{"id":784285,"date":"2019-06-03T01:13:42","date_gmt":"2019-06-03T05:13:42","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=784285"},"modified":"2026-03-09T18:33:53","modified_gmt":"2026-03-09T22:33:53","slug":"how-is-interest-taxed-on-my-savings-account","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/savings-accounts\/how-is-interest-taxed-on-my-savings-account","title":{"rendered":"Do you have to pay taxes on savings account interest?"},"content":{"rendered":"<div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li>Savings account interest is taxable in Canada.<\/li>\n          <li>Your savings and investment income get added to your total income on your annual tax return.<\/li>\n          <li>Putting your money in a TFSA or RRSP can help you save money on tax.<\/li>\n      <\/ul>\n\n  \n  <\/div>\n<p>Like other forms of income, interest earned on savings accounts is taxable in Canada. We break down the interest income tax rate in Canada and how joint accounts and kids\u2019 savings accounts are taxed. Plus, get tips for finding the <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/best-high-interest-savings-accounts\">best high-interest savings account<\/a> for your needs.<\/p><h3>Is interest earned on a savings account taxable in Canada?<\/h3><p>Yes, interest earned on your savings account is taxable in Canada. You\u2019re not taxed on savings account deposits because you\u2019ve already paid income tax on this. However, interest earned on deposits is considered <strong>general income<\/strong> and <i>is<\/i> taxed in the year it\u2019s received. In short, you do pay tax on savings account interest.<\/p><article class=\"luna-card luna-card--border\"><div class=\"luna-card__block\"><h4>What is \u201cgeneral income\u201d according to the CRA?<\/h4><p>General income is income from sources other than capital gains (which come, for example, from the stock market or real estate investments). According to the CRA, sources of general income include:<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/3@s\"><ul><li>Interest<\/li><li>Wages<\/li><li>Salaries<\/li><li>Tips<\/li><li>Commissions<\/li><li>Bonuses<\/li><li>Dividends<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/3@s\"><ul><li>Rent<\/li><li>Royalties<\/li><li>Other types of compensation from employment<\/li><li>Net income from a sole proprietorship, corporation or cooperative<\/li><li>Employment insurance<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/3@s\"><ul><li>Social benefits like OAS, CPP, QPP, UCCB and pensions<\/li><li>Business gambling winnings (not personal gambling earnings)<\/li><li>Taxable scholarships, fellowships, bursaries and artists\u2019 project grants<\/li><\/ul><\/div><\/div><p>Interest earned from a standard savings account is <strong>not considered capital gains and is 100% taxable<\/strong> along with all your other general income.<\/p><\/div><\/article><h3>How is interest income taxed in Canada?<\/h3><p>Tax on interest income in Canada is based on your total taxable income, which is your gross income from all sources minus deductions. This determines your tax bracket and the percentage you have to pay to the CRA.<\/p><p>Interest income is taxed at the same rate that applies to your other income \u2014 this is known as your marginal tax rate.<\/p><h4>What is a marginal tax rate?<\/h4><p>Your marginal tax rate is the tax rate (the percentage of tax charged, based on a tax bracket) paid on the next dollar earned. Your marginal tax rate can change from year to year, depending on how much you earn.<\/p><h4>What is a tax bracket?<\/h4><p>In Canada, income tax is calculated based on brackets of income. The lowest income brackets pay the lowest tax rate. The more you earn, the higher the tax rate applied to those earnings. As a result, every dollar earned will fall into an income bracket and pay the associated tax.<\/p><h4>What is your average tax rate?<\/h4><p>Your average tax rate is calculated by dividing the total taxes you paid by your total earnings in a given year.<\/p><h3 id=\"gross-taxable-net-income\">What\u2019s the difference between gross income, taxable income and net income?<\/h3><ul><li><strong>Gross income<\/strong> is the amount of income you receive before any taxes or deductions. This could come from various sources, including employers, clients, savings account interest, investment returns and rental income.<\/li><li><strong>Taxable income<\/strong> is your gross income minus any applicable tax deductions. Your tax rate is determined by your total taxable income from all sources.<\/li><li><strong>Net income<\/strong> is your gross income minus applicable taxes and deductions. It determines your eligibility for federal and provincial\/territorial tax credits, GST\/HST credits and other benefits.