Schedule 7 Investment Income Calculator
Schedule 7 is where a private corporation totals its investment income. Any amount above nil means the year is not nil.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
Last reviewed: November 5, 2026
Enter the amounts above. Enter 0 where there was none.
Gondaliya CPA Professional Corporation is a registered EFILE electronic filer. Returns are prepared and transmitted in Canada. Credentials are never shared and never used offshore.
What Schedule 7 Does
Schedule 7 is where a private corporation totals its investment income: interest, rent, and the other passive amounts that arrive without anybody trading. It is the schedule that separates money the corporation earned from money it worked for.
For a dormant corporation it matters out of all proportion to the amounts involved, because the amounts are usually tiny and the consequence is not. Interest of a few dollars credited on a bank balance is investment income, and the year stops being nil.
What Totals Up, and What It Costs the Year
| Source | Counts as investment income | Effect on a nil year |
|---|---|---|
| Interest credited on a bank balance | Yes | The year is not nil, whatever the amount |
| Rent received on a property | Yes | A rental corporation is not nil |
| Other passive income | Yes | The year is not nil |
| Nothing credited at all | No | Nil on this question; what the corporation holds decides the GIFI schedules |
There is no small-amount exception on this list. A balance that earned $12.00 across the year earned investment income, and that is the whole of the test.
Why Any Amount Ends the Nil Year
A holding corporation with investment income, a rental corporation and a corporation that paid or received a dividend are not nil. Those are handled by Gondaliya CPA Professional Corporation at gondaliyacpa.ca at $350.00 plus HST per year.
The calculator above adds up what you type and nothing else. It holds no rate, no threshold and no figure of ours: every amount in the result is one you entered. What it does is apply the test to the total, so a year with $12.00 of interest gets the same answer as a year with $12,000.00. See what nil T2 filing at $300.00 plus HST per tax year covers and the guide to filing for an inactive holding company.
Not every schedule settles whether a year is nil. This one does, and it settles it on any amount above zero.
Frequently Asked Questions
Is a few dollars of bank interest really enough?
Yes. Interest credited on a balance is investment income, and the corporation is not nil for that tax year. The amount changes nothing about the test.
Where does the calculator get its figures?
From you. It totals the three amounts you enter and applies the test to the total. It holds no rate and no threshold of its own.
My bank paid interest but I never withdrew it.
Credited is enough. The income arose when it was credited to the account, whether or not anybody moved it afterwards.
Is rent from one property enough to end the nil year?
Yes. A rental corporation is not nil, and one property is a rental corporation for this purpose.
What if the interest was credited in a year I have not filed?
It belongs to that year, and that year is not nil. Each tax year is tested on its own facts.
Does a capital gain go here?
A gain is not the same thing as the interest and rent this page asks about. Either way a year with a gain in it is not a nil year.
My corporation holds shares that paid nothing.
Then nothing was credited and there is nothing to total. Holding an investment is not the same as earning from it.
Does this tell me what tax is owed?
No. It totals investment income and says what that means for the nil question. It works out no tax and is not a filed return.
The amounts are in a foreign currency.
Enter the figures you will report, in the currency the return uses. The conversion is a question for whoever prepares the return.
Everything is 0. What now?
Then this question leaves the year nil, and what the corporation holds decides the GIFI schedules instead. Share capital, cash, a shareholder loan, an incorporation cost or a bank charge each make them required.
Nil T2 Filing, $300.00 plus HST per tax year
Type your corporation name, pick your unfiled years, pay, and sign Form T183CORP on a secure screen. Your CRA confirmation is emailed within 3 business days.
Start Nil T2 Filing NOW