How rental income tax is divided for multiple owners?
The case:
Husband and spouse own property with shares 99% and 1%.
Majority of rental income is received on spouse's bank account.
For tax purposes, is it fair to say that spouse has most of the rental income and should pay taxes under her marginal tax bracket?
Or CRA is forcing to make it 50%/50% or 99%/1%? What are the rules?
Husband and spouse own property with shares 99% and 1%.
Majority of rental income is received on spouse's bank account.
For tax purposes, is it fair to say that spouse has most of the rental income and should pay taxes under her marginal tax bracket?
Or CRA is forcing to make it 50%/50% or 99%/1%? What are the rules?