Mr. Johnson wants to help his daughter, Erin, save for her college education. To this end, in 2018, when she was 15 years old, he put $3,000 into a GIC in her name, for a one year term. The GIC renews on an annual basis. On its maturity in 2019, Erin rolled the $3,000 into another GIC for one year and the interest earned during the first year into a second one-year GIC for $300. In 2020, the interest earned on the two GICs was $240 and $24 respectively. How much of this interest, if any, must Mr. Johnson report on his 2020 income tax return?

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The Answer of Mr. Johnson wants to help his daughter, Erin, save for her college education. To this end, in 2018, when she was 15 years old, he put $3,000 into a GIC in her name, for a one year term. The GIC renews on an annual basis. On its maturity in 2019, Erin rolled the $3,000 into another GIC for one year and the interest earned during the first year into a second one-year GIC for $300. In 2020, the interest earned on the two GICs was $240 and $24 respectively. How much of this interest, if any, must Mr. Johnson report on his 2020 income tax return?

Mr Johnson Wants to Help His Daughter, Erin, Save for Her