Reporting India term deposit interest income in Canada

[mayank_grover]

Hi members,

For reporting income from foreign investments like bank fd’s, how do you guys calculate the interest amount earned from Jan to Dec? Banks in India generally give interest certificates from April to March. Since the tax reporting cycle is different in Canada, how to report the total interest earned?
Also, because of above, the income on an ITR will not match the foreign interest income reported in a T1. How do you guys manage this?

 

[steaky]

Hi members,

For reporting income from foreign investments like bank fd’s, how do you guys calculate the interest amount earned from Jan to Dec? Banks in India generally give interest certificates from April to March. Since the tax reporting cycle is different in Canada, how to report the total interest earned?
Also, because of above, the income on an ITR will not match the foreign interest income reported in a T1. How do you guys manage this?

So people in India would have to make their decision to lock their money in interest certificate before April in order to receive their money + interest in March?

 

[smikri]

Hi members,

For reporting income from foreign investments like bank fd’s, how do you guys calculate the interest amount earned from Jan to Dec? Banks in India generally give interest certificates from April to March. Since the tax reporting cycle is different in Canada, how to report the total interest earned?
Also, because of above, the income on an ITR will not match the foreign interest income reported in a T1. How do you guys manage this?

Banks in India also provide you with tools to calculate interest using dates so input 1st January and 31st December of the year that you need calculate the interest for