Search the Community

Showing results for tags 'expenses'.



More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • UFile General
    • Why I use UFile
    • General
    • Feedback and suggestions
  • UFile Online
    • Getting Started
    • User name and password
    • Importing data
    • Printing and saving your tax return
    • Technical questions
    • Electronic filing (NETFILE)
  • UFile for Windows
    • Buying UFile for Windows
    • Standard VS Plus
    • Installation
    • Updates
    • Importing data
    • Electronic filing (NETFILE)
  • UFile PRO
    • What is UFile PRO?
    • Buying UFile PRO
    • Electronic filing (EFILE)
  • UFile T2
    • Getting Started
    • Importing Data
    • Electronic Filing
  • Tax questions
    • Setting up your tax file
    • Reporting income
    • Deductions
    • Provincial credits and returns

Found 5 results

  1. 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?
  2. Self employment expenses

    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. 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.
  4. 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...
  5. 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.