rsk1957

I took two 1-year cashable GICs out in Feb 2023. I won't have much income this year or in the next 4 years. Should I cash one of the GICs out now (Dec 2023) and get the T5 for 2023 tax purposes? Then leave the other GIC to mature on due date of Feb 2024 to only have the T5 for that one for 2024 tax purposes. Seems logical to me, but I'm not well versed on this tax stuff, so I might be missing something, or not taking something into account.

Okay, thank you.

Just re-hashing this. So to confirm, if I took out a 1 year GIC on Jan 5, 2023, I don't have to declare any interest income for 2023? As the GIC matures on Jan 5, 2024, I only have to declare the full interest earned in my 2024 tax return when I have receive my T5 from the bank. This seems odd to me as the majority of the time duration of the GIC was in 2023. I just don't want to make a mistake on my return for 2023 by not including any interest earned. Thanks for any helpful replies..