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Q: Do I need to declare the profit earned from unit trust?
A: Gain from selling of unit trust investment is not taxable as it is a capital gain. The gross dividend from unit trust stated in the dividend voucher is taxable and has to be declared. However, the taxed amount stated in the dividend voucher is a credit that can be claimed under S. 110 of the Income Tax Act 1967.
Wishing you plentiful tax savings!
YYC Tax Guru