Do we need 2 separate Koinly account? Or can we import all our transactions for each of our accounts since we are filing a joint tax return.
I had the same question.
There is an article from Koinly about this:
Here is the important part:
Investment Dividends
You can also split investment dividends - like gains from crypto - between spouses to save on Income Tax. If one partner is in a lower Income Tax bracket, it’s beneficial to split any profits between both of you.
Many partners hold their crypto investments together and if you plan right, this can help you reduce your taxes. Let’s say a married couple holds 10 ETH together and later sell their 10 ETH. If they contributed equally when purchasing the ETH, the subsequent capital gain from selling the 10 ETH would be taxed 50% at one partner’s Income Tax rate and 50% at the other partner’s Income Tax rate.
When filing your tax returns, you’ll declare the asset(s) - 10 ETH in this instance. But you’ll put 50% in the box on your tax return that asks what percentage has been claimed by a spouse.
However, it’s important to note that when splitting investment profits, this needs to be legitimately based on the actual amounts contributed by each partner. So you can’t claim all crypto assets are split 50/50 between you both just to get a tax advantage.
For example, if in the above scenario one partner contributed 75% of the cash to purchase the ETH and the other partner contributed 25%, the subsequent gain should be split by those proportions too.
In a tax audit, the CRA may ask to see bank transfers between spouses to verify the legitimacy of the claimed split. For example, if one partner sent all the funds to an exchange to buy the ETH, they’d expect to see evidence showing the other partner sending them funds to cover their share of the joint investment.
I wonder if we can divide 50-50 when we also have joint bank account?
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