clw
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Posts posted by clw
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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.
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In the interview section, you have to specify that your are completing a return for a deceased person and indicate the date of death. Her marital status was ‘married’.
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The desktop version only works on Windows, you need to use the online version to do your taxes on a Mac.
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The CRA applies special rules, exceptionally, during a transition year; I would call them and ask for a Tier 3 agent, familiar with residency status issues.
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You can add them up and report a single T5008, or fill one in for each security sold. If you check MyAccount on the CRA website and you see all your individual T5008 slips, under tax info slips, you can import them. This is the fastest way of proceeding if you have multiple T5008 slips.
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Tax laws change every year, so you need the latest version to complete 2023 taxes. The .u23 file contains all the tax forms for all family members. On the other hand, the PDF files are for individual returns and each return can be customized in terms of which pages you wish to keep in the PDF file.
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You enter the benefits paid as you would any other medical receipt; in the medical receipts section of the Interview.
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Unfortunately, only the online version of Ufile is available to MAC users.
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Most deductions are for higher education, beyond high school.
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Normally, taxes are due by April 30th following the taxation year. So software is usually released at the end of of the taxation year in December.
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Yes, you can withdraw as well, but depending on how the RRSP is invested, this can be more costly, than paying the penalty for just a few months.
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Yes that would be the way to proceed. But I am not sure how the CRA enforces the penalties. I would call them anonymously, and just ask a general question about how to proceed; if the over contribution is small, they may waive the penalty.
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Well that is an interesting scenario! Normally, the amounts held back by notaries/lawyers are either to protect the buyer from ‘hidden defects’ or used to cover foreign taxes. This amount is usually returned to the seller in a reasonable time, so there are no Canadian tax implications. I am not an expert on non-resident returns, but the tax treaty between your country of residence and Canada might be helpful.
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So if you sold your condo in 2023, the T2091 should be filed now for the 2023 taxation year. Any capital gains due will be assessed in your 2023 notice of assessment which you will receive later this year. With respect to the sold property, I don’t understand what is meant by ‘taxes already paid’. Once the property is out of your hands, and you have paid capital gains on the sale, nothing else is required.
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Every time there was a change of use, you should have notified the CRA, and noted the FMV, in the year the change occurred. Normally, you would be capital gains exempt for the years it was your principle residence. I am not sure what your question is; but you need to fill in a T2091 to report the sale of the property, if it was your principle residence at the time of sale.
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Yes, you just need to point ufile 2023 version to the directory where your ufile 2022 income tax file is located. This is typically named ‘yourname.u22’.
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Actually, Schedule K is quite straightforward. The RAMQ wants to know if you have private insurance or not, and which months apply. The origin of the private insurance is inconsequential. If you mistakenly think you are privately insured, while in reality you are not, RAMQ will eventually find out and send you the bill for incurred medical expenses.
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If your CRA account is locked, only the CRA can unlock it. Also note that the access code is not required to Netfile.
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You seem to be using Ufile for Windows, so just start a new return in a separate file for your mother. When completed, you sign it as her representative/executor and mail it in.
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Yes, it is very straight forward; from the Interview section, choose ‘deceased person’. Also, Netfiling is not permitted, you must mail in the final return with the death certificate and last Will.
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This is the CRA ‘International Tax and non-resident’ phone number: 1-800-959-8281.
My understanding is that it is a ‘pragmatic rule’, since calculating foreign tax credits in a partial year is not advantageous, and can be penalizing to the taxpayer. Officially, you should be paying tax on your worldwide income for the portion of the year you were resident in Canada, and taxes as a non-resident for the other portion of the year. This usually results in substantial overtaxation, hence the ‘pragmatic rule’.
RRSP contributions
in NETFILE and filing
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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.