Understanding income attribution and how to deal with it at tax time
My wife and I sold our home two years ago that was in both our names and we opened up a non-registered account in both our names (JWROS—joint with rights of survivorship). Both of us are authorized to trade on the account, and any dividend income received has both our names on the yearly slip we get from our brokerage. This way, we simply split all dividend income 50/50. The CRA has had no issues with this arrangement.
Original Article Source Credits: Money Sense , https://www.moneysense.ca/
Article Written By: JASON HEATH
Original Article Posted on: APRIL 5, 2021
Link to Original Article: https://www.moneysense.ca/columns/ask-a-planner/understanding-income-attribution-and-how-to-deal-with-it-at-tax-time/