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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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If a non-registered GIC is owned by 4 persons JTWROS but one

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If a non-registered GIC is owned by 4 persons JTWROS but one is a non-resident, how does that impact the taxation? Currently the mother includes the T5 income on her sole tax return. Are the other joint owners affected?

Welcome to Just Answers! Thank you for giving me the opportunity to answer your question! I will do my best!

 

Each member of the Guaranteed Investment Certificate (GIC) is taxed on his or her share of the income. I am not sure why the mother of the nonresident member is paying the tax on her tax return.

 

The rules for nonregistered CIGs state that as of January 1, 2008, non-resident tax is not deducted from the interest on non-registered GICs. The investment company IS REQUIRED to issue a NR4 tax slip to report the interest to each nonresident owner. That nonresident owner should file a Canadian nonresident tax return.

 

I hope this answers your questions! If you have any more, please feel free to ask! If you have found my answer helpful, please rate me highly. I would appreciate it!

 

Again, thanks! Have a great week!

 

Roger

 

 

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