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clw last won the day on April 7 2017

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  1. Zina, have a look at Curmudgeon’s April 21st message. You cannot Netfile a deceased person’s return, only e-file works if you are a tax preparer.
  2. If your former Ontario residence was designated as your principal residence, since the date that you acquired it, then no capital gains would have appeared on your 2019 return, so there are no taxation issues and therefore no need for amendment. It would be wise to inform the CRA, of your new principal residence in Newfoundland. You can simply write a letter indicating the date of change of address and snail mail it to the CRA or better still, upload the document to your CRA My Account workspace.
  3. You can send documents through your CRA MyAccount workspace.
  4. There is a difference between reporting foreign income in Ufile and use of the T1135 form. This form is used to report investments in foreign countries that exceed 100,000 CAD$. The form is not part of the income tax return, it has no tax consequences unless you fail to file it. It is simply a ‘wealth tracking mechanism’. Foreign income is entered through the foreign income dialogue in the Interview section.
  5. If he paid income tax in Argentina, that usually results in an equivalent tax credit in Canada, to avoid double taxation. I am not familiar with the Argentina /Canada tax treaty, but I imagine any deductions for earned foreign business income declared in Canada, would depend on Canadian legislation.
  6. clw

    Income Splitting

    Happy you figured it out. With Ufile, the Interview section controls was shows up on the return; choices you make there will determine the final appearance of the return. Sometimes lines are missing in the return, because we didn’t throw the right switches in the Interview section.
  7. clw

    Income Splitting

    You can disable pension transfer in the Interview dialogue form Pensions, form T1032. Are you entering your UK pension through the ‘Foreign revenue’ dialogue in the Interview?
  8. There is also a ‘split pension report’ visible on the left side panel in the ‘Return’ menu near the end. The report tabulates split vs non-split returns.
  9. @Carolyn V, It is the 'Personal Use' form.
  10. clw

    T1135 amend

    You might ask the CRA if the T1135's are amendable without incurring a late filing penalty, but I would just correct the 2020 version, nothing more.
  11. clw

    T5008 with a capital loss

    The T5008 slips you downloaded will automatically populate Schedule 3, and calculate gain or loss. Make sure box 20, the ACB is not ‘0’. If you have a previous year capital loss, you must indicate in the Interview section that you wish to apply it to this years gains.
  12. Since 2016, the CRA requires you to declare and designate any principal residence sale on form T2091 (and TP274 if you live in Quebec). If this is the only property you own, only three numbers are required: date of acquisition, date of sale and proceeds of disposition, and no capital gains will be reported on your income tax return. If you own multiple personal use properties, you can designate one of them per year as a principal residence; the T2091 form will then apply the following fiscal rule: (years of designation + 1)/(years of ownership) = exempted capital gains, and you will be taxed on the difference between total selling price and the exempted CG. Form T2091 is accessed through the Interview, Capital Gains, Personal Use dialogue. Then click on designation.
  13. Do you mean that box 21 of the T3 slip is reporting the same information as the T5008 slips? That is unusual.
  14. If you examine your MyAccount workspace on the CRA website, you will discover that there are T5008 slips for every sold transaction in 2020. If you auto fill your return, the slips will automatically populate Schedule 3, and you will have nothing more to do. But do check that box 20 has an ACB value for each transaction.
  15. If it was declared as a rental property since 2016, you need to declare it as a final rental in 2020 on the T776. Then you should obtain an appraisal for Fair Market Value, since you are changing its use. You will need the FMV as of 2020, when you sell it in the future as you principle residence.
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