T5 - How to report investment income in UFile where 100% of Joint interest blongs to second name on account

[TerryB3202]

I received a T5 under my SIN for  a GIC investment showing box 13 interest earned on a deposit made solely with the capital provided by my disabled son.  In UFile, should I record the T5 in my return and allocate my share to zero and then enter the same T5 information in my son's return showing 100% as his share?

[AltaRed]

You can if you wish but UFile may not accept it this way.

 

In which case just show 100% on your son's return.  CRA may come back with a query on that when they process the NOA, upon which case you will need to send CRA a letter with the explanation.  The question is.... why is your SIN on that GIC investment to begin with?  Try to get that changed with your financial institution for next year.

[TerryB3202]

Thanks. 

To answer the question as to why my SIN is on the account, the account is joint and the T5 always shows the first-named SIN associated with joint holders.  CRA instructions require "proportionate" reporting and for Line 12100 says " Generally, you report your share of interest from a joint investment based on how much you contributed to it." 

In most years, the contributions and interest are roughly equal between my son and I, but this year, this particular GIC was purchased solely with his money.  Due to his disability and treatment at the moment the GIC was established, this was the easiest way to create the term.