If you’ve made joint investments with another person, you’ll need to report your share of income from the joint investment based on how much you contributed to it.
If you received joint investment income (such as interest from a joint bank account) for the year and entered amounts from your T3, T5, or T5013 slips (or RL-3, RL-13, RL-15 and RL-16 slips, if you’re a Québec resident) in your 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 or other information 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* for their joint bank account showing they earned $500 interest in 2017. Sally’s contribution to the joint bank account was $4,000 and Roger’s was $1,000. Based on their contributions, Sally will report $400 of the interest on her return and Roger will report $100 on his return. Both Sally and Roger will also need to enter the interest amount the other person is reporting.
*If you’re a couple residing at the same address with joint investment income, you might be mailed one T5 slip that’s addressed to the both of you. If you’re downloading information through the Auto-fill my return (AFR) service into your tax return, you’ll both receive a T5 slip with identical information.
Where can I learn more?
- Line 121 – Interest and other investment income (CRA website)