Gaetan

Administrators
  • Content count

    513
  • Joined

  • Last visited

  • Days Won

    35

Gaetan last won the day on August 9

Gaetan had the most liked content!

About Gaetan

  • Rank
    Advanced Member

Profile Information

  • Gender
    Not Telling

Recent Profile Visitors

1,046 profile views
  1. Hi, Here's what I got on the CRA website: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c2-principal-residence.html#N10A4E Complete change in use of a property from income-producing to principal residence 2.54 If a taxpayer has completely changed the use of a property (for which an election under subsection 45(2) is not in force) from income-producing to a principal residence, he or she is deemed by paragraph 45(1)(a) to have disposed of the property (both land and building), and immediately thereafter reacquired it, at fair market value. This deemed disposition can result in a taxable capital gain. The taxpayer may instead defer recognition of the gain to a later year by electing under subsection 45(3) that the above-mentioned deemed disposition and reacquisition under paragraph 45(1)(a) does not apply. This election is made by means of a letter to that effect signed by the taxpayer and filed with the income tax return for the year in which the property is ultimately disposed of (or earlier if a formal demand for the election is issued by the CRA). For e-filers, see the Paper documentation page on the CRA website. Also, subsection 220(3.2), in conjunction with section 600 of the Regulations, provides the authority for the CRA to accept a late-filed subsection 45(3) election. Such a late-filed election may be accepted under certain circumstances. For further particulars on the acceptance of late-filed elections, see the current version of Information Circular IC07-1 . 2.55 Even if a subsection 45(3) election is filed in order to defer recognition of a gain from the change in use of a property from income-producing to principal residence, the net income from the property for the period before the change in use must still be reported. However, for purposes of reporting such net income, it should be noted that an election under subsection 45(3) is not possible if, for any tax year ending after 1984 and on or before the change in use of the property from income-producing to a principal residence, CCA has been allowed in respect of the property to: the taxpayer; the taxpayer’s spouse or common-law partner; or a trust under which the taxpayer or his or her spouse or common-law partner is a beneficiary. CCA so allowed would cause subsection 45(4) to nullify the subsection 45(3) election. 2.56 Similar to the treatment for a subsection 45(2) election (see ¶2.50 - 2.51), a property can qualify as a taxpayer’s principal residence for up to four tax years prior to a change in use covered by a subsection 45(3) election, in lieu of fulfilling the ordinarily inhabited rule (discussed in ¶2.10 - 2.12) for these years. As in the case of a subsection 45(2) election, residence or deemed residence in Canada during these years is necessary for the full benefit of the principal residence exemption to apply. Furthermore, the rule described in ¶2.13 - 2.14 prevents the designation of more than one property as a principal residence for any particular year by the taxpayer (or, for any particular year after the 1981 tax year, by the taxpayer or any other member of his or her family unit).
  2. Paying a wage when your ....................

    Hi sparks Electric, We suggest that you contact the CRA at 1-800-959-7383 or RQ at 1-800-267-6299 for more information. We give support to UFile users to help properly enter their data into the software. However, we are not authorized to give an opinion on tax questions. We will be happy to help you enter information into the software. To do that, please provide us with all the information regarding your situation with as much precision as possible in. Depending on your situation, you also have to clearly state your choices as we are not allowed to make decisions for you. We regret that we cannot answer your question and thank you for your trust in UFile.
  3. Install Silverlight loop

    Hi everybody, If you’re experiencing issues because of Silverlight, please try accessing UFile T2 in a different web browser. We recommend the latest version of Internet Explorer. Please take note that UFile T2 does not work with Edge.
  4. Hello Mclaydon, Please contact the Support group as they may have to see a copy of the slip. UFile ONLINE: help@ufile.ca UFile for Windows: support@ufile.ca
  5. child tax benefit

    Hello Jabbour26, You can use the program to make an adjustment on a tax return that has already been filed. On the "Interview setup" page, in the "Other Topics" section, check off "Adjustment request for a tax return that has been filed" and click "Next". "Adjustment request" will appear in the left side menu. Click this option and select the form you need to fill out on the right-hand side of the page. You can also contact the CRA or Revenu Quebec to order the form that you will fill out and resubmit by mail or visit "My Account" at the CRA website (www.cra-arc.gc.ca/myaccount/) to complete the T1-ADJ Adjustment Request form online. If you are using the program, you will have to print out and mail the completed T1-ADJ plus copies of any relevant documents. You cannot transmit a T1-ADJ via NETFILE. The CRA will send you a new Notice of assessment after they have processed the adjustment. Regarding your question on child tax benefit, we suggest that you contact the CRA at 1-800-959-7383 or RQ at 1-800-267-6299 for more information. We give support to UFile users to help properly enter their data into the software. However, we are not authorized to give an opinion on tax questions.
  6. Tuition credits

    Hello One thought, Depending of their income in the last years, the software will use the necessary credits for each year. We suggest that you contact the CRA at 1-800-959-7383 for more information.
  7. CAN'T SAVE PDF

    Yes but please make sure that you reinstall it in a different location. I suggest your desktop.
  8. T2 for Not for Profit

    Hello eastside, Certain criteria’s are required in order to use UFile T2. For more information about "Who can use UFile T2" and the list of the support forms, please view the link below. Who can use UFile T2 http://www.ufile.ca/products/who-can-use-ufilet2 Supported forms http://www.drtax.ca/en/ufilet2/features-t2/forms-t2.aspx UFile T2 does not support Non-profit organization However, we do offer DT Max, our professional line of software, that is designed to help you prepare these types of tax returns. For more information on DT Max, please consult the following links: http://www.dtmax.ca http://www.drtax.ca/en/DTMax/software-products/product-demo.aspx
  9. CAN'T SAVE PDF

    Hello Jacob Gallant, Please make sure you have no other applications running during this process. To remove UFile 2016 for Windows, please follow these instructions: 1. Go to "Start". 2. Go to "Settings". 3. Select "Control Panel". 4. In the "Control Panel", depending on your operating system, select "Programs and Features" or "Add/Remove Programs". 5. Locate UFile 2016 and click "Remove". To reinstall: 1. Download the latest UFile 2016 full installation from: http://downloads.drtax.ca/ufile/UF2016GQ2ZJCFP8TNKK8MYWK7/ufile2016.exe 2. Save it to your Desktop, then run (re-install) it from there.
  10. T4 Box 39

    Hello Satvinder B, Please look at the attached screenshot to find the box with a arrow to open the dropdown menu.
  11. Tax On Capital Page Warning Message

    Hi Soundscape, Please contact the Support group as they may have to see a copy of the file. UFile ONLINE: help@ufile.ca
  12. Hi Mutaz, Please contact the Support group as they may have to see a copy of the file. UFile ONLINE: help@ufile.ca
  13. Exporting?

    Hi ChrisO, Please contact the Support group as they may have to see a copy of the file. UFile ONLINE: help@ufile.ca
  14. Exporting?

    Hi, Would you please be more concise about "export my data for the following year"?
  15. Exporting?

    Hi ChrisO, With Mac OS X, we recommend that you download the latest version of Mozilla Firefox, Google Chrome, Opera or Safari. If you would like to learn more about our system requirements for UFile ONLINE, please visit our website. http://www.drtax.ca/en/UFile/help-support/faq/technical-questions.aspx