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Markbo

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  1. That would be nice, but CRA told me something different. The correct procedure is to file on paper and to include a note saying that you make an election under subsection 45(2) to maintain the home as principal residence. Then rental income needs to be reported as normal and current expenses (but not capital expenses) can be claimed. The HBP is unaffected in that case, but a change in the use to a rental property could otherwise trigger a treatment as "deemed disposition," which would require immediate repayment of the outstanding amounts under the HBP.
  2. I rented out my principal residence for a few months in 2015 while I was away for work reasons, so I'd like to make an election under paragraph 45(2) of the income tax act that the property use has not changed. The purpose is that the home remains my principal residence, I don't want to be charged capital gains tax, and I don't want to have to repay the outstanding amount in the Home Buyer's Plan right now. Does anybody know how to do that in Ufile? The rental income pages are pretty clear otherwise.
  3. Ufile online does not seem to calculate the foreign federal and provincial tax credits correctly. The foreign income diagnostics do not show any deductions, so the gross figure is just restated. On form T2099, instead of the Net foreign non-business income, on line 433 the gross amount is used (line 431 is apparently ignored). On form T2036, where the Net foreign non-business income is requested, the program uses the gross figure. This is then carried over to the the line for the provincial or territorial foreign tax credit of Form 428. All of these amounts are then carried over to Schedule 1 and the T1 forms. Is that correct? Is the Net foreign non-business income the income before foreign taxes are deducted? The result would be a much higher federal and provincial foreign tax credit, i.e. $250 more in my case than Turbotax online has calculated.
  4. I can confirm that. Regardless of whether you choose yes or no in the dropdown box, the PDF of the return shows nothing in the required box.
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