ITA section that confirms investment income is reported in proportion to amount invested .Not just because a name is on the account

Bank issued all T3's and T5's in name and SIN of beneficiary.. Owner of investment portfolio died late November 2018. CRA has reassessed beneficiary for ALL income not just post death. I wish to file formal objection and ITA quote would help.


Hi, thank you for using Intuit ProFile Community

I will add my thoughts here. Do not know if others will answer. Seems like Canada Revenue Agency(CRA) thinks all the income on the T3's and T5's  is the beneficiaries income. The institutions likely should have reported the income differently.

At this point you should likely call CRA and explain the filings for the deceased and the beneficiary. They just may need a letter with the breakdown of the income and how it was reported. You may also need to amend a return after talking to  CRA

Hope this helps

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