<\/li><\/ul><h3>How to save on taxes in Canada by opening a registered account<\/h3><p>You can reduce or defer taxes on your savings by using a registered account, such as a tax-free savings account (TFSA) or registered retirement savings plan (RRSP). You need to be a Canadian resident, have a valid Social Insurance Number (SIN) and be 18 or older to open a TFSA, but there\u2019s no minimum age for an RRSP.<\/p><p>To open a registered account, just follow these steps:<\/p><ol><li><strong>Decide on how you want to save or invest. <\/strong>Registered accounts can be used like a traditional savings account to earn interest tax-free (with a TFSA) or defer taxes until withdrawal (with an RRSP). You can also invest in GICs, ETFs, stocks or bonds within these accounts.<\/li><li><strong>Choose a provider.<\/strong> From major banks, <a href=\"https:\/\/www.finder.com\/ca\/digital-banking\">digital banks<\/a>, credit unions, online trading platforms and robo-advisors, you have many options for opening a registered account. Compare account features and interest rates to find the best fit for your financial needs.<\/li><li><strong>Open your account and start contributing.<\/strong> Once you\u2019ve chosen a provider, you can open your registered account in under 20 minutes if you have all the documentation ready. Just be careful not to exceed your contribution limit or you\u2019ll have to pay a penalty. TFSAs have an annual limit of $7,000 for 2025 and 2026, while RRSP contribution room is 18% of your previous year\u2019s earned income up to a limit of $32,490 in 2025 and $33,810 in 2026.<\/li><\/ol><style>\r\n.linkTextCTA {\r\n    border: 2px solid#d5d9dc;\r\n    border-radius: 2px;\r\n}\r\n.grid_col_noPadding {\r\n    padding: 0.5 rem!important;\r\n}\r\n.grid_noMargin {\r\n    margin-left: 0rem!important;\r\n    margin-right: 0rem!important;\r\n    margin-top: -1rem;\r\n}\r\n\r\n@media screen and (min-width: 600px)\r\n{\r\n    .linkTextButton {\r\n        margin-top: 2rem;\r\n    }\r\n} \r\n<\/style>\r\n<article class=\"linkTextCTA\">\r\n  <div class=\"has-padding-xsmall\"><\/div>\r\n    <div class=\"u-grid grid_noMargin rewards--element-container rewards--container\" data-product-id=\"7f8d09d4-3b62-469c-9eb3-98eb156a1b85\" data-product-name=\"EQ Bank TFSA\" data-niche=\"Savings Accounts\" data-provider-name=\"EQ Bank\" data-rewards-campaign-name=\"\"> \r\n        <div class=\"u-grid__col grid_col_noPadding u-1\/6@s u-1\/4\">\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n            <img src=\"https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg\" style=\"padding: 0.5px; max-height: 80px;\" alt=\"EQ Bank logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/667c6d9e65c88.jpg?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\r\n          <span class=\"is-hidden@s is-hidden\"><b> EQ Bank TFSA <\/b><\/span>\r\n      <\/div>\r\n        <div class=\"u-grid__col grid_col_noPadding u-7\/12@s u-3\/4\">\r\n           <div class=\"has-padding-xsmall\"><\/div>\r\n            <h4 class=\"is-visible@s is-visible\">Open a TFSA with EQ Bank<\/h4> <span style=\"font-weight: 400;\">Earn 1.5% tax-free interest on every dollar. Plus, get free unlimited withdrawals.<\/span>\r\n        <\/div>\r\n        <div class=\"u-grid__col grid_col_noPadding u-1\/4@s u-1\/1\">\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n           <div class=\"has-padding-xsmall\"><\/div>\r\n\r\n            <a class=\"luna-button luna-button--success luna-button--fluid has-margin-top-xsmall rewards--cta\" href=\"https:\/\/www.finder.com\/redirect\/ca\/savings-accounts\/eq-bank-tfsa-ca-savings-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%227f8d09d4-3b62-469c-9eb3-98eb156a1b85%22%2C%22product_name%22%3A%22EQ%2BBank%2BTFSA%22%2C%22offer_id%22%3A%2222475%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.HERO_LINK_CTA%22%2C%22niche_code%22%3A%22CAFSA%22%2C%22post_id%22%3A%22784285%22%2C%22post_path%22%3A%22savings-accounts%252Fhow-is-interest-taxed-on-my-savings-account%22%2C%22post_country%22%3A%22ca%22%7D\" target=\"_blank\" type=\"button\">Go to site<\/a>\r\n\r\n        <\/div> \r\n    <\/div>\r\n<\/article>\r\n\r\n\r\n<h3>Why do I need to declare savings account interest?<\/h3><p>The Canada Revenue Agency (CRA) requires you, by law, to declare interest and other forms of investment income on Line 12100 of your <em>T1 Income Tax and Benefit Return<\/em>.<\/p><p>If you earn $50 or more in interest during the year, your financial institution will typically issue a T5 slip summarizing the amount paid to you. However, you\u2019re required to report all interest earned, even if you don\u2019t receive a T5.