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Frustrated_Dad_57

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  1. Afternoon to All This is my first Time Trying some Canadian Stocks and Such and I am having Trouble in Understanding a Procedure. After much searching and reading, I come across "Superficial Loss Rules" concerning Capital Gains/Loss which I feel will apply since I bought and sold stocks in Oil within a Month as the prices started going under. I got nervous and decided a "Small Loss was better than a Total one" So many sites "Tell" you how to reason the Math with examples but I cannot figure "How to Input these Numbers into Schedule 3 on U-File so that Capital Gains/Loss will show a Zero --- since CRA says this Loss would be declined due to the 30 Day Rule and then the Loss is carried forward to the ACB on the next sale". Do I enter a series of "zero's" in the fields even though I have "Realized Proceeds of Dispositions" I am hesitant to enter the Actual Values since the resulting Capital Loss is Technally not allowed and will show on Line 132. Or do I simply "Not input the Data at all" and Just Show the "Allowable Loss" in the final sale. I cannot find any info on the "Actual Input of Data" concerning a Superficial Loss Thanks for your Help Dad
  2. Frustrated_Dad_57

    Tuition fees

    Hello DanM It is my understanding that if the Student has Little Income...it is recomended that they Transfer the Full $5000.00 amount to Parent and or Carry It Forward to be used when they have a source of Income after Grad. "Unused Tuition Amount" ...I believe is the "Amount" that is "Not" being used up by the Student and or Transfered to Parent this year.............it is the what is left to be Carried Forward by Student if chosen so. This Page helped me and has the "T2202A" Form you may need...... http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/323/crry-frwrd-eng.html Transferring and carrying forward amountsStudents must claim their tuition, education, and textbook amounts on their return and apply the amount that is required to reduce their own federal tax payable to zero, before they can calculate and transfer an unused amount to an eligible individual, even if someone else paid their fees. However, the student may be able to transfer part or all of these amounts to his or her spouse or common-law partner (who would claim it on line 326 of his or her Schedule 1), their parent or grandparent or to their spouse or common-law partner's parent or grandparent (who would claim it on line 324 of his or her Schedule 1). The maximum amount you can transfer in a year is $5,000, minus the amount the student uses, even if there is an unused tuition, education, and textbook amount remaining. Students can carry forward indefinitely and claim in a future year the part of their tuition, education, and textbook amounts they cannot use (and do not transfer) for the year. However, if they carry forward an amount, they will not be able to transfer it to anyone. They have to claim their carry-forward amount in the first year that they have to pay federal tax. Complete Schedule 11 to report your eligible tuition, education, and textbook amounts for the year, and any unused amounts carried forward from previous years that are shown on your notice of assessment or notice of reassessment for the previous year. Claim your eligible tuition fees, education amounts, and textbook amounts based on the calendar year the course was taken and not the year the fees were paid. Note Even if you do not have to pay tax and you are carrying forward all or part of your tuition, education, and textbook amounts, you should file your return and attach a completed Schedule 11 so we can update our records with your unused tuition, education, and textbook amounts available for carry forward to other years. If you are transferring an amount to your spouse or common-law partner, they have to complete Schedule 2. Depending on their province or territory of residence, they may have to complete Schedule 2 to calculate their provincial and territorial transfer amounts. To designate your transfer, complete and sign the back of the following applicable forms: Form T2202, Education and Textbook Amounts Certificate; Form T2202A, Tuition, Education and Textbook Amounts Certificate; Good Luck Dad
  3. Frustrated_Dad_57

    Tuition fees

    Afternoon DanM Hope this helps http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/323/schdl-eng.html I know that you can "Transfer" the Tuition from Son to Father using the drop down choice when you open up the "Treatment of Unused Tuition".......choose "Transfer to Parent not Processed" Then I believe you have to Claim Line 324 on the same page in "Your Tax"...Tuition Transfered from a Child. This worked for me so far. Thanks Dad
  4. Afternoon To All I am still at it but I believe I may have found the answer. After printing out the two different tax forms and comparing them, I noticed that the Form Schedule 6 - Working Income Tax Benefit...was not included when I tried to claim her Tuition Schedule. After carefully reading it ...it says ....... "You cannot claim the WITB if in 2012: • you were enrolled as a full-time student at a designated educational institution for more than 13 weeks in the year, unless you had an eligible dependant at the end of the year;" Interestingly...the amount of Refund missing is the same amount as if she would claim the "WITB" .... with the Tuition Schedule. So now I know the "Why of it" ...just not sure if I understand the "Sense of it". Just figured I would post what I found in case some one else out there might run into the same situation. Thanks Dad
  5. Morning To Everyone I have been using "U-file", for many years now and I really have had No Issues that I was aware of until now. My 22 year old Daughter lives at home - works 2 part-time jobs to pay her way through College and spending money...which I always thought was the right thing to do. She has Graduated in 2012 and was given Form T2202A from the institution which took me several days of on-line research trying to figure out how to "Utilize" this in a desparate attempt to "Find Schedule MB-s11"....in U-file. She did not make enough to surpass the "Personal Exemptions" so when researching this I learned of "Transfering the "Tuition fee's " or portion there-of to me............since I have "Paid for much of it". The trouble lies in the fact that when I did her Taxes first without the "Tuition" pages....using only her "T-4's"..........she was to get a "Refund" of over a $1500.00 than with the "Tuition Rebate Form". In other words ...her Tax Refund is less by 60% using the "Tuition Rebate Form" and I must admit that I am having trouble figuring out the sense of this one. Any ideas what I may have done wrong would be appreciated as I am running out of Online pages to read. I did choose "Transfer Unused Tuition to Parent Unprocessd Amount" even though I am not sure if "Any Amount Is Being Used" in her Tax as it looks like the Full $5000.00 is Transfered to mine. Thanks for any insight. Dad
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