Nathan is 14 years old. Nathan's dad opened a bank account for Nathan when he...
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Accounting
Nathan is 14 years old. Nathan's dad opened a bank account for Nathan when he was 2 years old and has been depositing $100 each month ever since, in early 2023, Nathan received a bank statement from CIBC showing the account had a balance of $16,268.34 at the end of 2022 and a T5 for 2022 with $308.15 in box13.
What options do Nathan and his dad have for reporting this income?
Nathans dad must report income of $16,268.34
Nathan's dad must report income of $308.15
Nathan must report income of $16,268.34
Nathan must report income of $308.15
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