how to co file while sharing t5's with wife?

[TurboTaxAniqua]

You only have to enter the T5 once. If you are going to be the partner who takes care of the T5, enter the percentage that will be claimed by a spouse on your tax return. If you and your spouse are preparing tax returns together, TurboTax will automatically transfer the percentage of each partner’s claim onto both partners’ returns.

Search for T5-Slips > T5 Investment Income > Enter New T5.

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[Kupat]

First of all, start a new return.

If you wish to file jointly with your wife, select My Spouse/Partner and Me where it asks you for "Who are you preparing this return for?" and continue.

 

Once you begin your return this way, you will have to answer basic questions related to yourself and your spouse: name, DOB, etc. 

 

After you have started your joint return with your spouse under the Investment section, you can enter or upload your T5.

In TurboTax, if a T5 is in both names, only one person will enter it, and on the bottom of the T5, it asks what percentage is for the spouse, and they would enter 50%.  

If you both contributed equal amounts to the investment and you share money, you can each claim 50% of the amount shown on the T5 tax slip. Otherwise, you can claim the appropriate portion depending on how much you contributed to the investment account:

Amount to report = personal amount contributed/total amount contributed

For example:

Amanda and Phillip opened an investment account together that pays interest. Amanda contributed $1,000, and Phillip contributed $3,000.

They received a T5 slip with both names on it and an amount of $100 in Box 13.

Each will have to report a portion of this income on their tax returns:

• Amanda will report: $100 x $1,000/$4,000 = $25
• Phillip will report : $100 x $3,000/$4,000 = $75

  If you need more help regarding this concept, visit - T5 Tax Form: Statement of Investment Income in Canada 

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