<\/p><p>The CRA also receives a copy of your T5 slip and matches it to your return. If there are any discrepancies, your tax return will be adjusted and fines may apply.<\/p><h4>Do I have to provide my Social Insurance Number (SIN) to my bank?<\/h4><p>Ordinarily, you don\u2019t have to give your SIN to private sector organizations, even if they ask for it. However, according to <em>Section 2 <\/em>of the <em>Social Insurance Number Code of Practice<\/em>, you have to provide your SIN if a private sector organization needs it to comply with government requirements, such as reporting your income or calculating taxes.<\/p><p>Because banks are required to report interest income to the CRA on T5 slips, you must provide your SIN when asked.<\/p><p>If you\u2019re a Canadian resident and you don\u2019t provide your SIN, the bank will still issue a T5 slip without it, but the CRA may impose a $100 penalty on you for non-compliance. If you\u2019re a non-resident of Canada and don\u2019t provide your SIN, the bank is required to withhold 25% of your interest earned and remit it to the CRA unless a tax treaty reduces the rate.<\/p><p>To avoid penalties or withholding tax, you can supply your SIN when you open the account or at any time afterward via online banking, phone or at a branch.<\/p><h3>Who pays tax on joint accounts?<\/h3><p>The CRA requires <a href=\"https:\/\/www.finder.com\/ca\/banking\/joint-bank-accounts\">joint account<\/a> holders to declare interest income according to how much each account holder contributed to the account. So, for example, a joint account holder who contributes 60% of the account balance will declare 60% of the interest income on Line 12100 of their tax return. The other joint account holder will only declare 40% of the interest income on their tax return.<\/p><p>The CRA knows whose names are on the savings account, but it doesn\u2019t know how much money each account holder contributed. Therefore, one T5 form will be sent out for the full amount of interest earned on the account. Each account holder is individually responsible for declaring the right amounts on his or her tax return.<\/p><p>Note that the T5 will typically have both account holders\u2019 names listed, but only the SIN of the primary account holder. A recipient indicator on the slip tells the CRA that the account is jointly held, so both account holders can use that slip when filing their tax returns.<\/p><h3>Do I have to pay tax if I transfer funds out of my savings account?<\/h3><p>Transferring interest income out of a savings account doesn\u2019t affect the taxability of that income. This is true even if you transfer funds into a tax-sheltered account like a <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/tfsa\" rel=\"noopener noreferrer\">Tax-Free Savings Account (TFSA)<\/a>.<\/p><p>Interest becomes taxable when it\u2019s earned, regardless of what you do with the funds afterwards. To be tax-free, interest has to have been earned while funds are held in a tax-sheltered account.<\/p><p>Note that you don\u2019t have to pay income tax on funds withdrawn from a TFSA (assuming you haven\u2019t met or exceeded your yearly TFSA contribution limit). But if you put those funds into a regular savings account and it begins to earn interest, that interest becomes taxable.<\/p><h3>What about interest earned on children\u2019s savings accounts?<\/h3><p><img decoding=\"async\" class=\"wp-image-784479 alignleft\" title=\"Image: FatCamera\/Getty Images\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/Little-boy-calculating-his-money-savings_Getty-Images_325x217.jpg\" alt=\"Little boy calculating his savings\" width=\"212\" height=\"141\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/Little-boy-calculating-his-money-savings_Getty-Images_325x217.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/Little-boy-calculating-his-money-savings_Getty-Images_325x217.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/Little-boy-calculating-his-money-savings_Getty-Images_325x217.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/Little-boy-calculating-his-money-savings_Getty-Images_325x217.jpg?fit=636 636w\" sizes=\"(max-width: 636px) 100vw, 636px\" loading=\"lazy\"><\/p><p>If a parent provides funds for their <a href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\">child\u2019s account<\/a> and the child is under 18, any money made off that gift or investment is considered \u201cfirst-generation income\u201d and is attributed to the parent as part of his or her income. The parent then pays income tax on this amount. This is to deter parents from skirting income tax payments by giving to their children.