Question about income taxes in canada

[CHfan4ever]

Every year you have to declare your income.Sometime you gotta pay, soemtime you receive money. And i got a very hard question here.

let say my revenu per year is $50.000.And that in bank i got a investment in bank of $25.000.Let say i decide to take that investment of 25.000 , instead of placing it with an interest rate.I will have to declare it in my income taxes report, so in a way, i will look like someone who got 75.000 in revenues.So i will pay mroe taxes becasue ina way, i made 25k more.

But do i have to declare that 25k i took EVERY YEAR or just once?Sure ill get penalise by taking it this year because i will pay more taxes, but do i get penalise every year after that or just one year?

 

[Zim Hosein]

I don't know sh*t about Income Tax Laws in Canada ifesfor, maybe CPA could be of some assistance

 

[JDub02]

talk to an accountant .. that's the easiest way.

 

[desy]

If its just money in a bond or savings account NO.
You have already paid the tax on that, if its in something registered IE RRSP then you will have to pay tax on that as that was a tax differed investments. You pay tax on interest on an investment cause thats 'new' money and receive a T slip for that from whomever. If you have incurred a captal gain ina mutal fund or property you have to pay on that but its taxed different actually a lot freindlier than other types of investments.