Can you move income back and forth between spouses? Aug 22nd

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Can you move income back and forth between spouses?

– moneysense.ca

Ask MoneySense
I have an investment property (condo) in my name. I would like to sell it and [have the proceeds] paid out half to me and half to my spouse. The plan is to make the maximum RRSP contribution for both of us to minimize the capital gain.

Is that plan OK, legal, and wise?

–Zlatko

Taxpayers sometimes get confused about how to report their investment income, especially from a significant transaction like a real estate sale or other asset sale that yields a large capital gain. The rules are clear, and it’s important to follow them so that your tax return is filed correctly. Tax planning is a taxpayer’s right, but it is an offence to make a false statement on your tax return.

Let’s look at reporting investment income and capital gains, and which spouse should report the capital gain on a rental property.

Reporting investment income

When you earn investment income like interest or dividends in a taxable investment account, or rental income from a rental property, you need to report it on your tax return…

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