Personal Finance

Do we need to report money received as a reward for opening up a bank account or credit card?

  • Last Updated:
  • Apr 19th, 2020 1:59 pm
[OP]
Member
User avatar
May 25, 2019
339 posts
269 upvotes

Do we need to report money received as a reward for opening up a bank account or credit card?

You know, like that 500$ from coast capital etc.
54 replies
Deal Guru
User avatar
May 7, 2007
11274 posts
4511 upvotes
Maria8534 wrote: You know, like that 500$ from coast capital etc.
CRA wouldn't mind you reporting any and every penny regardless where (and how) it comes from .... --- so report it if you wish, I am sure they'll take it. :)
Deal Fanatic
Feb 9, 2009
9196 posts
6756 upvotes
No.

But if you would like to help the covid fund please go ahead and pay taxes on it ;)
Deal Addict
Oct 3, 2013
1164 posts
1486 upvotes
West
If it doesn't show up on the T5, it never happened.
Deal Expert
Aug 22, 2011
33709 posts
19496 upvotes
Ottawa
Phonophoresis wrote: If it doesn't show up on the T5, it never happened.
Not necessarily...
If you earn less than $50 in interest, the banks won't send you a T5, but you still need to declare it.
Member
Aug 17, 2006
454 posts
170 upvotes
Toronto
So many incorrect posts.

It is income and should be reported.

That being said, nobody does because its so small an amount and is not reported to CRA.
Deal Expert
Aug 22, 2011
33709 posts
19496 upvotes
Ottawa
tweep0 wrote: So many incorrect posts.

It is income and should be reported.

That being said, nobody does because its so small an amount and is not reported to CRA.
It's not income.
Sr. Member
Mar 28, 2011
759 posts
528 upvotes
Toronto
tweep0 wrote: So many incorrect posts.

It is income and should be reported.

That being said, nobody does because its so small an amount and is not reported to CRA.
The irony... credit card welcome bonuses are not considered income per CRA
Member
Aug 17, 2006
454 posts
170 upvotes
Toronto
BoredAtWork wrote: The irony... credit card welcome bonuses are not considered income per CRA
Because it is considered a discount on products purchased.
Member
Aug 17, 2006
454 posts
170 upvotes
Toronto
vkizzle wrote: Show us your supporting facts.
Lol. Show us your supporting facts.

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