loan,banking and credit
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If I earn interest in a savings account, is it taxed?


If so, how much is it taxed? I live in B.C. Canada.
Thanks.

Yes.
In the United States it is.
not taxed but you have to claim it on your income tax. (at least in the US and probably so in Canada).
yes,but it depends on your income bracket.the tax would theoretically be at your marginal rate of tax.
if you only have a couple of thousand or less its not usually an issue. if you win the lottery and are talking about millions then the money in not taxed but the interest is considered income.
Yes, it is taxed. Report any bank interest income on line 121, even if you didn't receive a T5 for it - you generally won't receive a slip for interest amounts under $50. You should be able to find more info on the CRA website www.cra.gc.ca

I'll see if I can find the link...

http://www.cra-arc.gc.ca/tax/individuals...

I hope this helps =)
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