Received a T3 for an account in My Name ITF Son Name. In the past I've always entered this on my return as he had no income. He has income last year so I'm wondering if I can add it to his return or if it must be still added to my return? Wondering because on his return it results in $50 less in taxes owing than if I add it to mine. Thank you!
We would recommend that you contact the Canada Revenue Agency at 1-800-959-8281, as they will be able to advise you on this matter.
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In case someone else has the same question, CRA told me that I have to add the T3 to my return because the ITF account is under my SIN. When my son turns 18, I will have to move the account to his name and SIN and then he would claim whatever results from it. Feel so dumb, I only looked at the names and totally neglected to look at the SIN on record on the slip. Oh well, better to know than guess.