Gifi code for CRA interest received

T2
1

Is there a Gifi code for CRA interest received (income) in the year?

2

I always use 8094.

3

Thanks @rein, it’s a small amount but does it have to go on sch7? I don’t think so but taxcycle is giving me a review message?

4

I wouldn’t put it on S7. It’s not income earned on an investment. A small amount of interest income could just be an offset to bank charges.

5

Agreed. It is not investment income. Neither is interest on a WSIB credit.
I also wouldn’t put interest on a small savings account on schedule 7. If you need to have some savings for cash flow purposes because of seasonal fluctuations for example, it is just part of doing business and not investment income.

6

Thank you!