<\/p><p>Money subsequently made on the amount given to the child is considered \u201csecond-generation income\u201d and is attributed to the child.<\/p><p>Children can be required to pay income tax if the income they make in their name from all sources (investments, part-time job, business interests, etc.) exceeds the CRA\u2019s basic personal amount, which is $16,129 for 2025 and $16,452 for 2026.<\/p><p>If you want to avoid paying income tax on monetary gifts to your child, consider holding the gift until the child reaches the age of majority in your province or territory. Then you can transfer the money without worrying about paying first-generation income tax.<article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/banking\/kids-banking\/best-bank-account-for-kids\" style=\"text-decoration:underline; font-size:0.9em;\">Best bank account for kids<\/a>\n<\/div>\n<\/article><\/p><h3>How do I find the best savings accounts for my tax needs?<\/h3><ul><li><b>Check interest rates.<\/b> With the compounding effects of interest, even slight differences in rates can have a big impact on your overall savings.<\/li><li><b>Read the fine print.<\/b> Be aware of the regular rates that will apply to an account after high-rate promotional periods end. Some rates may come with eligibility criteria you may have to meet, such as minimum deposits or minimum balances.<\/li><li><b>Look at all the account features.<\/b> Don\u2019t just look at the interest rate. Consider other important factors like hidden fees and ways to transfer funds in\/out of your account.<\/li><li><b>Consider inflation.<\/b> When considering the returns provided by a savings account, remember to take into account inflation as well as the tax you need to pay on interest. High-interest savings accounts can help offset the decreasing value of the dollar.<\/li><li><b>Explore other accounts with potentially higher returns. <\/b>Savings accounts are low risk and low reward. If you don\u2019t need easy access to funds and are comfortable taking on more risk, consider opening an investment account or having a robo-advisor invest for you.<\/li><\/ul><style>\r\n.linkTextCTA {\r\n    border: 2px solid#d5d9dc;\r\n    border-radius: 2px;\r\n}\r\n.grid_col_noPadding {\r\n    padding: 0.5 rem!important;\r\n}\r\n.grid_noMargin {\r\n    margin-left: 0rem!important;\r\n    margin-right: 0rem!important;\r\n    margin-top: -1rem;\r\n}\r\n\r\n@media screen and (min-width: 600px)\r\n{\r\n    .linkTextButton {\r\n        margin-top: 2rem;\r\n    }\r\n} \r\n<\/style>\r\n<article class=\"linkTextCTA\">\r\n  <div class=\"has-padding-xsmall\"><\/div>\r\n    <div class=\"u-grid grid_noMargin rewards--element-container rewards--container\" data-product-id=\"784d7307-f7d0-47ba-8b65-f6db8d03436d\" data-product-name=\"Simplii High Interest Savings Account\" data-niche=\"Savings Accounts\" data-provider-name=\"Simplii Financial\" data-rewards-campaign-name=\"\"> \r\n        <div class=\"u-grid__col grid_col_noPadding u-1\/6@s u-1\/4\">\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n            <img src=\"https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png\" style=\"padding: 0.5px; max-height: 80px;\" alt=\"Simplii Financial logo\" srcset=\"https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png?fit=180 180w, https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png?fit=360 360w, https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png?fit=600 600w, https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png?fit=900 900w, https:\/\/www.finder.com\/niche-builder\/648fb6a2b788d.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\r\n          <span class=\"is-hidden@s is-hidden\"><b> Simplii High Interest Savings Account <\/b><\/span>\r\n      <\/div>\r\n        <div class=\"u-grid__col grid_col_noPadding u-7\/12@s u-3\/4\">\r\n           <div class=\"has-padding-xsmall\"><\/div>\r\n            <h4 class=\"is-visible@s is-visible\">Open a Simplii High Interest Savings Account<\/h4> <span style=\"font-weight: 400;\">Earn 4.60% interest for 5 months on up to $100,000 in savings. Terms Apply. <b>Offer ends July 31, 2026.