Participation in an JOINT account on the slips T3 - T5 - T5008On each slip you have a box named "Recipient type" for T5 slip on box 23 and T5008 slip in box 11 or "Beneficiary Code" for T3 slips in box 18.
Code 2 indicates that it is a joint account held by two (2) or more individuals.
If the second individual is your spouse, the program can calculate each spouse's share.
In the first section of the page, in connection with your slip (T3 - T5 and/or T5008), enter the percentage that represents your share of the investment income indicated on the slip, on the line "When the income relates to a JOINT account, enter your percentage share in the account, otherwise leave blank".
However, if you enter "0%" the program will indicate at the bottom of the page the following message "A value of zero (0.00) is not allowed in this field". You must correct this field because the program will inform you in the "Review" tab that it is unable to calculate the return.
The program will then calculate and record only your share on your own tax return.
If your spouse owns the other share of the investment income, and you want the program to take it into account when preparing the tax return of your spouse, go to the line "Do you wish to transfer the remainder to your spouse's tax return (if applicable)?", and from the drop-down menu on your right, select "Yes".
You may follow this procedure providing that your spouse prepares his/her return in the same family file as you.
NOTE: If no answer is given to this question, the program will only report your participation to the investment income and the other person will have to enter his/her participation in the investment separately in his/her own file.
Please note that if more than two people share the investment income, you cannot transfer the balance of the joint investment to your spouse. You must then enter information shown on the same slip, in addition to entering his/her participation in the investment separately in his/her own file.
ID: 20211102175132CA.xml
Webpage: KPA390-20211102175132CA.htm