Income splitting - Returining to Canada from the US
Moderator: Mark T Serbinski CA CPA
Income splitting - Returining to Canada from the US
My wife and I returned to Canada recently having spent some time in the US. During that time we were US residents for tax purposes, and filed a joint return. Now that we have re-established Canadian tax residency, could we consider our existing assets as effectively equally "split" between the two of us?
For what purpose? CRA takes the position that income arising from joint accounts is attributible in proportion to what each supplied /funded to the account by; when it was funded would not matter.
As to income "given" to your spouse's separate accounts, as long as it was given before returning to canada, the income arising from it can be considered theirs, but if it was given after, the regular attribution rules apply (ie. the generated income is yours).
As to income "given" to your spouse's separate accounts, as long as it was given before returning to canada, the income arising from it can be considered theirs, but if it was given after, the regular attribution rules apply (ie. the generated income is yours).
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
As I understand it, only to the extent that both of you could reasonably be considered to have contributed equally to each asset. If you were both working and earning, this may be the case for certain assets, such as bank accounts and some jointly held investments, perhaps a hosue. I would not want to claim joint contribution to something the spouse could NOT contribute to, for example, a company 401(k) plan.