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posted Oct 31, 2019 2:19:45 AM

If one spouse historically reported 100% of amounts from T3 form, once the investment is sold can amounts from T5008 be split 50-50%?

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1 Best answer
Level 15
Oct 31, 2019 2:19:47 AM

If the same investment was previously claimed by one spouse 100%, you need to report the disposition on the T5008 in the same way. 

As with any investment, CRA's attribution rules apply and you cannot change the amounts strictly for tax advantages. You should continue to report it with the same percentages each year, as changing this each year can trigger a review and possible reassessment from CRA. The same rules apply when that investment is disposed of. Generally spouse's claim 50/50.

1 Replies
Level 15
Oct 31, 2019 2:19:47 AM

If the same investment was previously claimed by one spouse 100%, you need to report the disposition on the T5008 in the same way. 

As with any investment, CRA's attribution rules apply and you cannot change the amounts strictly for tax advantages. You should continue to report it with the same percentages each year, as changing this each year can trigger a review and possible reassessment from CRA. The same rules apply when that investment is disposed of. Generally spouse's claim 50/50.