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T5 - Investment Interest Question for Taxes
T5 - Investment Interest Question for Taxes
Started by purelife, Mar 12 08 02:00
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purelife
SuperHero Member
Posts: 12,838
Location: Vancouver, B.C.
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T5 - Investment Interest Question for Taxes
Mar 12 08 02:00
This is worth a shot...
Does anyone know if children's investment income (T5) is reported on the primary parent's income tax? Each T5 shows the child's name.
My guess to this question is a yes. Am I correct?
Lil Me
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Posts: 9,359
Location: Vancouver BC
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Re: T5 - Investment Interest Question for Taxes
#1
Mar 12 08 02:07
I'm thinking not.
If the investment is in the child's name, it's taxable to the child. And unless your kid's income is sizable, you don't bother filing. So throw it out!!!
"In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it." Robert Heinlein
purelife
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Posts: 12,838
Location: Vancouver, B.C.
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Re: T5 - Investment Interest Question for Taxes
#2
Mar 12 08 02:22
Oh, that's interesting. So, if they're not in my name, then I could just throw them away. I wasn't sure.
The numbers are nominal. It's about $700 combined but it sure knocks off a few hundred dollars off the refund amount!
Lise
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Love conquers all. Virgil.
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Re: T5 - Investment Interest Question for Taxes
#3
Mar 12 08 09:05
Dunno but have you consider asking Orca?
Always end the name of your child with a vowel, so that when you yell the name will carry.
Bill Cosby.
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