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Found 15 results

  1. i just sold my rental property where do I enter the details on my tax documents. All my regular yearly information is already filled in making of the "Last year of operation" button. i just can't seem to find where to input the proceeds from sale, legal and realtor expenses. can anyone help please
  2. I am trying to netfile my income tax return which includes a capital gain for a house we sold in December, 2013. We owned the house in Ontario for 14 years but the for the first 6 years the house was not our principal residence (we also owned a cottage for these first 6 years that we treated as our principal residence). After we sold the cottage in 2006, the house became our principal residence. I believe I need to complete the T2091 (IND) and T2091 Worksheet to calculate the Principal Residence exemption. If I netfile my return with Ufile, do I simply mail these two forms to Revenue Canada afterwards with my payment for the taxes owing? Thanks
  3. Hi, I have a CNIL balance for 2017. I have also sold shares in 2017 - can I use the CNIL to offset the capital gains? If so - how do I get UFile to do so?
  4. websters111

    Selling Condo

    Hi. I'm thinking of selling my condo sometime next year. My condo is not my primary address right now. I would like to change it to my primary address so I can take advantage of the capital gain for taxes. I already file the 2017 taxes. What do I have to do? Best
  5. Hello, this is with regards to the designation of property as a principal residence forms? I'd just need confirmation of what I've understood as it is my first time going through that: I sold a property that was an inheritance from my deceased mother... I sold it in 2017, acquired in 2015, but it was my principal residence from 2003-2011. If I understand well: I need to complete both forms T2091 (CRA) and TP-274-V (Quebec) on paper because UFile doesn't allow such to be sent electronically, this is right? What is the "year a real servitude encumbering the property was established" (T-274-V, line 31)? I keep reading the descriptions online, but the jargon is confusing me... After completing the forms, I have a capital gain in T2091, but no gain in TP-274. Something seems wrong. The difference seems to be the questions asked around the number of years designated as principal residence. In T2091, I filled in 0 years as "I hereby designate the property describe to have been my principal residence for the following number of tax years ending after acquisition date" (as I didn't live in there anymore after I acquired it) In TP-274-V, I put 8 years as number of years the property was designated to be my principal residence (2003-2011) in line 42 Am I missing something? Thanks to the community, Eli
  6. After selecting the autofill my tax return, the system automatically filled my T5008 ( Statement of securities transactions) information into Investment and interest income and expenses section. After that, I needed to add other relevant details like book values or outlays etc. which I completed. At the end of the system calculated that I owe like $200,000 to CRA which is not true. Ufile just calculating my transactions as my profits... it seems that it is not doing the actual calculations (realized gains: proceeds- cost&expenses ). Why? I know if I will fill my information manually in capital gains/losses section (Schedule 3), there will not be any problem. But why it is not doing the right output of tax return when autofill option is used?
  7. Hi All, I was looking for some help and clarifications for filling in my T5008 to declare capital gains. 1.) Box 21: I have only declared the profit from the proceeds of disposition. My Trading Summary statement only shows the sell price but the cost is blank. Likewise, there is no field in the T5008 sheet to declare the original share cost. So going off memory, I've determined the cost and calculated total profit from the transaction from there & entered into Box 21. Is this acceptable? 2.) I have a another transaction: CALL-100 for the same security as above. -> would this be entered in a separate T5008 sheet in the same way? 3.) Only 50% of realized capital gains are taxable. This is not mentioned anywhere on the T5008 page. I suppose this is a hidden calculation done at the Review stage and do not need to worry about it? Thanks in advance for any help you can offer! Mac
  8. I sold a rental property in 2017, and was recording the sale on the Capital Gains and ABIL form. The first option is Type of capital property. What do I enter here for the house that I sold? The options that might fit are Building and Land. I am unsure of what to choose since the home has both land, and a building on the land. Any insights? Thanks
  9. Hi I have been struggling to find out where to input these receipts from hardware stores I've gathered which pertain to improvements I've made to my home. I am getting ready to sell the house within this year. I haven't a clue as to where to input these receipt amounts but I was told to put it in capital gains. Regardless I have not found the form to add to my tax file I have going online at the moment. Could someone provide easy instructions as to how/where I can do this?
  10. Good morning, I'm using UFile and this is my first year using it as a non-resident, living in the UK. I had capital gains from the disposition of mutual funds however under the Canada-UK tax treaty I'm not liable for Canadian taxes for these gains, the capital gains tax would be collected by the UK. On the CRA website [1] under "Taxable capital gains" it says: Do not report any gain or claim a loss from the disposition of taxable Canadian property if, under a tax treaty, any gain from the disposition of the property would be exempt from tax in Canada. If you have to file a return, attach a note stating you have not reported the gain or claimed the loss because of a tax treaty. However when I import my T5008 and Ufile calculates Schedule 3, it applied the taxes on line 127. How do I blank out line 127 as the CRA says to do above? I've told Ufile I'm non-resident however I can't seem to find any button to say something like "exempt capital gains under treaty" or a place to simply put 0 in line 127. Thanks! [1] http://www.cra-arc.gc.ca/E/pub/tg/t4058/t4058-e.html#P278_32137
  11. If I enter all in formation from T5 and T3 for mutual funds under " Interest, investments, income and..." Will the capital gains indicated on the T5 and T3 mutual funds will Ufile automatically calculate any possible deductions or exemptions or do I have to deal with "Capital Gains (or losses) & ABIL"?
  12. alorraway

    CCA recapture

    Been struggling a while on how to fill out Ufile for a sold rental property. I know i will need to show CCA recapture into the income but not sure how to enter the details into Ufile. In the CCA section, I have a Class 1 building ACB of $21K, UCC of $19K and Class 8 furniture ACB of $11K and UCC of $6K. I'm not sure what to enter in the field 'Proceeds of Disposition of an asset'. If i look at the actual T776, it seems to show that the proceeds should not exceed the capital cost. So i would just enter the ACB amounts? I sold the entire property for $440K, purchased for $380K. I have expenses on purchase and sale of course, but i have entered these in another section so i don't think i need to enter them in the CCA section as well. thanks.
  13. If a foreign property was jointly owned by my spouse and me, can I split the capital asset across both of us?
  14. Hi My spouse and I owned a rental income property 50%-50%. We disposed of it this year and have a capital gain. After completing the schedules in Ufile, I see that the rental income we had during the year was allocated 50%-50% to each of us. So therd doesn't seem to be an issue with allocation of the regular income from the property. However, the total capital gain on the disposition is being added back to both of our tax returns. For example, we sold the property at a gain of $25,000. Schedule 3 Line 138 for real estate shows the $25,000 as a gain. Schedule 3 Line 199 taxable capital gains equals $12,500. Line 127 on the T1 Federal schedule shows the full $12,500 to include in taxable income. This appears on BOTH my and my spouse's tax return so we both essentially have $12,500 being added as taxable income (combined total of $25,000). Since capital gains are taxed at 50%, I would have assumed that we would have had a combined taxable capital gain of $12,500 and not $25,000. Even the CCA recapture that is added back to our income is adding 100% to both our returns and not just the 50% portion. Can anyone shed some light on this for me? Is there somewhere else that I have to indicate it is split 50-50? Much appreciated!!
  15. Anyone here working through UFile as a US/Cdn dual citizen? It would be great to connect and be able to bounce some questions/ideas off one another.
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