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Peter H

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  1. 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,
  2. 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,
  3. 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,
  4. 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.
  5. Hi, Wouldn't that be reporting the same rental income twice? i.e. once with T776 and again with Foreign Rental Income ? Thanks,
  6. Peter H

    T1135 category

    Hi, does anyone know which category does hedge fund investments belong to on the T1135 form? Thanks,
  7. 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,
  8. Peter H

    Foreign Tax Credit

    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
  9. Peter H

    Foreign Tax Credit

    Does anyone know how to fill out the foreign tax paid to claim the eligible credits using UFile? Thanks!
  10. 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!
  11. 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!
  12. 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!
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