# How to report a bonus for a new bank account



## alingva (Aug 17, 2013)

If I opened a new bank account and I get a cash bonus, how do I claim it when filing income tax report?


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## palma (Mar 21, 2015)

alingva said:


> If I opened a new bank account and I get a cash bonus, how do I claim it when filing income tax report?


I opened a Tangerine account last year and got a bonus but I sure did not claim that on my 2014 tax return. I also got bonus for my husband opening an account and then for direct deposit. For chequing accounts, combined interest (and I am assuming bonus money), if under $50.00 no tax receipt issued by the bank. I know the rules are even if no tax receipt is issued you need to declare it. But honestly, I never thought about that bonus money nor any interest on bank accounts when filing my return. And whatever small interest I have received on my chequing account the past 15 years (which is peanuts) I have not declared, again because I was not going to waste my time to go through 12 mths of statements and add up the pennies. Even if it was dollars I would not do it.


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## alingva (Aug 17, 2013)

You should declare it. CRA audit is not worth it


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## MoreMiles (Apr 20, 2011)

Bank fee bonuses are considered fee refunds. Those were fees that would be charged from your sales commission, gic trailers, and interest rate differential profit (interest earned from loaning your money out as mortgage - interest paid to you from using your deposit money). So technically it's your money returned to you. I don't see how that is taxable.


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## palma (Mar 21, 2015)

palma said:


> I opened a Tangerine account last year and got a bonus but I sure did not claim that on my 2014 tax return. I also got bonus for my husband opening an account and then for direct deposit. For chequing accounts, combined interest (and I am assuming bonus money), if under $50.00 no tax receipt issued by the bank. I know the rules are even if no tax receipt is issued you need to declare it. But honestly, I never thought about that bonus money nor any interest on bank accounts when filing my return. And whatever small interest I have received on my chequing account the past 15 years (which is peanuts) I have not declared, again because I was not going to waste my time to go through 12 mths of statements and add up the pennies. Even if it was dollars I would not do it.


Well I was audited for 2013. The CRA wanted proof I had a dependent (my son) and receipts for charitable donations. I had no problem providing the proof. But that was worth money. If they had wanted to audit me for bank interest they would or should have done it at the same time. For sure if I was provided a statement for the year by the bank I would have included any interest.


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## alingva (Aug 17, 2013)

palma said:


> For sure if I was provided a statement for the year by the bank I would have included any interest.


Actually, it is your responsibility to get this information. You get either electronic or paper statements. Also, if accrued interest per year is less than $50 banks do not send any tax slips


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## alingva (Aug 17, 2013)

MoreMiles said:


> Bank fee bonuses are considered fee refunds. Those were fees that would be charged from your sales commission, gic trailers, and interest rate differential profit (interest earned from loaning your money out as mortgage - interest paid to you from using your deposit money). So technically it's your money returned to you. I don't see how that is taxable.


Are you sure??? I do not know but it looks to me it should be taxable income.


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## Rebecca (Aug 10, 2014)

I called the CRA about this last year and they told me that bank incentive payments are not taxable. Unfortunately though, since we now know how many mistakes the CRA agents make, who knows? I will go by what I was told though, but will be interested to follow this thread to see what experience others have had on this front.


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## Guban (Jul 5, 2011)

I understand that these payments are not taxable too.


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## RBull (Jan 20, 2013)

To me this is small potatoes. If you're worried that much claim as bank interest income, otherwise don't worry about it. How is CRA going to know about this, if apparently your bank isn't issuing a receipt?


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## Guban (Jul 5, 2011)

This may not be a small amount. Back in 2008, RBC DI gave up to $10,000 per client.

http://www.rbc.com/newsroom/2008/0904-investment.html


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## My Own Advisor (Sep 24, 2012)

RBull said:


> To me this is small potatoes. If you're worried that much claim as bank interest income, otherwise don't worry about it. How is CRA going to know about this, if apparently your bank isn't issuing a receipt?


+1


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