How to report investment income

Dividend tax credits can be transferred to your spouse.

Matthew Elder 2 April, 2018 | 5:00PM

For many investors, 2017 was a pretty good year, with most global stock markets posting strong double-digit returns. Even if you kept your investments at home, the Canadian stock market was up a healthy 9%.

The downside is that the tax man came along for the ride, and with the April 30 tax-filing deadline fast approaching, it's time to share some of your good fortune with the government. But by ensuring you make the most of favourable tax rules for various types of investment income, and claiming all available deductions and credits, you can minimize the tax man's take.

The financial institution holding your various deposits or securities is responsible for issuing the investor a T5 information slip (and Relevé 3 from Revenue Quebec), or a T3 (Relevé 16) in the case of income paid out by a mutual fund or other form of a legal trust. These slips normally are sent out by the end of March. Sometimes these slips can be late in coming, so, before preparing your tax return, make sure you have everything on hand.

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Matthew Elder

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