Personal Finance

T5 slip (interests) : Can it be claimed fully by the spouse ?

  • Last Updated:
  • Jan 7th, 2019 9:58 am
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Deal Fanatic
User avatar
Nov 19, 2004
8206 posts
1412 upvotes
Cambridge, ON
P90Puma wrote:
Feb 27th, 2018 4:08 pm
For our situation we both work and the T5 is interest on our joint account.
Can probably just claim 50/50, but really should be the same ratio as the incomes. So if one spouse makes 70% of the income, then that spouse claims 70%, but usually 50/50 doesn't raise any flags if both are working.
Deal Addict
Nov 4, 2007
1169 posts
270 upvotes
Toronto
What if both spouses make equal amounts 50/50. But one spouse’s income is used only for expenses but the other spouse’s income is used only for investments?
Jr. Member
Aug 21, 2016
165 posts
76 upvotes
I have a similar question. The account was closed early in the year and in 2017 only had money belonging to one person in it so they'll claim 100% of the amount on the slip. Does the second person need to include the slip and put 0% as their portion or can it be left out of their return?
Sr. Member
Mar 6, 2010
724 posts
82 upvotes
Just want to clarify that even your wife is 0 income, it does not mean that interest is fully tax free. You will loose the room on tax credit transfer from you wife. In AB, this tax rate is 25% (15% Feb + 10% Provincial).
Newbie
Nov 28, 2006
17 posts
7 upvotes
Highview Survey
One question: I have a joint saving account with my wife... From there I made a GIC under MY name only (the bank won't let me put both names when I do the GIC on line) and at the end of the GIC money goes back to the joint account... The T5 reported in that particular GIC has to be reported under my name only or (considering money goes back to joint account) can be split 50/50?? It is actually for both...
Thank in advance!
Deal Fanatic
User avatar
Nov 19, 2004
8206 posts
1412 upvotes
Cambridge, ON
horacio wrote:
Jan 7th, 2019 7:51 am
One question: I have a joint saving account with my wife... From there I made a GIC under MY name only (the bank won't let me put both names when I do the GIC on line) and at the end of the GIC money goes back to the joint account... The T5 reported in that particular GIC has to be reported under my name only or (considering money goes back to joint account) can be split 50/50?? It is actually for both...
Thank in advance!
Yes, 50/50 is fine assuming that is how the money is attributed (ie. Both you and your wife are earning an income).

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