Reporting capital gain/loss on interest income in GIC

smalhot05 · Post by **smalhot05** » Mon Apr 16, 2018 12:45 pm

Hi Nelsona,

Wondering if you can please guide here. With regards to GIC in TFSA account,
Value was 1200 CAD on Dec 31st 2016: 1 USD = 1.3460 CAD
Value was 1250 CAD Sold on May 3rd 2017: 1 USD = 1.297 CAD

Interest to be declared is 50CAD (converted into USD with rate on May 3rd) on 1040.

could you please advise would be capital gain/loss that would go in Schedule D/Form 8949 under short-term?

Thanks again for your help,
Sam

nelsona · Post by **nelsona** » Mon Apr 16, 2018 1:24 pm

Again, see my signature. I'm not here to answer these types of questions, that have been dealt with countless time before.

whiterhino · Post by **whiterhino** » Mon Apr 16, 2018 5:47 pm

Simple interest is reported on Schedule B, not a gain.

nelsona · Post by **nelsona** » Mon Apr 16, 2018 9:33 pm

There is also currency gain(loss) to report,

nelsona · Post by **nelsona** » Mon Apr 16, 2018 9:35 pm

Not as simple as whiterhino says, obviously