<\/b><\/span>\r\n        <\/div>\r\n        <div class=\"u-grid__col grid_col_noPadding u-1\/4@s u-1\/1\">\r\n                     <div class=\"has-padding-xsmall\"><\/div>\r\n           <div class=\"has-padding-xsmall\"><\/div>\r\n\r\n            <a class=\"luna-button luna-button--success luna-button--fluid has-margin-top-xsmall rewards--cta\" href=\"https:\/\/www.finder.com\/redirect\/ca\/savings-accounts\/simplii-high-interest-savings-account-ca-savings-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22nb-product%22%2C%22product_id%22%3A%22784d7307-f7d0-47ba-8b65-f6db8d03436d%22%2C%22product_name%22%3A%22Simplii%2BHigh%2BInterest%2BSavings%2BAccount%22%2C%22offer_id%22%3A%2221491%22%2C%22decorator%22%3A%22GLOBAL.PRODUCT.HERO_LINK_CTA%22%2C%22niche_code%22%3A%22CAFSA%22%2C%22post_id%22%3A%22784285%22%2C%22post_path%22%3A%22savings-accounts%252Fhow-is-interest-taxed-on-my-savings-account%22%2C%22post_country%22%3A%22ca%22%7D\" target=\"_blank\" type=\"button\">Go to site<\/a>\r\n\r\n        <\/div> \r\n    <\/div>\r\n<\/article>\r\n\r\n\r\n<div class=\"has-padding-xsmall\"><\/div><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/banking\/new-bank-account-offers\" style=\"text-decoration:underline; font-size:0.9em;\">Best bank promotions in Canada<\/a>\n<\/div>\n<\/article><h3>Income tax rate in Canada<\/h3><p>Income tax is the sum of both <strong>federal<\/strong> and <strong>provincial\/territorial<\/strong> taxes. Here\u2019s the breakdown of income tax rates in Canada for 2025 and 2026:<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 20%;\">Federal tax rate<\/th><th style=\"width: 40%;\">2025 bracket<\/th><th style=\"width: 40%;\">2026 bracket<\/th><\/tr><\/thead><tbody><tr><td><strong>14%<\/strong><\/td><td>N\/A<\/td><td>On the first $58,523<\/td><\/tr><tr><td><strong>14.5%<\/strong><\/td><td>On the first $57,375<\/td><td>N\/A<\/td><\/tr><tr><td><strong>20.5%<\/strong><\/td><td>On the next $57,375\u2013$114,750<\/td><td>On the next $58,523\u2013$117,045<\/td><\/tr><tr><td><strong>26%<\/strong><\/td><td>On the next $114,750\u2013$177,882<\/td><td>On the next $117,045\u2013$181,440<\/td><\/tr><tr><td><b>29%<\/b><\/td><td>On the next $177,882\u2013$253,414<\/td><td>On the next $181,440\u2013$258,482<\/td><\/tr><tr><td><strong>33%<\/strong><\/td><td>Over $253,414<\/td><td>Over $258,482<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 20%;\" scope=\"col\">Province<\/th><th style=\"width: 40%;\" scope=\"col\">2025 rate<\/th><th style=\"width: 40%;\" scope=\"col\">2026 rate<\/th><\/tr><\/thead><tbody><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Nova Scotia<\/strong><\/td><td>8.79% on the first $30,507<br>14.95% on the next $30,507\u2013$61,015<br>16.67% on the next $61,015\u2013$95,883<br>17.5% on the next $95,883\u2013$154,650<br>21% over $154,650<\/td><td>8.79% on the first $30,995<br>14.95% on the next $30,995\u2013$61,991<br>16.67% on the next $61,991\u2013$97,417<br>17.5% on the next $97,417\u2013$157,124<br>21% over $157,124<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>New Brunswick<\/strong><\/td><td>9.4% on the first $51,306<br>14% on the next $51,306\u2013$102,614<br>16% on the next $102,614\u2013$190,060<br>19.5% over $190,060<\/td><td>9.4% on the first $52,333<br>14% on the next $52,333\u2013$104,666<br>16% on the next $104,666\u2013$193,861<br>19.5% over $193,861<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Quebec<\/strong><\/td><td>14% on the first $53,255<br>19% on the next $53,255\u2013$106,495<br>24% on the next $106,495\u2013$129,590<br>25.75% over $129,590<\/td><td>14% on the first $54,345<br>19% on the next $54,345\u2013$108,680<br>24% on the next $108,680\u2013$132,245<br>27.75% over $132,245<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Ontario<\/strong><\/td><td>5.05% on the first $52,886<br>9.15% on the next $52,886\u2013$105,775<br>11.16% on the next $105,775\u2013$150,000<br>12.16% on the next $150,000\u2013$220,000<br>13.16% over $220,000<\/td><td>5.05% on the first $53,891<br>9.15% on the next $53,891\u2013$107,785<br>11.16% on the next $107,785\u2013$150,000<br>12.16% on the next $150,000\u2013$220,000<br>13.16% over $220,000<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Manitoba<\/strong><\/td><td>10.8% on the first $47,564<br>12.75% on the next $47,564\u2013$101,200<br>17.4% over $101,200<\/td><td>10.8% on the first $47,000<br>12.75% on the next $47,000\u2013$100,000<br>17.4% over $100,000<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Saskatchewan<\/strong><\/td><td>10.5% on the first $49,720<br>12.5% on the next $49,720\u2013$142,058<br>14.5% over $142,058<\/td><td>10.5% on the first $54,532<br>12.5% on the next $54,532\u2013$155,805<br>14.5% over $155,805<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Alberta<\/strong><\/td><td>10% on the first $151,234<br>12% on the next $151,234\u2013$181,481<br>13% on the next $181,481\u2013$241,974<br>14% on the next $241,974\u2013$362,961<br>15% over $362,961<\/td><td>8% on the first $61,200<br>10% on the next $61,200\u2013$154,259<br>12% on the next $154,259\u2013$185,111<br>13% on the next $185,111\u2013$246,813<br>14% on the next $246,813\u2013$370,220<br>15% over $370,220<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>British Columbia<\/strong><\/td><td>5.06% on the first $49,279<br>7.7% on