AltaRed
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Posts posted by AltaRed
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Agreed. Going back to the first post, no interest would be declared in 2022. It will all be declared in the 2023 tax year.
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You can if you wish but UFile may not accept it this way.
In which case just show 100% on your son's return. CRA may come back with a query on that when they process the NOA, upon which case you will need to send CRA a letter with the explanation. The question is.... why is your SIN on that GIC investment to begin with? Try to get that changed with your financial institution for next year.
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No. I wish UFile would tell us what each update fixed. It is bizarre for a software company not to publish a record of revisions and why. May have to stop using this software if they are so secretive about what changes they make.
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When you first load UFile, do you not see the files you can open in the dialog box? UFile knows which folder you saved the *.u20 files and they would show in the dropdown dialog box.
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Go to the tab of Tax Return... between the Review and the Netfile tabs. You will see options to save PDF and print.
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Carrying charges in the same sub-group as 'Investment and interest Income and expenses'
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If you don't have auto debit from CRA set up (if you can even do that for 2020 taxes owing), then no. They won't have any authorization to dip into your bank account.
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I've seen at least a few instances on financial forums where people have brought up that issue. It must be a set of somewhat unique circumstances.
What I have advised people to do is as you suggest. Let Maxback optimize and then do a case with zero split to be sure. If the zero split works out better, then one needs to iterate between 0 and Max to find out where the optimum is. I now do a zero split case just in case.....
Regardless, UFile needs to re-visit and QA the algorithms for those particular circumstances.
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All is well. That happened to me too (and I think it was that way in 2019 too). UFile needs to make a programming change to avoid that screen re-appearing. It should go straight to the confirmation page.
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Just to close the loop here as well, there is nothing to report in the tax return since nothing was sold.
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Ahhhh, so some institutions issue T5008 even if there are only buys!! I am surprised BMO IL would do that because there is no reason to do so. There is nothing to enter into your tax return if you do not have dispositions (Box 21). If there is nothing sold (Box 21), there is nothing to report.
As I mentioned, every financial institution's T5008 looks differently. I've seen at least 4 versions over the past 5 years. It does not matter as long as the Box numbers are correct.
The CRA logo in the upper left is simply an indication this is a CRA designated tax slip and this one is a T5008.
My sincere apologies for doubting /challenging your premise that you did not sell anything but yet received a T5008. Who woulda thunk anyone would do this?
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CRA does not issue T5008 tax slips. They come from your financial institutions, and they are only issued if you had some capital sales of securities. You said you did not have any security sales and yet you must had security sales if you received T5008 forms with data in them. Which is it?
The sample image in that link is just one form. Financial institutions issue T5008 forms in a wide range of formats.
Here is a weird one from Interactive Brokers https://www.interactivebrokers.com/cn/accounts/legalDocuments/sampleForms/T5008.php?ib_entity=cn
Here is the relevant guide on what is in a T5008
FWIW, everyone should sign up for a CRA MyAccount. It makes it much easier to see what is on your file, it is easier to amend tax returns online, etc, etc.
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Concur. I would just file the correct 2020 version and leave it at that. There's been no obvious conscious effort to evade/avoid correct reporting.
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Not that I know of. Read
and
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RRIF withdrawals are subject to tax and the financial institution will have sent you a T4RIF tax slip. It will have the amount of the withdrawal in Box 16 and if any income tax was withheld, it would be in Box 28. There are no Cap Gains taxes on RRIF withdrawals.
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If you nave not sold anything, you should not have received ANY T5008 from the financial institution and there is nothing to fill out on the tax return.
For the record, you can file a T1A online via CRA MyAccount for any of the past several years. It makes no difference when you file those, e.g. before, or after, filing the 2020 return.
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NETFILE is the CRA's online filing system for individuals to file their own tax returns over the Internet. EFILE is the CRA's electronic filing system for professional tax preparers to use to file their clients' returns over the Internet.
As an individual, you cannot electronically file.
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A T3 is for investment income and is completely separate from a T5008 that records security sale transactions. I have no idea what Windsurfer is talking about.
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I am surprised this worked. UFile 2020 system requirements do not include Windows 7.
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On 4/8/2021 at 7:23 AM, Sarahlee said:
My son is 19 years old. He is a full time college student and has part time job. Until last year, when I reported an incoming tax, all my family members reported it with one Ufile program, but this year, should my son report it with another Ufile program or can all my family report it together using one program?
I think you mean with 'a separate UFile file', not program. The standard UFile program is good for 4 tax returns, e.g. you and your spouse as a 'family', your favourite uncle in a new file, and separately for your son as yet another file (or as a dependent in the 'family' file as Nawal suggested if you want to transfer credits.
The difference is a 'family' file ties the returns together for credits, while separate files are for arms length returns of other individuals.
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How many have you entered so far? When you click on the + sign at the end of the T5008 line, do you not get another blank page to use? AFAIK, the allowable number (dozens?) would exceed anything that any investor could possibly have.
If not, then double up by combining T5008 tax slips together to reduce the number.
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In the T5008 input form.... in Boxes 11, 13, 13-21 as appropriate. The sum of cost or book value goes in Box 20 and the proceeds of disposition go in Box 21.
Recommendation: In the future for keeping track of adjusted cost base data it would be easier to use something like https://www.adjustedcostbase.ca/ for this data, tracking it as you go day to day, week to week.
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On 4/12/2021 at 12:35 PM, Nawal said:
Hi @olddognotricks, yes you are right but if you actually received T5008 forms for those dispositions, you have to select the T5008 form in the Interview and the program will calculate and report the capital gain or loss on a schedule 3.
No, you don't have to use the T5008 entries at all. I never use them. I enter my own acquisition (ACB) data and disposition proceeds in Schedule 3 which is the third line in the Investment Income and Expenses sub-section. T5008 data is prone to error and misuse.
By definition, those Schedule 3 entries will use the same disposition data as the T5008 EXCEPT for any transactions done in USD, in which those values have to be multiplied by the forex rate in effect on the dates of the transactions, i.e. the forex rate on the date of acquisition, and the forex rate on the date of disposition.
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Ass I have posted in another section, it has been historically correct (or commonplace) to allocate contributions made in the first 60 days of the year, e.g. Jan 1-Feb 28 2021 apply, in whole or in part, to the prior tax year 2020, or to the current tax year. That may no longer be the case (to be confirmed) but in this instance, just do a manual override as noted by TheTaxSmith to limit how much of the 2021 contribution applies to the 2020 tax year. I did this on a regular basis for some time (and ignored the UFile warning).
At one time TurboTax (or as it was known before as QuickTax I think that I used in the 1990's) had an option to allocate the split. I have no idea what other software does today. In any case, it seems prudent for some research to be done to clarify whether the rules have changed at some point in time. It has been years since I made a RRSP contribution.
Purchase date for stocks that were purchased many times
in Technical questions
Posted
Agreed. As I understand it, the data file Netfiled to CRA does not contain it anyway.