peterwolfe
New Member

Can I claim 60% of all investment income for 2015 for myself and 40% for my wife with no problem from CRA?

This question relates to a joint investment account between my wife and myself. It was opened initially as a joint account.

In 2014 I claimed 100% for myself only as the money in the investment account just came from my own inheritance. In 2015 my wife inherited some money which grew the investment account so that 40% came from her and 60% came from me. How should I handle this?

For now the data I've entered in Turbotax have all of 2015 income claimed just by me. But from the tax info I've seen it seems I should  split it 60  40 as indicated above?

Should I also split the values reported in Shares and Mutual Funds Sale Summary 60 40 also? Have reported Total Proceeds and Total adjusted Cost Base there.

‎October 29, 2019 11:06 PM
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Delphision
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Seniors and students

Per CRA you should make a consistent split based on each person's contribution to the investment portfolio.

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‎October 29, 2019 11:06 PM
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peterwolfe
New Member

Seniors and students

So does this mean I should continue claiming 100% of the income? Or as my wife may inherit more money in the future,  maybe I should do 50-50 for this year and also apply to change last years to be 50-50 as well?.
‎October 29, 2019 11:06 PM
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Delphision
New Member

Seniors and students

It seems to me that the 60/40 split is the most accurate and the easiest to prove should it become necessary to do so, in which case everything would follow that split until the percentage changed by way of another deposit from one of you.
‎October 29, 2019 11:06 PM
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