Tax Guide/Income
Interest income
Updated November 4, 2026
Interest from savings accounts, GICs and bonds is fully taxable at your marginal rate.
Your institution issues a T5 slip if you earned $50 or more. You must report interest of any amount, with or without a slip.
Multi-year investments: interest on a compound GIC must generally be reported each year as it accrues, even if you receive it only at maturity.
Holding interest-bearing investments inside a TFSA or RRSP shelters them from yearly tax.