Question
Rachel wants to know which statement is true with respect to investment income. Select one: a. Dividend income from foreign corporations and interest income are
Rachel wants to know which statement is true with respect to investment income. Select one:
a. Dividend income from foreign corporations and interest income are taxed the same (as such dividend income does not receive the gross-up and dividend tax credit as Canadian dividend income does).
b. Interest income is not reported on a T5 tax slip as it is the responsibility of the taxpayer to estimate this income and report it on their personal income tax return.
c. Dividend income from Canadian corporations and interest income are taxed the same.
d. Tax is due on interest income in the year it is received, not the year it is earned.
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