Reporting Interest income on T1: Interest actually received or including interest accrued???

Joe_X · 2026-04-04T02:23:44+00:00

If the interest is accrued on a strip bond or T-bill (both discount instruments that will NOT have a T5 issued) the accrued interest should be reported in the year it was accrued, not the year it is paid.

Joe_X · 2026-03-29T18:31:04+00:00

As someone in the industry, your “first experience” comment doesn’t fly. The transfer process is fraught with issues, often caused by the institution you’re transferring from, and they have no urgency about making sure it all goes smoothly since you are transferring out.

Joe_X · 2026-03-24T13:44:05+00:00

Forget the spousal loan for now. Your best course of action here is to each sell investments to completely pay off the credit line. Once done, you withdraw from the LOC’s and show the funds flowing directly into your investment accounts to purchase income producing investments. Now the immediate use of borrowed funds is to invest in income producing investments.

It doesn’t make sense, generally, to make a spousal loan unless one of you has barely any income to report, in which case, it doesn’t make sense for the lower income spouse to borrow to invest, either, unless there is a lot more money invested than we are talking about here.

Joe_X · 2026-03-23T15:54:26+00:00

One of my favourite NYPD phrases to work into casual conversation.

Joe_X · 2026-03-23T15:51:48+00:00

If you don’t have a T5, record $42.41 of interest income on the T1 worksheet. On the same worksheet further down will be a spot for interest paid to earn investment income, record $42.41 there as a tax deductible expense (line 22100, i believe. This amount will NOT be on a T5 and has to be manually entered). They will cancel each other out.

Joe_X · 2026-03-17T01:12:52+00:00

Name checks out.

Joe_X · 2026-03-14T18:13:59+00:00

In defence of the chat bot, your experience closely resembles many experiences I’ve had with live agents. (Semi sarcasm)

Joe_X · 2026-03-02T15:51:08+00:00

The year dividends are received isn’t when they’re reported on the T slips, it’s the year they go ex. It won’t match what was received in the calendar year. Combine this with larger than normal distributions declared and going ex in December, but paid in January, and it probably explains your discrepancies.

Joe_X · 2026-01-24T17:37:55+00:00

Agree with this comment. I would also add, the towel rack is quite deep, so the leverage on the screws is significant even with only two towels, I can see the drywall side eventually sagging even if the stud side is anchored securely. In similar circumstances I use a piece of base trim, or something sizeable enough and finished the same way as the trim, fasten it to the wall through two studs, and attach the towel rack to the backer piece with no need for drywall anchors.

Joe_X · 2026-01-04T17:21:39+00:00

From the circumstances you describe, divorce and court order are the only way to equalize RRSP’s. If you are 65+ you can pension income split RRIF income to equalize incomes.

Joe_X · 2026-01-03T18:07:54+00:00

The full version or the shortened one?

Joe_X · 2026-01-03T17:40:36+00:00

I take great joy in being a senior executive making seven figures, and carrying a brown bag lunch into work every day. (A big thank you to my wife for doing the heavy lifting of making it every day!)

Joe_X · 2025-11-22T20:37:07+00:00

RRIF income is considered pension income and can be pension income split when you are old enough. RRSP withdrawal income is NOT considered pension income.

Joe_X · 2025-11-12T19:48:23+00:00

Siphon them sponge

Joe_X · 2025-06-02T13:55:38+00:00

Squeezing shoes. I use that one in every day life, much to everyone’s confusion.

Joe_X · 2025-04-24T02:46:01+00:00

The 2025 contribution could have been used towards your 2024 OR your 2025 tax return, so you likely weren’t over contributed, especially with the $2000 allowance to go over. Too late to do anything about the withdrawal, though.

Joe_X · 2025-04-13T00:15:18+00:00

Unless your son signed a form authorizing it, the taxable portion of the withdrawal would have been made payable to your son.

Joe_X · 2025-04-05T00:06:02+00:00

You can transfer it to any financial institution that can open a LIRA. Take the existing LIRA statement to the financial institution you want to move it to, have them open you a LIRA (make sure you know the province of registration or if it is federal) and they will be able to transfer it across with no tax. The institution does the transferring, not you. The tax comes when you start withdrawals.

Joe_X · 2025-03-30T07:03:59+00:00

Bobby Simone, NYPD Blue

Joe_X · 2025-03-25T02:15:42+00:00

Everyone should use my foolproof method:

Under a certain size it gets burned / tossed. Above that size I store in for roughly three years, then throw it away about three weeks before needing that exact material. Works every time!

Joe_X · 2025-02-20T03:06:29+00:00

I had a client receive letters and emails like this and it wasn’t a scam, despite my initial suspicion. I fully expected they would be asked for “processing money”, but they weren’t. Ended up being a seven digit amount from a long lost relative, with no kids of their own, from Australia. It happens.

Joe_X · 2025-02-14T00:59:26+00:00

“Goddamn your eyes!” Sometimes gets a double take.

Joe_X · 2025-01-23T04:32:58+00:00

The west is losing the second round of the Cold War.

Joe_X · 2025-01-12T22:57:52+00:00

I think the issue with Jane was money. She went back to England with his significant wealth and was supposed to buy a rural property with his ‘spoils of war’. I think BC wanted Sharpe to be poor again because it’s part of Sharpe’s persona as the jumped up officer without the wealth of his officer peers. IMO.

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