AltaRed

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  1. It looks like the big update on Feb 16th has corrected most (if not all) of these issues. Thank you UFile....but it should not have taken this long.
  2. You would think UFile would have corrected this weeks ago...Duh!
  3. UFile 2017 tax forms, e.g. T5, are still showing the 2016 USD annual average foreign exchange rate. When will UFile issue a software update to incorporate the correct USD annual average exchange rate for 2017? It's been a published number on the Bank of Canada website for some time.
  4. Unused Capital Losses

    I've seen this $1 or $4 or whatever for years...... Simply ignore it. The after tax value is less than $1 and thus useless.
  5. Got married in 2015 but filing separately

    Tax software does it this way so that it saves time doing both returns....and both can be saved as one file. I wouldn't do it any other way than to do 'family' returns. Why would you want to keep 2 completely different files? There are benefits to keeping one file. The software optimizes benefits that could go to one spouse or the other. Example: Assigning all medical expenses to the lowest taxed spouse, assigning all donations to the higher taxed spouse, and for seniors, pension income splitting. That is what UFile's MaxBack analyzer is for. It iterates for the best combined solution. For what reason would you want to keep 2 separate files?
  6. RRSP

    If the CRA NOA from last year says you have unused contribution space, you can indeed make a contibution and thus a tax deductible deduction. However, you may not wish to do that IF your current marginal tax rate might be less or equal to your expected marginal tax rate when you start making RRSP/RRIF withdrawals. In other words, why would you want to make a contribution and take a deduction at a 28% tax rate today when you might be in a 32% tax rate when you do your RRIF withdrawals in 5-10 years? The value of the tax deferment may actually be negative.
  7. RRSP

    This has come up on financial discussion forums. UFile seems to incorrectly make an assumption on the RRSP Worksheet that Jan and Feb 2017 contributions are all for tax year 2016. As I understand it, individuals may be simply choosing to ignore the warning and move on with their tax return. That said, UFile needs to fix that so that an individual can assign the portion being used for a 2016 contribution and the portion being used for a 2017 contribution. UFile: Are you out there and paying attention to this thread?
  8. Box 126

    Box 32 already contains the amount in Box 126. See the description for Box 32 here https://carleton.ca/hr/wp-content/uploads/t4a-back.pdf
  9. UFile doesn't support form T2030

    The T2030 is not a tax return form. It is a form used to transfer registered accounts, or parts thereof, to another registered account or to an annuity. If there is a taxable event, the financial institution will issue you a T4RSP or a T4RIF slip that you then include the amounts thereof into the tax return.
  10. Indeed, use your current mailing address, but remember that in early part of the tax return, you have to also note in which province you resided at Dec 31st of each year so that you are filing for the right province of residence.
  11. Why is our return so low? RRSP Contributions

    It does not matter what your combined income is. Taxes are calculated individually, It is only her income that matters when it comes to getting a tax credit against her taxable income. If she is in a low tax bracket, e.g. 15%, then the tax deduction will also be small (15%)
  12. RRSP

    Go by what your last CRA NOA advises you for unused deduction room. If you have space available from prior years, you can contribute to the RRSP and deduct it from your income for tax purposes. BUT be careful. If your marginal tax rate today is X and your marginal tax rate when you start withdrawing at age 72 is also X (or even higher than X), you won't gain anything...beyond a few years of tax deferral for income earned during that period.
  13. 2016 Software errors not Updated yet from 2015

    There is nothing to see. It is cosmetic boilerplate errors that need to be fixed. I thought there would be a January update by now to the software (beyond what I instaled in mid-December) because, for example, the BoC average annual forex rate info would not be known until January anyway, and any software issued pre-January 1 would not have that information in it. In other words, an update is due to show 2016 data. I don't care myself because I went to the BoC site to get the 2016 average forex rate, but some users of UFile software may not know that.
  14. It seems that certain information has not been updated to reflect 2016, i.e. updated language to reflect tax year 2016. UFile needs to go do a bit more Quality Control yet with this year's program.... Examples I found just by happening upon them include: - On the Losses of Other Years and Loss Carryback Interview page, there is an erroneous 2015 reference at the bottom on the T1A-Request for Loss Carryback... It should say 2016 - In the Foreign Income or Foreign Property interviw page, for at least some of the forms under the Foreign Non-Business Income, the information incorrectly uses the 2015 average US forex rate. They need to be corrected for 2016 (annual average forex from USD of 1.3248064 per the Bank of Canada site). No doubt there is more to be found.
  15. T5008 Income or Capital Gain ?

    If you sold it, there will be a capital gains (or loss). The T5008 should show the sales proceeds for this transaction and thus it is filed as capital gains/losses, i.e. the data ends up on Schedule 3. An example of the use of the T5008 data as income is for frequent traders that are considered by CRA as a business activity and thus to be treated as income, not capital gains.