How to report int. income from Joint account on separate tax return

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john26
Member since: Jan 07

Posts: 167
Location: Calgary
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Posted on: 15-03-10 15:41:18

We (wife and myself) are filing separate tax returns. We have joint account and we have received T5 from the bank

Now how to report this tax income on common T5 on two, separate returns. Is it split equally on both the returns?

Thanks

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 15-03-10 15:47:55

You can report all the income in any one of your returns. CRA will know since your return has your spouse's SIN on the first page.

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Dimple2001

Ash20
Member since: Apr 06

Posts: 443
Location:
Post ID: #PID

Posted on: 15-03-10 20:19:18

Each one of you have to report part of the income. You need to divide it depending on who contributed how much amount for that account. If you are doing paper filing, you can write (% of amount on each return) while if you are e-filing, most of the softwares will give you option to divide this income.

See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/121/bnk-eng.html

love_n_peace
Member since: Jan 08

Posts: 269
Location:
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Posted on: 15-03-10 21:17:02

i m putting it as my income becas my income is lower than my wife. And this i am doing since 2005, no queries were recd from CRA till date

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Ash20
Member since: Apr 06

Posts: 443
Location:
Post ID: #PID

Posted on: 16-03-10 00:38:22

Quote:
Originally posted by love_n_peace

i m putting it as my income becas my income is lower than my wife. And this i am doing since 2005, no queries were recd from CRA till date

CRA does not audit all the tax returns. People claim sometimes which can't be claimed. But please do remember that CRA can audit your past 6 years tax returns anytime.

Go through the CRA link I provided earlier.

Most of the time unless amount is huge, CRA won't question as you can most likely justify it (this investment income).

SeemaCGA
Member since: Mar 10

Posts: 6
Location:
Post ID: #PID

Posted on: 16-03-10 17:46:48

It's totally upto you to split your total interest income with your spouse in any manner that you like as long as the total income is reported between the two of you.

Seema Makhija, MBA, CGA
Tax and Business planning specialist

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How to report int. income from Joint account on separate tax return

Discussions similar to: How to report int. income from Joint account on separate tax return