How is income from mutual funds taxed?

In most situations, income from mutual funds is taxed in two ways:


You cannot claim a capital gains deduction for capital gains from mutual funds. However, if you filed Form T664 or T664 (Seniors), Election to Report a Capital Gain on Property Owned at the End of February 22, 1994, for any of your units or shares, the unused balance of your exempt capital gains balance (ECGB) that expired after 2004 can be added to the ACB of your units and shares. For more information, see Line 12700 – Taxable capital gains or see Guide T4037, Capital Gains.

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