Jump to content


  • Content Count

  • Joined

  • Last visited

  • Days Won


overtaxed58 last won the day on April 23 2016

overtaxed58 had the most liked content!

About overtaxed58

  • Rank
    Advanced Member
  • Birthday 12/05/1958

Profile Information

  • Gender
  • Location
    Laval, QC
  1. I'm basing my response on the rules for RRSP contributions, being that your new contribution room kicks in on January 1st. That plus the fact that I've been doing this same contribution pattern of carrying forward the new contributions for some 10 years and have never had an issue with the CRA, and UFile would not put out this warning in previous years. And yes, I have already filed my 2015 return and received my notice of assessment. Btw the format of the Notice of Assessment has been changed this year (as part of making them easier to understand) and the section explaining the maximum amount that you can contribute to a RRSP has also improved, with an added line at the very bottom that will help people like you and me that carry forward unclaimed contributions. At the bottom it tells you the usual calculated maximum contributions that you can claim for the new year (A), and the amount of contributions that you have that have not been claimed yet (B), then under that it does (A) minus (B) to tell you home much more you could contribute for the new year or, if negative, how much you have overcontributed. In the past it would just say if (B) exceeds (A) then you could have overcontributed (depending on when these "excess" contributions were made as I explained above).
  2. I have also run into this warning and like you, I also contribute early in the year for the next year's tax return (always claiming the deduction for the contributions carried forward from last year and then carrying forward the new contributions). UFile didn't give this warning last year. I figure it's a bug, that doesn't take into consideration the date when those new contributions were made. Thankfully it's just a warning and can be ignored.
  3. overtaxed58

    RRSP entries

    That's because technically, contributions done in the first 60 days of a year are always reported on the previous year's tax return. The printed tax forms are the same way. When it happens once (eg: your first ever tax return) then many people do what you do and it doesn't appear to do much harm, but otherwise you should always report the contributions on the correct tax return for the time period when you make them.
  4. Putting money in a RRSP is actually 2 step process: 1- contributing into a RRSP, and 2- claiming a deduction. There is a RRSP contribution limit, but no deduction limit (any valid contributions can be carried forward as unclaimed deductions and claimed in a later year). The contribution limit is for exactly that: contributions. Not for how much you're claiming as a deduction. So if you exceed the contribution limit for the time period (calendar year) by more than $2000 when you make them then you will incur a penalty. Contribution room is earned during a given year based on earned income and that room becomes available on January 1st of the following year. Unused contribution room from previous years carries forward and gets added to your new contribution room. Now the thing is this: if you made contributions during the first 60 days of 2016 that are now putting you over your contribution limit for 2015, you won't be penalized by the CRA because as I said, your contribution room for the 2016 tax year became legal on January 1st. I ran into that UFile warning too because I'm an "early contributor": I use my full limit every year and I save up for my following year's RRSP contribution during the year, and make it on the first or second of January (instead of almost 14 months later like most people do when they wait till the deadline). The way the tax return is structured I still need to report those contributions on my 2015 tax return, but they always get carried forward to the next year. Then in the following year I claim that amount carried forward, and carry forward the new contributions. I've been doing this for years. I figure that UFile has a bug with that message. It should take into account the contribution date and if it's the amount that you contributed in the first 60 days of the current year that is putting you over the top, then issue a warning that would say something like "Your contributions for the first 60 days of 2016 will be carried forward to the next year and will count against your 2016 contribution limit.
  5. overtaxed58

    T1 Adjustment

    If you're quite sure that your 2014 return is correct after the fix then you could save the modified return and then import that into 2015, although I prefer to always keep the original as-filed return intact and instead use "save-as" to make a new file of the original return, make the correction there, and then import that one. Note sure about the pre-paid question..is that the online version? Not familiar with how that works.
  6. You should be allocating the share percentage to reflect the actual percentage for which each spouse put money in the account.
  7. Yes you can, as long as the owner of the RRSP is the same one as the one the funds originally came out of (ie: you cannot withdraw from your RRSP and then repay into your spouses). Of course, you won't get a new tax deduction for those repayment funds, since you already got a deduction for the original contribution, which you are only putting back in after borrowing them. For the caregiver amounts, go into the interview setup and check the box for medical expenses, disability and caregiver expenses. This will add the needed choices on the left side.
  8. overtaxed58

    Schedule 6

    Properly preparing a tax return according to the rules requires all the basic information about a spouse, such as name, date of birth, SIN, income, etc. No software product can guess these things...
  9. Have you gone to the spouse's interview setup screen and checked off the "no income" box?
  10. Yes you can make HBP repayments whenever you want. The CRA's repayment schedule only reflects the minimum repayments that you need to make every year. The repayments must be made by the same person who made the original contributions. For the caregiver amount, see what the rules are here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/315/menu-eng.html Yes, it it easier and less error prone to prepare both returns together. I don't use the online version so I don't know exactly what the steps and costs are but it should be easy enough to figure out.
  11. When the spouse's income is zero, you need to "tell" the program that this is indeed the case by going to that person's interview setup and checking off the "no income" box. It doesn't matter who the "head of income" is.
  12. overtaxed58

    T2202A, T4A

    Have you entered the number of months that you were a student, as indicated on the T2202A? See here: http://community.ufile.ca/index.php?/topic/406-t4a-box-105/ Is the amount of charitable donations the same one on both the T4A and the T2202A?
  13. No, just ignore box L. On the back of your Relevé 1 is says that any amount in this box is already included in box A. Amounts in box L are often for the odd taxable benefit that you got from your employer.
  14. If you never sold the home or bought another one in the process, then there is no need to designate anything. Just report the rental income. Also just make your regular Home Buyer's Plan repayment for the year.
  15. Well, what is your question?
© 2013 ImpôtExpert, Thomson Reuters. Tous droits réservés. Politique de confidentialité
  • Create New...