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  1. I've owned a rental property for around 9 years. It was our primary residence for 2 years and when we left it (and it became a rental) we had it assessed and the valuation of the land and building was $307,000 (land was $150,000, building was $157,000). In 2017 I decided to start claiming CCA because the value of the house had gone down quite a bit. I read on these forums that you shouldn't include the land value in the CCA calculation, so I took the building value + capital additions as the UCC (undepreciated capital cost) and the ACB in 2017, which was around $190k. The CCA worked out to around $2k, so 2018's UCC was $188k. The house sold for $265,000 in 2018, and I've checked the box indicating I disposed of the asset. I entered the sale price of $265,000 and entered the ACB of the disposition to be approximately $351,000 ($307,000 + capital costs of additions to the house + realtor fees + lawyer fees). In ufile, I now owe about $25,000 more on my taxes this year which doesn't make much sense since I took quite a loss on this property. Since land isn't part of the CCA calculation, should I decreate the proceeds of the sale by the value of the land ($150,000?), or should I adjust the UCC? Adjusting the UCC is the only way it appears that I can make ufile start correctly calculating things, and even then it seems to be affecting my taxes owed, when I thought this would be a capital loss (I have very few gains this year so it shouldn't be making such a dent in my taxes owed). To sum up, my questions are: 1.) What should have been in the UCC field? 2.) What should the proceeds of my sale be? 3.) Why doesn't ufile pay any attention to the ACB of the disposition? 4.) Why is a loss on the sale of a rental property reducing my taxes so much? I've tried to read about this online and there are tons of resources, but pretty much none of them address the value of the land. Since I've taken that into account in the UCC, I don't know how to go about entering the proceeds of the disposition of the asset. Any ideas or feedback is welcome. Thanks so much!
  2. Since this is our first year filing with a child, surprise surprise we didn't realize we needed to add a dependent to our "family" in UFile. Once the dependent is added, it all works out.
  3. No matter what I try, the Family Tax Cut will not be applied. I have a large income (100k+) while her only income was about $6,000, and another $11500 for EI as she was on maternity leave this year. She was also a part time student last year. I have selected that my spouse return be complete information rather than net income. I have selected yes to claim the family tax cut on my tax return. I have answered yes that I have a dependent child under the age of 18. I have answered No (497), Yes (498), and Yes (499). However, the family tax cut would not apply. I have tried every combination of Yes or No for all of these questions, just to see if it would apply something to line 423, but no dice. I can see nothing about Schedule 1A in my actual return (the UFile PDF version), and nothing appears on line 423. According to CRA's website, our family meets all the criteria for the tax cut, and I have followed the instructions you have given exactly. Please advise.
  4. I have a tricky question regarding tax reporting of rental properties. I'll lay out the situation and then post my questions. Husband and wife live in Property #1. Property #1 has a basement suite that is rented our. Only the husband is on title. In June 2012 we moved to a new house (Property #2) but kept Property #1 and began renting out the upstairs as well as the basement In November of 2012, wife was put on title of Property #1 (still isn't on the title of Property #2). My questions: 1.) How do I enter this into uFile? Do I create separate rental properties all with the same address, and designate the time period that it's effective for and change the data based on that? Or do I just use one and do the calculations myself (for half the year we claim %50 of mortgage insurance, utilities, etc., but for the other half of the year, it will be %100). 2.) How do I enter my income splitting with my wife into uFile? Do I create a rental property on her tax return, and set her ownership level to %50 and use the same data? 3.) When does her being on title make us eligible for income splitting? Is it only for November onward, and if so, how do I factor THAT into my uFile taxes?? I'm at a bit of a loss on how to mix all this up in uFile. Any advice is appreciated! Thanks.
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