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Allan Pilon
Level 2

Quebec Tax Guide Page 72 ststes to Enter a negative amount from Line 430 of spouses Tp1 when the amount on line 430 is negative. you can transfer it to your spouse on December 31, 2021, to reduce his or her income tax. When I do enter, am I to use

 

Preparing a Quebec couple with a spouse who has no other  income other tan A T5 demutilization of (Computershare takeover by Definity Financial Corp.). Transfering spouse has close to $5000 to report from buy out.

Quebec Tax Guide Page 72 ststes to "Enter a negative amount from Line 430 of spouses Tp1 when the amount on line 430 is negative." You can transfer it to your spouse on December 31, 2021, to reduce his or her income tax payable.

2 Comments 2
janisbossenberry
Level 7

Quebec Tax Guide Page 72 ststes to Enter a negative amount from Line 430 of spouses Tp1 when the amount on line 430 is negative. you can transfer it to your spouse on December 31, 2021, to reduce his or her income tax. When I do enter, am I to use

Why not just report the dividend on the husband's return instead, to avoid that problem?  For federal purposes, you are allowed to have the higher-income taxpayer report the spousal dividends if it would increase the amount they can claim for their spouse.  There is no special form to complete - just report it on the husband's tax return.  I would think it would be the same for Quebec taxation purposes?  That would avoid the issue of having a negative in that field.

Allan Pilon
Level 2

Quebec Tax Guide Page 72 ststes to Enter a negative amount from Line 430 of spouses Tp1 when the amount on line 430 is negative. you can transfer it to your spouse on December 31, 2021, to reduce his or her income tax. When I do enter, am I to use

Thanks for your response