
Peter H
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Hi, I bought an employment insurance for my domestic helper outside of Canada. Recently, there was a payout from the insurance policy regarding my helper's medical condition covered from the employment insurance policy. My question is - when I file my personal income tax in Canada, is the payout from the insurance company taxable? If so, where (which line in tax form) should I put it under? Thank you,
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Hello, Was wondering how to report disposition of principal residence? Should the proceed include the mortgage balance and exclude all legal fees/taxes involved? Thanks,
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Hi all, If a principal residence has a mortgage on it at disposition, should I add the balance of outstanding mortgage (principal amount) in the disposition amount or should I deduct the mortgage prepayment and only put down what I actually received (i.e. net of mortgage prepayment back to the bank)? Thanks,
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Hi all, Trying to figure out how to properly input my Foreign Rental Income in uFile - I notice that some people on the forum suggest using BOTH T776 and Foreign Rental Income tabs. The problem is - this yields double-counting the same rental income. Furthermore, I have paid taxes in respective countries for the rental income, which under Foreign Rental Income it gives the option for T2209, which is not the case under T776. I would like to know what exactly is the correct approach to report Foreign Rental Income? To report only under Foreign Rental Income OR using T776 (but then where do I input foreign taxes paid?) OR using both forms (but double counting?) Thank you.
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Hi, Wouldn't that be reporting the same rental income twice? i.e. once with T776 and again with Foreign Rental Income ? Thanks,
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Hi, does anyone know which category does hedge fund investments belong to on the T1135 form? Thanks,
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Thank you Antoine
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Hi, Does anyone know if I should fill in the fair market value of foreign real properties or the actual costs? Also, the form asks for "Max Value during the year" and "Year End cost value" - does it mean one has to track the market price of their foreign property? Thanks,
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Hi Antoine, Thank you for your response. For step 5 - after choosing one of the three option from the drop-down, right next to each choice, there is a blank to fill in some numbers. Do I simply put the total amount of taxes I paid (same number I put in Step 4 you mentioned) in the foreign country for both Federal non business foreign tax credit (T2209) and the same amount again for Provincial box (TP772)? Thank you again, Peter
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Does anyone know how to fill out the foreign tax paid to claim the eligible credits using UFile? Thanks!
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Hi, was hoping if someone can show me how to properly fill in the foreign taxes paid as a credit for foreign tax credit. There are both federal and provincial, should I simply input the total amount I paid in foreign tax in the box next to each option in the form? Thanks!
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Anyone can provide me step-to-step guide on filling for foreign tax credit on UFile? Or is this feature not supported with UFile? Thanks in advance for all responses!
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Hi, I am confused to both Federal and Provincial Tax Credit claim drop downs on UFile. From what I understand, one can claims a foreign tax credit (both provincial and federal) if the foreign taxes paid is over $200. On UFile, there are drop down for 3 options: 1. Federal non business foreign tax credit (T2209) 2. Provincial non business foreign tax credit (TP-772) 3. Deduction under sections 20(12) And right after selecting one of the three options, there is a blank right behind each, I'm just wondering if I should just input the total amount of foreign taxes I paid for the year (in CAD$)? But earlier on the form, it also asked to input the "amount of foreign taxes paid", so wouldn't that be inputting the same number in 3 different blanks? Thanks in advance for responses!