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To: Colin who wrote (3728)2/26/1999 9:03:00 AM
From: The Osprey  Read Replies (3) of 4201
 
Colin,
Normally a T3 is for the reporting of Capital gains and is also used for reporting trust income.If the T3 is in joint names(you and your wife) then you or your wife are responsible to report it based on your percentages of monies invested.i.e. 50-50 or 75-25 depending on the contribution to the initial investment.Sounds foolish but if you are audited this is the question you will be asked.
In the past when a spouse did not work out side of the home the primary wage earner placed the monies in an investment(joint) and when it came time for reporting reported in the lower income spouses name for tax purposes.Revenue Canada frowns on this and requires a paper trail to justify this form of claiming showing that the lower income individual or the one who never worked outside the home was in fact a bonafide contributor and that this method of reporting was not just an attempt to reduce or avoid taxation.
Although I am not an accountant my advice is to report based on the initial contribution percentages of you and your spouse as long as you can show a paper trail that you did in effect contribute based on those percentages.(Dividend treatment is different)
As to a T3 trust form where you have monies invested in trust for your kids I suggest doing your own tax return and excluding the income from the slip and attach the slip to your return with a note stating it is for education.Revenue Canada will advise if it is necessary to file a T3 Trust return or not.In most cases this is just a reporting function.
Your question is general so this answer is general.If you want to discuss this more specifically send me a PM and if I do not have the answer I will get it for you from our tax department.

THE OSPREY
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