A joint account issues tax slips with the SIN of the first/primary account holder on the tax slips.
Just because the slip has the primary account holder’s SIN, it doesn’t necessarily mean they should report all of the income on their tax return.
The slip will show beneficiary code = 2… that tells CRA it’s a joint account, so all the income may not be reported on the tax return of the person who’s SIN is on the slip.
Just because it’s a joint account, that doesn’t mean that the couple can each report 50% of the income on their respective tax returns.
Instead, Canadian tax rules state that the person who first earned the money to deposit into the investment account, should be the one who should report the investment income earned on those dollars.
So, joint accounts might be taxed all to one spouse, or all to the other, or 50/50, or 10/90, or 25/75.
There’s no one size fits all. It depends on the history of who saved the money in the first place.
Simply cannot fathom why UPS, who does not deliver to PO boxes, continues to accept parcels addressed to PO boxes.
The patience required to try and get it corrected...
Bare trust filing obligations won't be disappearing for family farms. Draft legislation is improved, but not enough consideration for family farms.
Consultation closes September 12, so get your feedback sent to [email protected]
Harvest is in full swing and this is not top of any farmer's mind right now. But with consultations closing September 12, let's get some feedback submitted. And as always, consult your advisors for your specific situation.
The thing about farming and having a WFH office job, is my office workday ends up much longer than it should due to the numerous breaks required to stare out the window and swear at the weather. #harvest24
What should we call it? Drop your creative names in the comments, or vote on the 4 below.
We recently had the opportunity to collaborate with @blindmanbrewery and @RevolutionYEG. We brewed a wonderful Kolsch style beer which is getting packaged next week. What do we name this brew? RT appreciated. #plant24 #canadianag #WestCdnAg
I have come to the conclusion that wedding planning is a cycle of
a) mass panic to get everything perfect, and
b) "who cares" procrastination
There are no in-betweens
And please, please: watch out for bare trusts. They're super common, and most now have to file T3 Trust Returns.
If the home quarter is in your name, and the farm buildings on the home quarter are on the farm corp's books, talk to your accountant ASAP. You likely have to file.