Curmudgeon
-
Posts
374 -
Joined
-
Last visited
-
Days Won
16
Posts posted by Curmudgeon
-
-
-
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.
-
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.
-
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/
-
On a T4A form, go down halfway to Other Information and pick box 205 from the list of choices.
-
From the CRA:
Does a life insurance policy issued by a foreign issuer meet the definition of specified foreign property? If yes, how is the cost amount of a foreign insurance policy determined?
Yes, a life insurance policy issued by a foreign issuer meets the definition of specified foreign property. The adjusted cost basis of an interest in a life insurance policy is defined in subsection 148(9) of the Income Tax Act. This amount can be considered as a reasonable approximation of the cost amount of the property for the purpose of Form T1135.
Then read this:
https://www.advisor.ca/tax/tax-news/beware-these-t1135-traps/
Good luck!
-
If the T5008 show the acb, sale proceeds and sale expenses, Ufile will calculate the capital gain/loss.
-
-
-
A bank account is an asset not income. No need to report the complete ownership but if it pays any interest, you are responsible for reporting 100% of that.
-
If this applies to 2021 then common-law:
The CRA considers you to be in a common-law relationship if you have lived together with your partner for more than 12 consecutive months, or if you have a child together, either related to you by blood or through adoption, or if you have primary custody of a child under the age of 18
-
It is now paid quarterly directly to the taxpayer. No longer done through the tax return.
-
Does it show up on your Notice of Assessment as an unused contribution? If so it can be put in just above the segment you show.
-
It sounds like his net income is below the tax threshold. If that is so, then yes reduce or eliminate what tax you can on CPP and OAS.
-
Nothing in Common tax deductions in the Interview setup page?
-
-
Which box 26 did you enter the amount? There is a box 26 for investment income and another for communal income.
-
Check things like you've used an oh instead of a zero.
-
Maybe his income is too low. If he's not paying tax the education credit will carryforward unless it is transferred.
-
On the CRA questions page, there should be a principle place of residence question. That's it. There is no longer a scedule 14. Quarterly payments will be sent to you starting in July.
-
Generate the tax return (#4 in top menu) and scroll down to where the federal schedules end and the BC return begins.
-
Look at the provincial or Yukon S11 for line 59140.
-
-
Check this listing of investment income and expenses that will trigger CNIL and since it's cumulative it will appear every year.
T1 comparative summary - 2021 - why is my 2020 information not on this ?
in Technical questions
Posted
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.