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Curmudgeon

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Everything posted by Curmudgeon

  1. 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.
  2. First, read up on TFSAs. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4466/tax-free-savings-account-tfsa-guide-individuals.html UFile has nothing to do with it. You have to decide how much goes into a TFSA. Right now the federal tax you are paying on the dividends is $21,119 * mt - $3172, where mt is your federal marginal tax rate. There is also provincial tax. If $80,000 of the $500,000 had been in a TFSA, that is 16% of your portfolio, federal and provincial taxes on the dividends would be 84% of what you are paying. Plus the taxable income would be lower perhaps increasing some income related credits. Go talk to your advisor. Moving as much of your investment as you can into a TFSA is good advice. What it is invested in is up to you.
  3. You can't do anything now to affect the 2021 taxes. Put $80,000 into a TFSA this year to save on 2022 and future taxes.
  4. If box 28 on the T4 indicates you are exempt, note that on the T4 form and problem solved. If not, you can leave it as $0 and there will be a warning message but it can still be filed.
  5. On the menu go to near the bottom to Controls.
  6. Did you save the file after setting how to share medical expenses?
  7. Go to the bottom of the menu to Where to enter? Put T10 into the search to find where.
  8. Click on Interview setup and look for the box Common tax deductions. Select Medical expenses.
  9. Click on Interview Setup. Click the blue arrow in the Pension box and select Confirmation - you did not receive OAS.
  10. The registration may be considered union dues if the organization issues you a slip saying so. I would check with the organization about what can be claimed and being issued slips. These types of expenditures are not always deductible.
  11. On the left side menu click Medical expenses and select Sharing of medical expenses. You can set it up how you want. Before doing that, though, look at the total taxes payable/rebate for you and your spouse. Do the same after making the health credit changes. You'll probably find that now you are paying more taxes.
  12. What starting and ending dates did you put in?
  13. Look near the top of the left-side menu for CRA ReFile where it can be done.
  14. Click on Interview Setup, go down to Common tax deductions, click on the blue arrow by medical expenses, ..., and click on Last date. In the form your last date is Nov. 2021 and the first date is a date no more than 12 months back and doesn't overlap last year's claim.
  15. T5 Supplementary is a T5. Generate a T5 form and put the roc in the appropriate box.
  16. You can leave the Contributions ... blank. When finished generate the return and look at the Tax return summary p1. In the Total Income at top it should show RRSP income.
  17. Enter 1.0. You are converting CDN$ into CDN$.
  18. It's complicated. https://www.taxtips.ca/filing/foreign-tax-credit-non-business-income.htm
  19. You are missing Click on Interview Setup. If you are changing your 2021 return, look at the left-side menu near the top for CRA Refile.
  20. When you start UFile there is a menu of choices with Carry Forward a 2020 tax file on the upper right corner. I've carried forward 9 returns with UFile Pro with no problem.
  21. Remember if you don't have > $100k acb of foreign investment, the T1135 isn't required. If the insurance is term insurance, then the NCPI would be zero since term is pure insurance. If you are allowed to borrow on the policy, the maximum amount would be an estimate of the NCPI.
  22. If you know the values, acb, disposition proceeds, costs of disposition if any and sale date, you can fill in a capital gains/loss form. Click Interview setup, go to Investment income and expenses, click on the blue arrow for Capital gains (or losses) and capital gains history, and click the + sign for Stocks, mutual funds ... . Fill that in and get rid of the T5008 if its in Ufile.
  23. This is from a few years ago but probably still applicable. Before carrying forward any tuition expenses, the student has to apply the expenses before the dividend tax credit. https://www.advisor.ca/columnists_/jamie-golombek/managing-tuition-tax-trouble/
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