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Joint Investment income


Jomini
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I am using your UFile for Tax return this year.
I have an investment income, say, $200.00 which I share with my wife, 50-50.  I report the $200 income, owning 50%.  My wife also reports the same thing:  $200 at 50%.  Is there a possibility of double-counting the income, to $400.00?

Thank you.

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Yes, the program processes split incomes for investments between spouses.

 

In the Investment income section of the program, enter your percentage share of the income recorded on your T3, T5 or T5008 slip.

 

If an information slip shows income that you share with other parties, indicate your percentage (%) of the income. The program reports your portion on your own tax return.

 

If the remainder belongs to your spouse, indicate whether you want the program to take it into account in preparing your spouse's return. If you do not want the program to do so, it will ignore the remainder. If all or part of the remaining income belongs to someone other than your spouse, the program will ignore it.

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Unfortunately, the splitting of investment income between spouses, for investments that are listed on a T5013 slip, will not be performed automatically by the program.

 

You must enter manually the appropriate portions of income in your file and your spouse's file.

 

You must also manually split the income amount displayed on the T5013 in proportion to the percentage of your investment.

 

However, with respect to the T3, T5 or T5008 slips, income splitting is performed automatically by the program as long as you process both returns together (yours and your spouse's) and enter your share of the income from these slips.

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