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?
Taxpayer provided T5 (joint slip - with parent)
On T5 page I entered:
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…