☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Oct 30, 2019 9:58:23 AM

How to enter non-spousal joint account t5008 info if my contribution to the account is $0?

I'm using the online version of Turbo Tax and just want to make sure I do it right.

0 1 777
1 Best answer
New Member
Oct 30, 2019 9:58:24 AM

If you have not contributed to the investment account and derive no beneficial ownership from the account you will not enter the T5008. The joint owner will claim the full amount. You will need the beneficial account owner to provide you with confirmation they have reported the T5008. (CRA may ask for confirmation). 

1 Replies
New Member
Oct 30, 2019 9:58:24 AM

If you have not contributed to the investment account and derive no beneficial ownership from the account you will not enter the T5008. The joint owner will claim the full amount. You will need the beneficial account owner to provide you with confirmation they have reported the T5008. (CRA may ask for confirmation).