T5 Interest for joint account holders

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sfsleeper
Posts: 3
Joined: Sat Feb 23, 2008 9:49 pm

T5 Interest for joint account holders

Post by sfsleeper »

My wife is joint account with her mother. She received a T5 with both her mom and her SIN. How do we report the interest income on my wife and mother return? Do you report 50% on both or 100% on the primary account holder?

Thank you for clarifying this!
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nelsona
Posts: 18677
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

CRA takes the position that you should split the interest according to what each contributed to the account. IRS would go along with that.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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