If you had investment income and expenses, much of the information required to be reported on your tax return will automatically be calculated for you, as you enter the following information slips into H&R Block’s tax software:
- T5: Statement of investment income
- T5013: Statement of partnership income
- T4PS: Statement of employees profit sharing plan allocations and payments
- T3: Statement of trust income allocations and designations
- Relevé 3: Revenus de placement
- Relevé 15: Amounts allocated to the members of a partnership
- Relevé 16: Revenus de fiducie
- Relevé 25: Income from a profit-sharing plan
However, if you didn’t receive these slips but you earned investment income during the year or if you have additional investment expenses to deduct, you’ll need to complete the Statement of investment income, carrying charges, and interest expenses page (federal worksheet) in the software.
Important: Do not include amounts on the Statement of investment income, carrying charges, and interest expenses page from slips you have already entered in your return. Re-entering amounts from your slip(s) on this page will result in inaccurate income and/or deduction amounts.
If you’re a resident of Québec, you’ll also need to complete Schedule N to calculate your adjustment of investment expenses, which is combined with the federal worksheet in H&R Block’s tax software. The combined form is called Statement of investment income and adjustment of investment expenses (federal worksheet & Schedule N) and can be found under the PENSION PLANS AND INVESTMENTS icon on the PREPARE tab.
I need help completing this page
You’ll need to have information related to the following investment income and expenses to complete this page:
Other than eligible dividends and eligible dividends
Actual amounts of dividends (eligible and other than eligible) from taxable Canadian corporations - these are Canadian-source dividends or profits you receive from your share of the ownership in a corporation.
Note, simply enter the actual amount of dividends you received on this page and not the taxable H&R Block’s tax software will automatically multiply your actual amount of dividends with the applicable percentage to calculate your taxable amount of dividends.
If you had income from any of these sources, report these on this page:
- Interest from bank accounts, term deposits, guaranteed investment certificates, or Canada savings bonds
- Treasury bills
- Earnings on a life insurance policy
- Foreign interest and dividends
- Interest earned on a mortgage (this is a mortgage you’ve given to someone for investment purposes)
- A statement of interest on your notice of assessment from the Canada Revenue Agency (CRA)
Note: If you received income during the year that doesn’t fit into any of the categories listed above (for example, if you received interest on money you loaned to a business), you can enter that income on the Other income earned or received in 2018 page under the OTHER icon on the PREPARE tab.
If any of the following carrying charges and interest expenses applied to you during the year, you’ll need to report these on this page:
- You paid someone to give you investment advice or manage your portfolio, like having your investment income recorded for you
- You paid interest on money you borrowed to invest/earn investment income (excluding RRSPs or a TFSA)
- You paid interest on a policy loan made to earn income
- You paid legal fees related to receiving support payments
- You paid someone to complete your return if you have income from a business or property
Note: Don’t enter any safety box charges, subscription fees for financial newspapers or magazines, or legal fees you paid to get a separation or divorce on this page. Visit the Canada Revenue Agency (CRA) site for more information on what investment expenses can be claimed.
As a Québec resident, you’ll need to complete this section of the Statement of investment income and adjustment of investment expenses (federal worksheet & Schedule N) page to calculate your adjustment of investment expenses. Keep in mind, the investment expenses you deduct on your return can’t be more than your investment income.
Complete this section if want to calculate any of the following deductions:
- The total of other expenses you paid to earn property income
These are the total of other expenses you paid to earn property income, including:
- Repayment of interest received
- Foreign income tax paid on income from property other than rental property
- Life insurance premiums related to property income that isn’t rental income
- Other expenses relating films
- Repayment of an advance on a life insurance policy
- Other property income allocated by a trust and property income allocated to shareholders
This is the total of the amounts entered since 2004 for your adjustment of investment expenses and adjustment of other investment expenses, minus the amount already used to reduce your investment income for a previous year. You can also find your unused amount on line 80 of your 2017 Schedule N. If this is the first time you’re completing Schedule N, leave this field blank.
Don’t take into account any bad debts deducted in the calculation of property income.
Note: You’ll notice that there are fewer fields to fill out on your Statement of investment income and adjustment of investment expenses in H&R Block’s tax software than there are on the Schedule N found on Revenu Québec’s website. That’s because our software automatically pulls information from other pages you’ve already entered. These include:
- a deduction for a loss from a partnership of which you were a specified member
- a deduction for carrying charges and interest expenses
- a deduction for exploration or development expenses
Where do I claim this?
Follow these steps in H&R Block's 2018 tax software:
- Under the PREPARE tab, click IN THIS SECTION icon.
In the Investments box, click the Add This Topic button.
- Click the PENSION PLANS AND INVESTMENTS icon. You'll find yourself here:
- Under the INVESTMENT INCOME section, select the checkbox labelled Statement of investment income, carrying charges, and interest expenses. If you’re a Québec resident, select Statement of investment income and adjustment of investment expenses (federal worksheet/Schedule N).
- When you arrive at the selected page, enter your information into the tax software.