# How to split T5 income on joint account with my mother



## gibor365 (Apr 1, 2011)

My mother have joint with me HISA. Both our names appear on T5, but only her SIN. In 2017 I tiik advantage of her promo rate and deposited some cash, so big portion of T5 income is mine.
When I started to enter her T5 in TurboTax, there is an option to split it, but only with spouse.

_Other Information
Enter percentage of slip to claim on your spouse's tax return (if applicable)_

So, how exactly we can split it?


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## AltaRed (Jun 8, 2009)

The practical solution is not to have a joint account with anyone other than your own spouse, at least not one in which both parties have beneficial interests. I can't ever imagine having a joint account with anyone other than my spouse myself.

That said, for practical purposes, why cause CRA to question an irregularity in your Mom's tax return and just have her report 100% of the income. If asked by CRA, you can say you gifted her the money that you contributed to the account, and perhaps after you withdraw your share of the funds someday, it can be considered a gift from your Mom to you. There are no attribution or gift taxes between adults provided they are not spouses.


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## gibor365 (Apr 1, 2011)

> why cause CRA to question an irregularity in your Mom's tax return and just have her report 100% of the income


That's actually what I was thinking about . "irregularity in your Mom's tax return " can be really red flag for CRA. 


> The practical solution is not to have a joint account with anyone other than your own spouse


In the previous years she always reported 100% of T5, as this account is joint with me only for administrative purposes. Just this year she had 3.25% HISA promo from tangerine, and I couldn't resist to put my money there to earn good interest


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## AltaRed (Jun 8, 2009)

gibor365 said:


> In the previous years she always reported 100% of T5, as this account is joint with me only for administrative purposes. Just this year she had 3.25% HISA promo from tangerine, and I couldn't resist to put my money there to earn good interest


So now you are going to stick her with paying taxes on interest income that would normally come to you? Perhaps you will be a nice guy and let her keep the interest too?


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## gibor365 (Apr 1, 2011)

AltaRed said:


> So now you are going to stick her with paying taxes on interest income that would normally come to you? Perhaps you will be a nice guy and let her keep the interest too?


She's not getting OAS/GIS or anything else from Canada, she has only small Israeli OAS (obviously she get financial help from us), so with this % or without it, she won't be paying any taxes. 
btw, if this interest is attributed to myself, also not a big deal, as I'm retired and in the lowesttax bracket


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