It's unclear if the software automatically splits the income and expenses 50% for each or if I need to do it manually. For example if the business grosses $10,000 income and $3,000 expenses, do I enter the full amount for each and the software will split 50/50, or do I enter $5,000 and $1,500 for the income and expenses, respectively for each of us? Not sure why the software asks for the % ownership if it isn't automatically splitting the values.
If you have entered the information on your tax return and you choose in the software that you are sharing the business with your wife, then we will calculate for you and your wife the right portion. If you claim CCA, you would have to enter your own portion but the rest of the income and expenses, are divided automatically based on the percentage that you have entered for your wife.
Thanks Julie. The information needs to be entered for each of us separately, when I just enter it for one of us it gets applied to only that person. When I enter all the info for just one person it gets applied completely to them. This makes me think I need to enter the info for each of us separately.