AltaRed

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Everything posted by AltaRed

  1. 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.
  2. AltaRed

    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%)
  3. AltaRed

    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.
  4. 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.
  5. AltaRed

    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.
  6. AltaRed

    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.