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apsco17

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  1. You can submit a late-filed S.45(2) election to CRA. The election allows you to deem that there was no chnage in use and you will still be able to deem the property as your principal residence for up to 4 years. You can late-file the election as long as you didn't claim CCA on the property. It will be late filed, as it should have been filed by Apr 30/18, and you will need to pay a late-filing penalty. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/ic07-1/taxpayer-relief-provisions-1r1.html Here's another link with some info: https://www.rktaxlaw.com/s-452-election-and-the-changes-in-use-of-property/
  2. I was able to figure it out. When I enter the T4 info, there is a field right below Box 66, for "portion of Box 66 transferred to a RRSP". The field is not a numbered box from the T4 itself, but that's where you make the entry for the purposes of the UFile program.
  3. Hi there. I have an eligible retiring allowance of $20,000 that is reported on my T4 slip in box 66. When I enter the T4 in Ufile, the $20K from Box 66 amount gets reported as other income on line 13000. The amount was tranferred directly from my employer to my RRSP. So I should get the offsetting RRSP deduction for $20,000. However my RRSP deduction limit, per my CRA account is only $5,407., and I made a regular RRSP contribution to claim a deduction for this amount. When I look at the help topic in UFile for RRSP transfers, it states for T4 amounts in Box 66: If you entered a transfer to your RRSP from a T-slip, do NOT also enter the amount in RRSP contributions, limits. Otherwise the amount will be doubled up. So I assume that if I enter the Box 66 amount from the T4, it will automatically allow the same amount as an RRSP deduction, but that is not the case. It seems I somehow need to make a manual entry for the RRSP deduction of $20K, yet I see no way to do this. I suppose I could manually over-ride what CRA believes to be my deduction limit of $5,407, and increase it to $25,407, but not sure this is the correct method to follow. Any help or suggestions is apprciated.
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