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hollidayhouse
New Member

I have a T3 slip with my SIN# but the income is listed in my name and my 2 sisters. how do I split the come in 3 so revenue canada knows this.

I have t3 slip with my sin # on it . But the income is registered in my name and my 2 sisters name. they are listed in the address part of the t3 slip. How do I go about splitting the income in 3  on your program so revenue Canada knows this as well.

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Accepted Solutions
TurboTaxLise
Level 13

I have a T3 slip with my SIN# but the income is listed in my name and my 2 sisters. how do I split the come in 3 so revenue canada knows this.

T3 joint account - Each owner of a joint account ( in this case 3 of you) is required to report their individual portion of the total income (interest, dividends, capital gains, return of capital) according to the same ratio as their proportionate contribution of funds to the joint account.

Although a single T3 tax slip may be issued for your joint account in your name with your SIN#, doesn’t mean that the CRA is expecting you to report all the income. They only want one SIN to be included on the tax slip. Therefore, only the primary account holder’s SIN number is displayed on it. You would each report your own 33% of the shares if shared equally.

Here is a link that will help you with how to enter it in TurboTax:

T3 - Statement of Trust Income Allocations and Designations

https://turbotax.community.intuit.ca/replies/2647675


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2 Replies
TurboTaxLise
Level 13

I have a T3 slip with my SIN# but the income is listed in my name and my 2 sisters. how do I split the come in 3 so revenue canada knows this.

T3 joint account - Each owner of a joint account ( in this case 3 of you) is required to report their individual portion of the total income (interest, dividends, capital gains, return of capital) according to the same ratio as their proportionate contribution of funds to the joint account.

Although a single T3 tax slip may be issued for your joint account in your name with your SIN#, doesn’t mean that the CRA is expecting you to report all the income. They only want one SIN to be included on the tax slip. Therefore, only the primary account holder’s SIN number is displayed on it. You would each report your own 33% of the shares if shared equally.

Here is a link that will help you with how to enter it in TurboTax:

T3 - Statement of Trust Income Allocations and Designations

https://turbotax.community.intuit.ca/replies/2647675


Paul140
New Member

I have a T3 slip with my SIN# but the income is listed in my name and my 2 sisters. how do I split the come in 3 so revenue canada knows this.

@TurboTaxLise  - Could you please update the link you provided?  It doesn't work for me.   I received a T3 slip because I hold the investments in a trust account for my child.  I want 100% of the T3 values on my child's return even though my SIN is on the slip.

 

It seems like I should not enter the full values from the T3 slip in my return and set the "Your Percentage" at the bottom of the form to 0% because I don't want the values to appear on my spouse's return.

 

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