What Is Line 12100 on a Tax Return?

What line 12100 means

Line 12100 is interest and other investment income on the T1. Bank interest, and similar amounts a T5 reports, are the usual source. It is not the capital gain from selling a share. That sale is a different schedule.

Where to find line 12100

The T5 shows the interest. Line 12100 on the T1 is where that interest is added into total income. A tax-free savings account does not put its inside interest on this line. A regular savings account does.

Why line 12100 matters

People forget a small T5 because the bank issued it online. The CRA often already has the slip. Leaving it off is a common reason for a later reassessment. Bring every T5, even when the amount looks minor.

Checking line 12100 on your notice of assessment

When the notice of assessment arrives, compare this line with your copy of the return. A different figure means the CRA changed a slip or a deduction. Bring the notice and the slips to the Scarborough office. If that year was already filed, the fix is a T1 adjustment, not a second filing of the same year. Keep the notice with the file. Ask which year the notice belongs to before you pay a balance. The firm quotes a six-year retention period for tax records, counted from the end of the last tax year they relate to.

Work with the Scarborough office

Kennedy Tax & Accounting Inc. prepares the return from its only office in Scarborough, near Kennedy Station. You can visit or send the slips. English, Bengali and Tamil are spoken. A CPA has led the firm since 2010. A simple personal return starts at $49.99 + HST. Other work is quoted first.

The personal return is prepared on the personal income tax page. A corporation uses the T2 service. Books are on the bookkeeping page.