You would need to enter the percentage that will be claimed by your spouse on your tax return. You need to report the interest earned based on the contributions made into the account that earned the income. So if you made all of the contributions, you would claim the income on the T3 & T5 slips 100% in your name.
You cannot change the amounts for tax advantages, and you should continue to report it with the same percentages each year, as changing this year may trigger a review and reassessment from CRA. Generally, contributions are made 50% by each spouse so the split will be 50/50.
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.
For more information, please visit:
T5 Tax Form: Statement of Investment Income in Canada
Two’s company on a T5 slip: Spouses can share income
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