KellyD Posted March 20, 2020 Report Share Posted March 20, 2020 If someone sells their house to move in to another house, is it required to report the sale of a house if it is not a rental. Quote Link to comment Share on other sites More sharing options...
DennisC Posted March 23, 2020 Report Share Posted March 23, 2020 This is not working for me. The program keeps blanking out the information entered on the Personal Use Property screen. It then shows error messages indicating information is required. Quote Link to comment Share on other sites More sharing options...
Anabela Posted April 27, 2020 Report Share Posted April 27, 2020 I do the taxes for my in-laws who are elderly and on a pension. This info is extremely helpful however, I would also like to add that in 2019 they sold their Personal Use home Cottage to downsize to a condo. I followed the steps above and it worked well, but I also would like to ask for any expenses paid or split with new buyers example: municipal tax and school taxes, is that added as just other deductions? If they received proceeds on the sale, will the sale of the house effect their pension compensation? Thank you so much for your support Quote Link to comment Share on other sites More sharing options...
Hank Posted May 14, 2020 Report Share Posted May 14, 2020 I can follow the steps that @Nawal mentioned, but I cannot figure out the last step. There is no line for "Change in use of property and election" and no section 284 or 286.1. Is this line supposed to be under Real estate, depreciable property, and other properties? Quote Link to comment Share on other sites More sharing options...
Maggie007 Posted February 10, 2021 Report Share Posted February 10, 2021 Hi @Nawal, you said that line "Change in use of property and election under section 284 or 286.1" is only visible to the Ufile PRO users, so if I changed my principal property to a rental property last year, and I need to file my return with UFILE, then I have to purchase UFILE PRO? Thanks. Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted February 10, 2021 Report Share Posted February 10, 2021 Hello Maggie007. The section you are looking for appears to be available in the Windows version of Ufile (software downloaded and files resident on your own computer) in the Personal Use Property area for capital gains. I do not know if it is available in the Online system but would be surprised if it is not. Nawal, of course, can confirm that. Just as a point of caution or added information consider this Election ITA 45(2) [QITA 284] - Rental property remains a principal residence You can designate the property under certain conditions for up to 4 years as your principal residence when you switch from personal to rental. Take a look at the article as per this link: https://www.thomsonreuters.ca/en/dtprofessionalsuite/blog/principal-residence-disposition-special-topics.html Quote Link to comment Share on other sites More sharing options...
Maggie007 Posted February 10, 2021 Report Share Posted February 10, 2021 Thanks @TheTaxSmith. Are there any other difference between Windows version and Pro version? I'm self-employed and changed my principal property to rental this year, so the situation is a bit complex, and I don't want to miss any thing just because of the tax software features issue. Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted February 10, 2021 Report Share Posted February 10, 2021 Hi Maggie007. I used the commercial DtMax (the very big brother of Ufile) software for about 30 years. Since I retired from practice but still have some self-employed income I wanted a tax software that was resident on my computer to prepare a few family files. I chose the Ufile Windows 12 package as I needed at least 8 files to be completed but also due to the fact that I was familiar with Ufile via my use of DtMax. My cost was around $25 with taxes. So far I am impressed with what is in the software and the number of files I can do for that price. I have helped people that use Turbo Tax and I found it cumbersome. That said familiarity with the software has an affect on what you view as cumbersome. For you I would actually suggest purchasing the Ufile package for windows. It can easily handle your business and your file and you do not need to constantly log in to a cloud server to access it. Make sure you back up your computer daily, or continuously however so as to not lose the files and data. If you were going to be offering the service as a tax preparer you might want to look at the Pro version. Again I would suggest to have Nawal confirm your question about which software includes that specific area you need. Trust the above is helpful. Quote Link to comment Share on other sites More sharing options...
Maggie007 Posted February 10, 2021 Report Share Posted February 10, 2021 Thank you very much @TheTaxSmith. 👍 Quote Link to comment Share on other sites More sharing options...
LiangOn Posted February 24, 2021 Report Share Posted February 24, 2021 @Nawal I have the same question with @Maggie007. I am using Ufile windows version. Quote You are considered to have disposed the property at the time of the change in use for proceeds equal to its market value (FMV), and to have reacquired the property immediately thereafter at a cost equal to its market value. So it result in a capital gain you must report but with an exemption and a rental income . I agree with what you said. To change my principle residence to rental property, I need to file change in use and put my FMV (Fair Market Value). It is deemed disposition. But my question is where/which textfield should I file the FMV value technically using Ufile windows version to inform CRA I am not actually selling the principle residence but just converted to rental property for deemed disposition? I understand the theory but need a bit more step-by-step guidance to that text field. Thanks, Quote Link to comment Share on other sites More sharing options...
AnaMilena1006 Posted April 19, 2021 Report Share Posted April 19, 2021 Hello, I am trying to send my tax return we sold our home in 2020 and so I declared it, however Ufile is not allowing me to NETFILE my husband's Quebec return it keeps saying that he has elected under 284 or 286.1 which is not true, those questions are answered as NO and my tax return is fine to NETFILE as the property was 50% his and 50% mine so I entered the same information. There is clearly a bug in this. I tried deleting it and even changing that there was not sale of a principal residence on both and even there I keep getting the same error... what can I do?? Thanks, Ana Quote Link to comment Share on other sites More sharing options...
Simone_YVR Posted April 22, 2022 Report Share Posted April 22, 2022 Hello, I sold my condo this year and wondering since I took a loss and had to pay towards the sale do I still need to report it? Also can you explain which form to use and how to fill it out to reflect the loss? Thanks. Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted April 22, 2022 Report Share Posted April 22, 2022 Assuming the condo was your principal residence and this year is 2021, go into CRA Questions near the top of the menu, answer Yes to Did you sell a principal residence in 2021, click on the blue principal residence designation link, select Personal use property fill in Principal residence section. Quote Link to comment Share on other sites More sharing options...
sarenachaven Posted October 25, 2022 Report Share Posted October 25, 2022 I didn't inform anyone about the deal when I sold my property last year. Now I have been thinking about buying a property in Florida. Unfortunately, with this COVID-19 pandemic, I postponed this purchase, right now I'm still thinking about buying it when I will get profits from my stock portfolio because when the pandemic just started, I approached my local Equity Release Cardiff and asked for the most profitable ways to invest my money into stocks, now I waiting till stock I bought will raise even more in terms of crisis. I sell them and invest in some real estate properties. Quote Link to comment Share on other sites More sharing options...
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