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Curmudgeon

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Posts posted by Curmudgeon

  1. I don't know why splitting isn't occurring but keep in mind the final return has to be mailed in and

    Quote

    Both the deceased person and their spouse or common-law partner must have signed Form T1032. If the form is being completed after the date of death, the surviving spouse or common-law partner and the legal representative of the deceased person's estate must sign the form. In some cases, the legal representative may be the spouse or common-law partner, in which case this person must sign for the deceased person too.

     

  2. 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.
  3. 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.

  4. It's complicated.

    Quote

    When foreign property income (other than from real property, or from a trust) has had withholding tax in excess of 15% deducted, the excess can be deducted from income on line 23200 (line 232 prior to 2019) of the personal tax return, "Other deductions", as a s. 20(11) deduction.  However, see the note below regarding the limitation re tax in excess of the treaty rate.  The excess foreign tax over 15% deducted under s. 20(11) reduces the amount of foreign non-business income which is used in the foreign tax credit calculation.  If your foreign income is reported on a T3, then it is from a trust (such as a mutual fund or ETF), so this deduction does not apply.  Personal income tax software will automatically provide the s. 20(11) deduction for income and foreign taxes reported on a T5, and will ignore any excess tax paid on a T3, as it should.

    https://www.taxtips.ca/filing/foreign-tax-credit-non-business-income.htm

  5. On 4/10/2022 at 9:44 AM, Bee said:

    There is no option to for an Adjustment request under "Other Topics." What am I missing here? Why is this so difficult? Or am I just completely missing something here? 

    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.

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