How to report int. income from Joint account on separate tax return
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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
Location: Western Hemisphere
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
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
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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એવા ઝંઝાવાત હજુ હૈયાની અંદર
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).
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
