interpretation Bulletin IT-396R, Interest Income.

Completing your tax return

Complete the chart for line 12100 using your Federal Worksheet and enter the result on line 12100 of your return.

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