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fred999

where to enter 1099-B (US) form in ufile for Windows

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I have received a 1099-B form from selling US stocks. I need to know where I enter the values in Ufile for Windows. There are amounts for "Gross Proceeds Less Commissions", "Cost or other Basis" and "Federal Income Tax Withheld". I usually receive a 1042-S but for 2018 they sent a 1099-B. Thanks

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You translate the information to CAD and report it on Schedule 3 as a capital disposition. Normally, investors would have Canadian brokerage accounts and get a T5008 instead. Remember that Cost Basis must be converted into CAD based on the forex of the day the stock was acquired, e.g. 2010. Gross Proceeds must also be converted to CAD based on the forex of the day the stock was sold.

I don't know on which line where you can claim the 'federal tax withheld' but you may not get all that much back from CRA in a Foreign Tax Credit. As far as I know, the tax treaty only allows for certain percentages.  I'd have to dig into old files to see how it was handled for me many years ago. A good reason not to use a US brokerage.

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