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Hi, Other free online tax software I have used allow me, after entering Box 15,16 (total foreign dividends, tax withheld) for a US foreign non-business income T5, to deduct the difference between: a) the US dividend tax withheld, subtracted by b) my Federal foreign tax credit, as a 'Foreign Tax Deduction under subsection 20(12)' That difference should appear as a deduction in my T1 Line 232 as "Other deductions". example: - T5 (Box15: 100.00 total foreign income, Box16: 15.00 foreign income deducted) - a foreign tax credit calculated in UFile Online of say for example, $2.50 15.00 - 2.50 = 12.50 (Line 232) - "Other deductions" I have added my UFile Online box amounts with a 'Interview > Interest, Investment income' T5 input form, but this deduction described did not occur. Instead the entire foreign tax withheld, was used for Line 1 of T2209 calculation of the foreign tax credit. So, my questions: 1) In UFile Online, if my deduction was eligible, what is the workflow to enable this 'Foreign Tax Deduction under subsection 20(12)' so it appears as 'Other deductions' in my Line 232 on my T1 ? And also so T2209 Line 1 'Non-business income tax payed to a foreign country', is adjusted accordingly? 2) I noticed in my own UFile Online "Foreign Income Diagnostics" schedule table for my T2209, this Note(1): "US Taxes withheld on US Interest income above 10% but lower than or equal to 15% are not eligible for 20(11) or 20(12) deductions. You may claim a 20(11) and/or 20(12) deductions for foreign taxes paid above 15%". I don't see any references to a 20(12) restriction in CRA's Folio? http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f2/s5-f2-c1-eng.html I posted the questions in the general forum here as there appeared no category in UFile Online, and this is more a UI application and content question, than a deductions question. I'm also going to check with CRA regarding 2) next week. Thanks to anyone who answers.
Hi, I received some company stock (U.S. based) option that vested in 2015. To simplify numbers, let's say I received $1000 worth in stock, but $600 was withheld as taxes by U.S. broker (I believe this is required by IRS). The $1000 was recorded on my T4 box 38 which I had entered into UFile. Now, how do I recover part of $600 that I paid in foreign taxes? Is this doable in UFile, to write this taxes off against my income? The funny thing is if I remove the $1000 from box 38 in UFile, it does nothing to my final return numbers which I don't get. Any help is appreciated. Thanks.
Hello, I'm currently employed overseas in Japan with the JET Programme. According to the information I've gathered so far, people on tge program are considered factual residents of Canada and our income is not considered taxable due to the tax treaty in place between Canada and Japan, although I'm still obligated to report the amount earned to the Canadian government. Does anyone know if I can still file my taxes electronically this year, or if I have to mail in supporting documents? If I can file with Ufile which fields and sections do I have to pay attention to? Any help would be welcome! Thanks.
When you indicate emigrating from Canada during 2012 (and in this case from Ontario), Ufile 2012 is not showing the Ontario calculations. For example, the FEDERAL basic personal amount is pro-rated for the percentage of the year when you were a resident (before the move) but the PROVINCIAL basic personal amount is not listed at all. CRA guidance is that the PROVINCIAL amount should be similarly pro-rated if emigration occurs during the year. I have specified a foreign current residency address and a mailing address the same as the foreign residency. How do I get those pro-rated Ontario credits?