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| *Loan,banking and credit>>>tax accounting |
When you put money in a savings account do you pay taxes on that money? |
wondering weather i should just save money in a safe box or in a bank i dont want to have to get taxed on already taxed money!!!! Canada You pay taxes on the interest you are paid by the bank, not on the money itself. If you have $1000 and get $20 in interest, you pay taxes on the $20. The tax on the $20 may be around $5, but you are still $15 ahead of where you would be if you put it in a safe box No, you don't. But that answer also depends on your type of savings account. If you're talking about something RRSPs, the rules are different. I'd check with your bank or on their website to be sure. i think you do if the amount is more than 10,000.00 but im not sure Yes, you pay taxes only in the interest ... |
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