When I realized last year I hadn't been compliant by reporting the TFSA and RESP in my name, I hired a very expensive accountant to re-do everything and go through the streamline process to get me up to date. He believed that once I saw how the forms were filled out I would be able to do it myself this year. Being a fairly smart cookie (or so I thought), I agreed
Now I'm looking at last year's return and trying to figure out how he determined the interest income in my TFSA. There were two quarters where there was a positive change in value, but two with negative changes and the overall net for the year was negative. However, he's got a positive number down. I looked at 2017's to try to get an idea. The account was opened in December and lost money right off the bat. Again, positive income on the return.
What numbers on my statements should I be using? I can't find any combination that gets me the CND equivalent of what he used in USD. Although I had a good experience with him and he's with an extremely reputable firm, I'd prefer to not have to hire him again because it eats up almost all our CND return and makes me feel incompetent.
Calculating Interest Income in TFSA
Moderator: Mark T Serbinski CA CPA