clw
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Posts posted by clw
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Yes, election of section 45 (2) is handled by a letter explaining that you wish to apply this to your residence. Upload this letter to your CRA workspace before netfiling your return. Then complete the sale of principal residence dialog in Ufile; section 1 of the T2091 should be completed. Note that you report years of acquisition and sale, designated years and price sold, so there should be zero as capital gains in T2091/ TP274.
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My daughter is in a similar situation; non-resident Canadian living in France. She files a non-resident federal return by mail, and pays the 48% surtax on Canadian sourced income. This income is not taxed on the French income tax return by reporting it in section 1.1 (Salaries) box 1AF (foreign income taxed in another country), this amount is repeated in section 8 (income tax withheld at source) box 8TK, which indicates that the entire amount reported in 1AF was taxed in the foreign country. Note that the amount of tax paid in Canada is not reported anywhere. Hope this helps!
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Since there is no way of removing a family head in a Ufile file, the only solution is to start new returns in a new Ufile file for surviving spouse and children.
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You can specify the start and end dates in the medical expenses dialogue. Also, make sure you use the same date format for the individual receipt entries.
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From an earlier post by Geo123:
Our recommendation is to enter only one entry manually from your recap report or the Capital gains realized report you receive from your broker.Please note that it is not necessary to download all your T5008 slips. One manual entry of the total amount showing the Proceeds of disposition and the cost / book value is sufficient.Note that even if you download all the T5008 slips, only the total amount is sent to the Canada Revenue Agency (CRA) and if applicable Revenu Québec. The government agencies have already received copies of these slips and it is not necessary to itemize them in the software.
The brokerage or investment dealer should be able to provide a consolidated statement of activity for the year, with totals.
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There is only one way to correct an overcontribution: fill out and mail in a T1-OVP form.
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Autofill saves typing in data, but you still need to scrutinize the slips that are downloaded for accuracy. Slight differences in payer names can result in doubling up of slips, thus doubling income. Most CRA slips download correctly to their Quebec equivalents, except for Quebec income tax withheld. Personally, I download CRA only and add the RQ data manually.
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Just before the download begins, you are prompted to remove any check marked items to be downloaded. This is where you can specify newer slips only. Otherwise, Ufile will always increment the slips.
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If the surviving spouse is still living in the same residence then:
Where the principal residence is transferred to the spouse or common-law partner of the person who died, or to a testamentary spousal or common-law partner trust:
- A principal residence designation for the period before death is not required in the Final Return
- The deemed disposition of the property and any capital gain or capital loss is not required in the Final Return.
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If you are an executor or legal representative, you can sign. Remember to include a copy of the death certificate and the last will and testament with the final return.
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A credit card is not an existing ‘reserve of wealth, nor money’ , so I don’t see how it could be reported under T1135.
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You can assume that what CRA has is the accurate and complete information.
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Charlene Fang,
yes you can, Ufile only sends the totals anyway, not the detail, which the CRA already has.
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Capital losses can only be claimed against capital gains from the previous three years or applied to future gains indefinitely. If you had gains in 2020, you could offset your losses in that year. This does not affect your 2023 return.
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The RL-18 is the Quebec provincial equivalent to the federal T5008. If you entered the federal slip, it will transfer automatically to the RL-18 slip.
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You must be able to print out your return and mail it in, so not sure about Ufile online. Ufile for Windows works well for non-residents..
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You are allowed to over contribute up to 2000$; the excess is penalized at 1% per month. So if you are over by 5000$, you would pay the 1% penalty on 5000-2000=3000$. You need to figure out how many months before you can absorb the 3000$ contribution in a future taxation year. You can never deduct an overcontribution, until it becomes a contribution. You can ask for a waiver, and it may be granted; see link below:
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Taxreturn,
When you contribute to your RRSP, you can choose to deduct only part of your contribution, and keep the rest for a future year. You would want to do this if your partial deduction reduces your income tax to 0$, there is no point in deducting more. Or, if you anticipate changing tax brackets in a future year. So, if you enter 4000$, you are using all your contributions in the 2023 taxation year. If you enter 1000$, the remaining 3000$ will be available as a deduction next year.
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Actually, over the lifetime of your RRSP, you are allowed to overcontribute up to 2000$, before you are penalized. So just enter the overcontribution as a regular contribution and deduct it next year.
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You might want to have a look at the ‘pension-splitting report’ visible in the left hand menu, under Returns. Just below that is a ‘redistribution report’ which clearly shows what the receiver is owed relative to the pensioner that is splitting his pension.
After a period of 12 months of cohabitation, filing jointly is the only choice.
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You really have to report your RRSP contributions, the year they occurred. Unlike the TSFA, where the banks provide the info directly to the CRA, the only information the CRA has on record for your RRSP is the information you provided in previous income tax returns. You can easily check your contributions/deductions in ‘MyAccount’. So, you will have to file adjustments.
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Hello BMart,
This should be helpful:
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The currency type and amounts reported in your return should be consistent with the amounts shown on the T5008. So just add the official Bank of Canada 2023 average exchange rate of 1.3497 below boxes 20 and 21; i.e. option 1.
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I believe that a first return for an immigrant must be filed on paper, and can’t be Netfiled.
Can I claim Capital loss from previous year in "T1A - Request for current year loss carryback"
in Getting started
Posted
Liana,
You can carry back a loss for up to three years, or carry forward indefinitely. So if you combine the losses, they would have to be applied to 2020 or 2021. Note that this has no effect on your 2023 return. The CRA will adjust your income for the year you carried back to and deposit your credit.