the next $49,279\u2013$98,560<br>10.5% on the next $98,560\u2013$113,158<br>12.29% on the next $113,158\u2013$137,407<br>14.7% on the next $137,407\u2013$186,306<br>16.8% on the next $186,306\u2013$259,829<br>20.5% over $259,829<\/td><td>5.06% on the first $50,363<br>7.7% on the next $50,363\u2013$100,728<br>10.5% on the next $100,728\u2013$115,648<br>12.29% on the next $115,648\u2013$140,430<br>14.7% on the next $140,430\u2013$190,405<br>16.8% on the next $190,405\u2013$265,545<br>20.5% over $265,545<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Yukon<\/strong><\/td><td>6.4% on the first $57,375<br>9% on the next $57,375\u2013$114,750<br>10.9% on the next $114,750\u2013$177,882<br>12.8% on the next $177,882\u2013$500,000<br>15% over $500,000<\/td><td>6.4% on the first $58,523<br>9% on the next $58,523\u2013$117,045<br>10.9% on the next $117,045\u2013$181,440<br>12.8% on the next $181,440\u2013$500,000<br>15% over $500,000<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Northwest Territories<\/strong><\/td><td>5.9% on the first $51,964<br>8.6% on the next $51,964\u2013$103,930<br>12.2% on the next $103,930\u2013$168,967<br>14.05% over $168,967<\/td><td>5.9% on the first $53,003<br>8.6% on the next $53,003\u2013$106,009<br>12.2% on the next $106,009\u2013$172,346<br>14.05% over $172,346<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Nunavut<\/strong><\/td><td>4% on the first $54,707<br>7% on the next $54,707\u2013$109,413<br>9% on the next $109,413\u2013$177,881<br>11.5% over $177,881<\/td><td>4% on the first $55,801<br>7% on the next $55,801\u2013$111,602<br>9% on the next $111,602\u2013$181,439<br>11.5% over $181,439<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Newfoundland and Labrador<\/strong><\/td><td>8.7% on the first $44,192<br>14.5% on the next $44,192\u2013$88,382<br>15.8% on the next $88,382\u2013$157,792<br>17.8% on the next $157,792\u2013$220,910<br>19.8% on the next $220,910\u2013$282,214<br>20.8% on the next $282,214\u2013$564,429<br>21.3% on the next $564,429\u2013$1,128,858<br>21.8% over $1,128,858<\/td><td>8.7% on the first $44,678<br>14.5% on the next $44,678\u2013$89,354<br>15.8% on the next $89,354\u2013$159,528<br>17.8% on the next $159,528\u2013$223,340<br>19.8% on the next $223,340\u2013$285,319<br>20.8% on the next $285,319\u2013$570,638<br>21.3% on the next $570,638\u2013$1,141,275<br>21.8% over $1,141,275<\/td><\/tr><tr><td style=\"text-align: left;\" scope=\"row\"><strong>Prince Edward Island<\/strong><\/td><td>9.5% on the first $33,328<br>13.47% on the next $33,328\u2013$64,656<br>16.6% on the next $64,656\u2013$105,000<br>17.62% on the next $105,000\u2013$140,000<br>19% over $140,000<\/td><td>9.5% on the first $33,928<br>13.47% on the next $33,928\u2013$65,820<br>16.6% on the next $65,820\u2013$106,890<br>17.62% on the next $106,890\u2013$142,250<br>19% over $142,250<\/td><\/tr><\/tbody><\/table><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block\"><h4>Example:<\/h4><p>If you live in Ontario and make $60,000 per year at your day job but also earn $500 in savings account interest in 2026, then your total income for the year would be $60,000 + $500 = $60,500. Your income tax would be calculated as follows:<\/p><p><strong>Federal income tax:<\/strong><br>You don\u2019t have to pay income tax on the first $16,452 because of the \u201cbasic personal amount\u201d federal tax credit. This leaves $44,048 in taxable income, which is federally taxed at a rate of 14%, or <strong>$6,166.72<\/strong>.<\/p><p><strong>Provincial income tax:<\/strong><br>You don\u2019t have to pay income tax on the first $12,989 because of the \u201cbasic personal amount\u201d Ontario tax credit. This leaves $47,511 in taxable income, which is provincially taxed at a rate of 5.05%, or <strong>$2,399.30<\/strong>.<\/p><p><strong>Total:<\/strong> <strong>$8,566.02<\/strong><\/p><p>The interest income tax rate in Canada is the same as your federal\/provincial income tax rates, because interest counts as part of your overall income.<\/p><p><em>Note that the totals listed don\u2019t take into account CPP, E.I., tax credits or tax deductibles<\/em>. So the actual amount you\u2019d end up paying would be different. This is just to give you a basic idea of how the tax rate on interest income in Canada works.<\/p><\/div><\/article><h3>Bottom line<\/h3><p><a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/savings-account-interest-rates\">Interest earned on savings accounts<\/a> is taxable in Canada. Your tax rate depends on your total income from all sources (employment, investments, savings account interest etc.). The higher your income, the higher your marginal rate. To minimize or defer tax on savings interest, consider using a TFSA or RRSP. Just keep an eye on your contribution limit.