A T5 slip identifies the types of investment incomes you need to report on your income tax returns.
Some couples may find that their T5 slip has both of their names on it. If this happens, fear not. You can still have an easy tax filing experience.
What 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 please review our article on T5 slips here.
