Should I enter the information from my T3, T5, T5008 slips on both my tax forms as well as my wife's? The slips are both in my wife's name and mine.

[jon_sanchez]

If you and your spouse are preparing returns together, you only need to enter each slip once but you must specify the percentage of each partner's claim on each slip. TurboTax will do the calculations for you.

You need to report the interest earned based on the contributions made to the account that earned income. So if you made all of the contributions, you would claim the income on the T3, T5 or T5008 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.

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 

For any additional inquiries, you can contact our social media team here.