Flight overbooked. Monetary compensation
I recently went on a flight that was overbooked. I got bumped, and was compensated in the following manner:
- My trip was moved to the same flight for another day, free of charge.
- I was monetarily compensated for my trouble by the airline (Air Canada). This came out to about $800 CAD in the form of a check.
My question is: what are the tax implications of this (if any)? Does the 2nd bit need to be declared as income? Where would I report it?