<\/p><p>Speak with a tax accountant or a lawyer who specializes in tax law for more details on how savings account interest affects your tax situation.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\" style=\"text-decoration:underline; font-size:0.9em;\">Savings accounts<\/a>\n<\/div>\n<\/article><div class=\"has-padding-xsmall\"><\/div><iframe id=\"datawrapper-chart-F7JW3\" title=\"What types of bank accounts do you plan to open in 2025?\" width=\"100%\" height=\"444\" scrolling=\"yes\" aria-label=\"Bar Chart\" src=\"https:\/\/datawrapper.dwcdn.net\/F7JW3\/1\/\" style=\"border: none;\" loading=\"lazy\"><\/iframe><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Do I have to pay taxes on my savings account in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You don't have to pay taxes on savings account deposits in Canada, but you're taxed on interest earned from savings account deposits (unless you have a TFSA or RRSP and don't exceed your annual contribution limit).<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How much tax do you pay on interest earned from savings in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Your interest income tax rate in Canada is the same as your tax rate for other types of income. The rate depends on your tax bracket, which is determined by adding together your total income from all sources and subtracting any applicable tax deductions.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Do you report interest earned in a TFSA or RRSP on your tax return?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No, you don't have to report income earned in a TFSA or RRSP unless you've exceeded your annual contribution limit.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">What are the income tax brackets in Ontario?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>For the <strong>2025<\/strong> tax year, income tax brackets in Ontario are as follows:<\/p><ul><li>5.05% on the first $52,886<\/li><li>9.15% on the next $52,886 \u2013 $105,775<\/li><li>11.16% on the next $105,775 \u2013 $150,000<\/li><li>12.16% on the next $150,000 \u2013 $220,000<\/li><li>13.16% over $220,000<\/li><\/ul><p>For the <strong>2026<\/strong> tax year, income tax brackets in Ontario are as follows:<\/p><ul><li>5.05% on the first $53,891<\/li><li>9.15% on the next $53,891\u2013$107,785<\/li><li>11.16% on the next $107,785\u2013$150,000<\/li><li>12.16% on the next $150,000\u2013$220,000<\/li><li>13.16% over $220,000<\/li><\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">How much money can you have in your bank account without being taxed in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>In Canada, you're not taxed simply for holding funds in a bank account. Rather, you're taxed on earnings generated from bank account deposits. So, there's no limit to the amount of money you can have in your bank account without being taxed in Canada \u2014 only the interest or investment income it earns is taxable.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000005\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000005\">\n                <span class=\"luna-accordion__title\">What is nontaxable income in Canada?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000005\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Nontaxable income in Canada doesn't have to be reported with your other income and doesn't trigger any income tax. Examples include:<\/p><ul><li>GST\/HST credits<\/li><li>Most types of gifts and inheritances<\/li><li>Provincial\/territorial compensation paid to victims of crime or motor vehicle accidents<\/li><li>Lottery winnings (unless determined to be business or employment income)<\/li><li>Most amounts received from a life insurance policy<\/li><li>Most types of strike pay that you received from your union<\/li><\/ul>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000006\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000006\">\n                <span class=\"luna-accordion__title\">Is promotional or bonus interest taxable?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000006\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, all interest earned in a non-registered savings account is considered taxable income.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000007\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000007\">\n                <span class=\"luna-accordion__title\">What happens if I don't report interest income?