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Everything posted by axation

  1. Verify page 4, line 455 of Quebec tax return.
  2. The total amount of patronage dividends paid to a member of an eligible cooperative in the form of preferred shares is taxable if it exceeds $100. However, this amount may be deducted in whole or in part if there is a note on the RL-1 slip with the words "Deduction for patronage dividends".
  3. If you want to enter additional expenses that are not listed in the "Home office expenses" page, such as rent paid, enter the amount in the field "Other home office expenses - specify". Enter a description and the amount.
  4. The legal title is in his name. ...and so is the income.
  5. Probably due to a net income of approximately $ 49,000 being reported on the tax return.
  6. http://www.fcac-acfc.gc.ca/Eng/forConsumers/topics/paymentOptions/Pages/Virtualc-Monnaies.aspx
  7. You cannot have a capital loss when you sell depreciable property (building). However, you can have a terminal loss. You can have a capital loss or gain when you sell land. Schedule 3 should show separate entries for land and building.
  8. Assumption: new flooring is not included in 3,000 Amount of Capital Additions Building = 150,000 X 3,000 = 152,250 (+ cost of new flooring) 200,000 ACB of Depreciable capital Property = 0 (ACB is required to calculate the capital gain if you dispose of the asset.) Amount of Capital Additions Land = 50,000 X 3,000 = 50,750 200,000
  9. QuikClik Navigator > Interview setup > Adjustment request for tax return that has been filed
  10. Go to Dependant's file... QuikClik Navigator > Controls > answer the 6th question
  11. axation


    Enter on line 114 the amount shown in box 20 of your T4A(P) slip. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/114/menu-eng.html
  12. 2013: Sell C and D but do not know the cost - there was no recorded cost to the transactions. Fair Market Value at time of acquisition.
  13. axation

    CCA - disposition?

    but there's no indication I could see on the printable form where this loss arose from Suggestion: use $ 0.01 as proceeds of deposition in order to display in Area D.
  14. axation


    Eligible tuition fees Generally, a course qualifies if it was taken at the post-secondary level or (for individuals 16 years of age or older at the end of the year) it develops or improves skills in an occupation and the educational institution has been certified by Employment and Social Development Canada. To qualify, the fees you paid to attend a Canadian educational institution must be more than $100.
  15. axation

    Capital loss

    I sold some stock and results capital loss. how to enter to claim the previous capital gain? The following is applicable if you have net capital losses for the current tax year and if you had net capital gains in the previous 3 tax years: 1- In the "QuikClik Navigator", located on the left-hand side of the screen, click on "Interview setup". Check the box for "Losses of prior years, carrybacks" and then click "Next" at the bottom of the page. 2- In the "QuickClik Navigator", click on "Losses and carrybacks". 3- On the new page, select the option "T1A - Request for Loss Carryback".
  16. Class 10 or 10.1 depending on the value of the vehicle.
  17. for Quebec purposes, they do require the gain to be declared TP-274 states the following: "There is no capital gain if your designation applies to all the years during which you owned the property or to the year in which a real servitude encumbering the property was established. In such a case, complete only Part 1 and Part 2 of the form."
  18. Not necessary to report a fully exempt sale of a principal residence on the tax return, however taxpayer must still complete and file form TP-274 with the income tax return. Form TP-274 does not appear to be supported in Ufile, but is available here: http://www.revenuquebec.ca/en/sepf/formulaires/tp/tp-274/default.aspx and should be ultimately mailed to Revenue Quebec.
  19. Quebec line 367 Amount for dependants and amount transferred by a child 18 or over enrolled in post-secondary studies
  20. axation

    CCA - disposition?

    I tried making it a disposition with value 0, but it didn't show in Area D unless I said I sold it for $ Correct Appears to be a terminal loss (line 9270 of T2125) if you answered "Yes" to the question "Did you liquidate all assets in this class?".
  21. axation

    Schedule 3

    What $ value does Schedule 3 indicate? ...second home = Personal-use property.
  22. The problem with these options is that I neither of them seem to apply. Purchased Motor vehicle applies in your situation. only costs are likely associated with fuel and maintenance + insurance, license, registration, CCA, etc.
  23. Verify the tax return in case you have the following form: T1032 Joint Election to Split Pension Income
  24. Foreign exchange gains or losses from capital transactions in foreign currencies are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200. If the net amount is $200 or less, there is no capital gain or loss and you do not have to report it on your income tax and benefit return. Report your net gain or loss in Canadian dollars. Use the exchange rate that was in effect on the day of the transaction. If there were transactions at various times throughout the year, you can visit the Bank of Canada website at www.bankofcanada.ca, or go to www.cra.gc.ca/exchangerates to get an average annual rate.
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