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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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