T5 (joint slip with parent)

Taxpayer provided T5 (joint slip - with parent)

On T5 page I entered:

  • 50% in the 3rd Party
  • Parents name

Anything else I need to do/consider?

Is it possibly a bare trust, and the child is benefical owner?

We often use 50/50 for couples, in part because all the money goes into the same pot, and you don’t whose money is paying the bills, and whose money is being invested.

Ask questions: Where did the money come? If it’s a gift from the parent, 100% of the income attributes back to that parent. If it’s babysitting, snow shovelling and lawn mowing for the neighbours, its 100% the child’s.

Often it’s a bit of both…