Did you make joint investments this year with another person? If so, you need to report your share of income from a joint investment based on how much you contributed to it this year.
If you have joint investment income (such as interest from a joint bank account) for the year and entered amounts from your T3, T5, or T5013 slips on your federal tax return, you’ll also need to report the amount of investment income or interest that’s being reported by the other person.
Note: You might not receive a T5 slip if the investment income is less than $50, but you still need to report this income.
Example: Sally and Roger received a T5 slip from their joint bank account showing they earned $500 interest in 2016. Sally deposited $4,000 and Roger deposited $1,000 into the account. Based on their contributions, Sally reported $400 of the interest on her return and Roger reported $100 on his return. Both Sally and Roger will also need to enter the interest amount the other person is reporting.
Where can I learn more?
- Line 121 – Interest and other investment income (CRA website)
