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April 25, 2025
Question

Whose tax return is T5 trust account interest reported on - the child or parent?

  • April 25, 2025
  • 1 reply
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    1 reply

    LisaW4
    April 30, 2025

    Hi! If the child is a minor, then the interest should be reported on the parent's tax return. 

    Otherwise, it depends on whether the child has control over the funds or if the parents have control and use the funds for the child. If the child has control, the interest would generally be reported on the child's tax return. If the parents have control, it might be reported on the parent's tax return. It is advisable to consult the CRA guidelines or a tax professional for specific circumstances.