Spousal returns: switch non-joint T5008 in wife's name onto husband's tax return

[MessingwithT5008s]

I have 2 brokerage accounts, because one is my funds and the other is my husband's funds (in my name for legal/liability reasons). After downloading all the T5008s onto my return, I attempted to switch the ones that are actually my husband's income onto his return: I changed the percent to 0% in each T5008 on my return, and selected the drop-down for "switch to spouse." However, there are now error messages for all these T5008s that say the percent can't be 0%. Is there any way to easily switch these T5008s to the correct spouse? Or do I have to manually enter all of them onto my husband's return, and delete them from mine? (Yes, we are set up in Ufile as spouses.)

[Curmudgeon]

I would guess that Ufile requires a nonzero percentage, otherwise it's not a joint account and that is what this question is for. Manual entry into your husband's return is probably necessary.

[MessingwithT5008s]

Yeah, that's what I was afraid of. I think that's what I ended up doing, last year.

To the best of my recollection, Taxprep allows T-slips to easily be switched between spouses. However, it is a professional-preparer product so not available to us regular folks.

[Geo123]

Hello MessingwithT5008s,

The % for the joint account should be greater than 0%.

-----------------------

For out professional offering please visit :

 DTMax T1 : https://www.thomsonreuters.ca/fr/suiteprofessionnelledt/produits/dtmax/dtmaxt1.html

 DTMax T2 : https://www.thomsonreuters.ca/fr/suiteprofessionnelledt/produits/dtmax/dtmaxt2.html

 DTMax T3 : https://www.thomsonreuters.ca/fr/suiteprofessionnelledt/produits/dtmax/dtmaxt3.html

 DTMax 5013: https://www.thomsonreuters.ca/fr/suiteprofessionnelledt/produits/dtmax/dtmaxt5013.html

 DTFormax : https://www.thomsonreuters.ca/fr/suiteprofessionnelledt/produits/dtformmax.html

 

-----------------------

 

[MessingwithT5008s]

Thanks for the confirmation, Geo.

Unfortunately, I/we don't prepare tax returns for a fee; neither of us has a the requisite license.

We only do our own returns, plus the returns of a few aged and/or disabled relatives. Obviously, we do it for free. So DT Max isn't an option for us. Our only option for Netfiling our and and our parents' T1s is Ufile. We spend a lot of extra time on the two personal returns -- mine and my husband's -- that require some complex allocations.

It's a pity Ufile hasn't made the one simple change to allow a slip to be easily transferred from one spouse's return to the other's. Lots of people have bank/brokerage accounts in their own name but the money in the account belongs to others --spouse, kids, or parents. The number of T5008s for someone who's done any amount of share/fund trades in a year can be daunting. (I think I will have about two dozen manual entries to make because of this issue.) Believe it or not, some of us are honest about declaring the income from an account on the return of the person whose money it is -- as required by law.

(If there's a better place to post this request/criticism, please let me know, or forum admins should go ahead and move it. It would be good if the technical people who consider enhancements to next year's software are aware this would be a useful improvement, probably to more users than me -- assuming there are law-abiding taxpayers out there.)

[Geo123]

Hello MessingwithT5008s,

Thanks you for your comments and request.  I have made note of your SUGGESTION and will pass it on to the IT / DEV team.