You would enter it on the tax return of the person whose SIN number is on the slip. If the two people named on the slip are spouses/common-law, you can use the box at the bottom of the page to divide the amount between the two.
According to Canda Revenue Agency, you need to do is determine who contributed to the investment and what percentage. You report the interest earned in the same proportion as the funds that were contributed into the account that earned the income.
Most of the time, you and your partner share money so you can each claim 50 percent of the T5 income.
With TurboTax, entering a T5 that is shared between spouses is easy – you only have to enter the T5 once. If you are going to be the partner who takes care of the T5, simply 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 each partner’s claim onto both partners’ returns.
For more information: Two’s company on a T5 slip: Spouses can share income
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If one spouse has died and therefore Turbotax says you must enter separate returns, do you enter any amounts from T5s from joint accounts on the survivor's return even though the T5 has the SIN of the deceased on it?
Sorry for your loss. Yes, if you were claiming 50% each in the previous years for this T5, you will do the same this year and the Canada Revenue Agency (CRA) will compare the information in both the files.
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I have claimed the investment income from T5 - dividends from Canadian corporations -- on my return.
I wish to split the income with my spouse but when I indicate 50% for me it adds that amount unto
the total of the taxable dividend amount on my income -- making it 3x higher than my spouse's.
What am I doing wrong?
Are you using TurboTax CD/Download or TurboTax Online?
Please see our TurboTax article for directions on how to include the: T5 Tax Form: Statement of Investment Income in Canada.
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