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000007\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>If you don't report interest income in Canada, the CRA can reassess your tax return, charge interest on any taxes owed and impose penalties if they believe the omission was intentional or negligent. Even small amounts must be reported, because unreported income can trigger fines and increase the risk of future audits.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000008\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000008\">\n                <span class=\"luna-accordion__title\">Do I pay tax on interest from foreign bank accounts?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000008\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>If you're a Canadian resident, you must report your worldwide income, including interest earned from foreign bank accounts, on your tax return. If you've already paid tax on that income in another country that has a tax treaty with Canada, you may be able to claim a foreign tax credit to reduce your Canadian taxes, but you still need to report the income.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000009\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000009\">\n                <span class=\"luna-accordion__title\">When is interest on my savings account taxed?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000009\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Interest on a savings account is taxed in the year it's credited or paid to you, not when it accrues. This means that even if your account compounds daily but only pays out interest annually, you report and pay tax on the full amount in the year you received it.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000010\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000010\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Savings account interest is taxable in Canada. Find out how taxation works and how to minimize what you owe.<\/p>\n","protected":false},"author":685,"featured_media":1043697,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[483],"tags":[2731,3837,4143],"asset_tag":[],"class_list":["post-784285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-accounts","tag-interest","tag-savings-accounts-2","tag-tax"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do you Have to Pay Taxes on Savings Accounts? 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Check out how different savings accounts can help reduce the taxes you pay.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/ca\/savings-accounts\/how-is-interest-taxed-on-my-savings-account\" \/>\n<meta property=\"og:site_name\" content=\"Finder Canada\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-03T05:13:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2019\/06\/interestincomeonsavingsaccount_Supplied_1800x1000.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Stacie Hurst\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stacie Hurst\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 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Even small amounts must be reported, because unreported income can trigger fines and increase the risk of future audits.\r\r"}},{"@type":"Question","name":"Do I pay tax on interest from foreign bank accounts?","acceptedAnswer":{"@type":"Answer","text":"\r\rIf you're a Canadian resident, you must report your worldwide income, including interest earned from foreign bank accounts, on your tax return. If you've already paid tax on that income in another country that has a tax treaty with Canada, you may be able to claim a foreign tax credit to reduce your Canadian taxes, but you still need to report the income.\r\r"}},{"@type":"Question","name":"When is interest on my savings account taxed?","acceptedAnswer":{"@type":"Answer","text":"\r\rInterest on a savings account is taxed in the year it's credited or paid to you, not when it accrues. This means that even if your account compounds daily but only pays out interest annually, you report and pay tax on the full amount in the year you received it.\r\r"}}]}]},"article_modified_time":"2026-03-04T19:19:36+00:00"},"custom_fields":{"show_author_box":["1"],"_content_type":["niche-content\/information\/how-to"],"_masthead_variant":["{\"id\":\"standard-blue\",\"showFeaturedImage\":false,\"presetId\":\"\",\"shouldUsePrimaryCTAFieldName\":false,\"shouldUseSecondaryCTAFieldName\":false,\"primaryCTA\":null,\"secondaryCTA\":null,\"widgetShortcode\":\"\",\"widgetHeading\":\"\",\"widgetStats\":\"\",\"hasPrioritizedWidget\":false,\"hasMaximizedWidget\":false,\"shouldUseOverrideCTALabel\":false,\"overrideCTA\":null,\"cleanTopPicks\":\"\",\"tilesMenuId\":\"\"}"],"_masthead_subheading":["{\"text\":\"The tax man cometh&mdash;even for your savings account. 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