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Found 15 results

  1. Hi, I am filing my tax. When I claimed expenses for my self employed business (day care), I realized that only 50% of the expenses (meals, utilities, etc.) were deducted from the gross income. On the other hand, the expenses were deducted fully if I used SimpleTax. Is it a way that I can adjust the deduction to 100% in Ufile? Thanks!
  2. Need some help clarifying self employment expenses and deductions. 2017 was the first year that I was self employed (business run in my home). 1) What is the difference between entering my expenses in the T2125 Income expenses section vs Home office expenses. 2) Are fees payable to the government (taxes & QPIP) deducted automatically or do I need to enter this somewhere?
  3. During the sale of a rental property some expenses such as sales commissions, legal fees, and bank fees are generally incurred. While I have seen some documentation suggesting that these can be applied against the selling price to reduce the capital gains, I am curious whether the option to instead apply them against the annual income from the property also exists? These were, after all, expenses incurred as a result of running the rental property business. I am only looking for information on whether there is a strict requirement to apply these costs against either the sales price or against the rental income? Is there a law that directs where these must be applied, or is the choice optional?
  4. I completed my 2017 tax return and it showed a balance owing. I then added in all of the tools I needed to buy as an electrician ($1532.00) from form T2200 from my employer, but it did not make a difference on my amount owing. When I reviewed the form for Line 1770, it does not seem to include my amount earned as an electrician so does not calculate properly. How can I include the $500 deduction amount?
  5. Hi, My fiance took professional courses to start her own business. Should I: 1) Enter these amounts as tuition expenses 2) Enter these amounts as business expenses for professional development (Capital expenses). Do I have the choice?
  6. Hi All, I hope this is the appropriate place to ask these questions. Apologies if I'm mistaken. I started a Sole Proprietorship (professional musician) in October 2016 after my EI ran out, and I want to be sure I don't make any mistakes on the T2125 portion of my return that would skew my numbers inappropriately or trigger an audit, so I've a couple questions: 1. My fiscal year started in October, and I've read that I should end the fiscal year Dec 31. Is a 3 month (or anything less than a full year) first fiscal year normal? I am deducting some gas/parking/insurance for my passenger vehicle as I use it to get to performances/ rehearsals/meetings. 2a. Under the "vehicle expenses", it asks for the specifics of the car used. I've had the car since around 2008, but don't know the exact date of purchase. Truth be told, I don't think I know how to calculate the "opening balance of the undepreciated capital cost" because I'm not sure what that means. Are those details necessary if I'm only claiming fuel, a portion of insurance, and any parking? 2b. Am I required to claim mileage in order to deduct fuel and parking which are tied to specific events and I have receipts for? 2c. I don't have any added commercial insurance for the business use of my vehicle. Does that disqualify me from claiming any portion of the regular insurance? And finally (which perhaps negates the previous questions) 3. Seeing as I only made a little over 2k in those three months, I don't think it makes a difference to my end result if I forgo all deductions and simply claim the small gross amount earned - showing that I've begun self employment. Would it be valid to simply fill the one line of "Gross sales, commissions, or fees" and leave the rest blank, or would that just bring about unanswered questions? In the end, my aim is to show that I began self employment in the latter part of the year. This year is simple: I played a handful shows and got paid for them. Next year will be far more in depth. Thank you for your help, internet people of the UFile forums. I'm nervous about doing this correctly.
  7. Hi, As a Sole Proprietorship, Is their a Maximum or Reasonable Number or Percentage of the Expenses I can claim on my T2125 Since it's the 1st Year for my Business! I've a lot of Expenses! But if your have an idea of reasonable amount or percentage i can claim under the expenses section it will be helpful?! Thanks...
  8. I am a University student, my degree program is online except each year there is a two week required on campus residency, meaning I have quite a bit of travel expenses to fly across the country and stay for two weeks. I cannot find any reference to this situation with Revenue Canada, just wondering if anyone else has run into this and how they might have been able to claim it. Thanks.
  9. Hi there, My wife and I have been using UFile for the past couple of years and it has worked great! This past year, my wife was on maternity leave until September. She started to do work but not as a full time employee, but self-employed. She will be self-employed for this entire year coming up as well. When we get the next version of UFile and do our 2014 taxes, will the Self-Employment Business Income option automatically allow for all of her business expense calculations? Expenses such as: KMs travelled for business Office space Insurance Dues etc... This will be the first year where we will use UFile for this type of income reporting as in the past she has just hired an accountant to do all of this for her. We want to ensure htat UFile will allow for her to include everything she is entitled to expense because she is self-employed. Any help would be appreciated! Thank you, - Christian
  10. How or where is it possible to add hydro expenses to a tax return?
  11. Hello, I've started in 2013 a small home cleaning business and my question applies to motor vehicle expenses using ufile online and the three options: Purchased Motor vehicle. Leased passenger vehicle. Leased vehicle other than (a) passenger vehicle. The problem with these options is that I neither of them seem to apply. I use a personal vehicle in which I fully own and the only costs are likely associated with fuel and maintenance of going to the two homes I clean for. With that considered what do I need to do in order to apply these deductions ? I'll be forthright in that I only made 2800$ for the year in cleaning and $25000 in total income but I owe slightly over 1225$ in taxes ($101 is what I owe without this job) when I apply the $2800. It's quite discouraging so I'm trying to find and take advantage of any deduction that might be available to me :-(
  12. I have a completed T2200 from my employer due to the home office requirements for my job. For "Percentage (%) of home being used for personal purposes" I have entered 10%. For simplicity I have entered (for now), $10,000, under the line items "Total home expenses incurred (both business and personal use)". When I generate my results I am expecting to see a $1,000 tax credit. Instead I am seeing $9,000 which seems to be interpreting the 10% as non-office use and 90% is office use. This seems straightforward to me and would assume many have completed this schedule before. Appreciate any insight or advice. Thank you, Julian.
  13. Hello! I'm self-employed workinf from home. So, in ufile online, in Self-employment income -> Home office expenses there are following fields: "Portion (%) of home that is used for personal purposes" - I know what it is, not a problem. but "*Percentage of heat and light expenses that is attributable to the personal use portion" - what does it mean?? And how to calculate this? Can anyone clarify this for me? Thank you!
  14. Hi, I am a little confused on a section called "Employment Expenses" and I will try to explain as clear as possible. I incurred various expenses relating to motor vehicle expenses. On the motor vehicle expense schedule, I entered all costs that I incurred including my new vehicle used for business and personal use. The system asked me whether I would like to claim GST/QST rebate on those expenses. I clicked yes and then entered the GST and QST numbers. My question is whether the GST and QST rebate is only on expenses other than CCA or does it include CCA. The main reason I am asking this question is because the rebate does affect the UCC balance next year while expenses GST QST rebate become income next year. Additionally, I am not sure if I correctly entered the addition to vehicle cost. I included all costs including interest given interest is pre-calculated on the day of purchase. Is it ok to include the full price or must I separate the interest portion and only include 1/5 of the interest in the expenses. Thank you, Jacques
  15. Under the results tab for my tax return, it is listing medical expenses on line 330 when I didn't claim any. I've checked and rechecked to make sure there isn't a medical claim under the interview tab, but it is still showing with an amount that I did not enter on line 330. Is it supposed to be there, even though I had no medical expenses? If not, how do I fix it? Thanks!
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