clw

Does the ‘tax savings reconciliation’ amount on the last line reflect the amount owed to the spouse accepting the transfer?

Unlike the T1 return, the T1135 form is not relevant to taxation and is never assessed, it is simply a ‘wealth tracking mechanism’, so you can choose to divide it as you wish with your spouse, as long as you are consistent from year to year.

If you used auto fill, did you make sure the information slips were not doubled up? Did you check the slips available on your Revenue Quebec personal account space to make sure they match the slips in your possession?

Your data resides ‘safely’ in their Cloud 😉, otherwise not much of an advantage. You can visualize your returns for past years, but you can do that in CRA MyAccount as well. The online version keeps everything in one place, so you don’t have to hunt on your hard drive or USB key backups.

Make sure you started an immigrant return. The year an immigrant arrives, he does not report his world income to CRA. Taxes are only paid on revenue earned in their country of origin. The year following, Canadian taxes are due on world income. If there was no income in Canada, then leave the field blank. Enter the T4 info in the slip dialogue in the Interview section.

You can choose under the medical expenses dialogue in the Interview section. In my case, there was a 3$ dollar benefit if forced to the higher income earner. This is unusual and could be due to the optimizer working with pension fractionation, charitable donations and medical expenses simultaneously.

The total is fine.

Full time students are not eligible for the CWB.

Not sure that this helps, but form TL11A is completed by foreign universities.

From my experience, the slip titles are carried over, but the numerical content is absent, so no effect on the return. I tend to delete them after a successful auto fill.

If your son studied in a foreign university, he should print out the T2202 form and have it completed by the university registrar. He most likely will need to provide guidance in completing the form, so he should study it carefully.

No. When you own multiple personal use properties over the same time period, you are free to designate one of them per year as a principle residence, even if you just occasionally stayed there. So the idea is to determine which property will accrue the most in value over time and designate a maximum number of years to that property to shield its future capital gains. In your case, you could reserve some years on your main residence (and pay some capital gains) and designate them to your cottage. The fiscal formula used in the T2091 form is: (number of years designated +1)/(number of years owned) x price sold = capital gains exempt from taxation. So if you designate all years owned to your main residence, the year you move to your cottage will result in 1 year of cottage designation. If there was a change of use of your cottage 5 years ago, then a deemed disposition should have been filed at that time. If you owned the cottage for 5 years and you were to sell and move away the year following your initial move then (2+1)/5 would be the capital exempt from tax.

How foreign pensions are taxed in Canada depends on the specific tax treaty between Canada and the other country.

It is the net capital loss, so 50%.

Box 446 is an additional health premium that is calculated on Schedule F. Check the calculations there. The health premium has nothing to do with private insurance coverage or RAMQ coverage; it is in addition to, and most taxpayers contribute to it.

The downloaded slips are automatically integrated in the capital gains and loss section of Ufile. You should cross check the downloaded numbers to make sure everything is in the correct place, but no further data entry is required. Some brokers do not include the adjusted cost base (ACB), so make sure this info exists in every T5008 slip.

Tax treaty Article 23 section 2a) suggests that the tax paid in Australia can be deducted at line 25600.

You report your foreign income on line 10400 and taxes paid in Australia at line 25600. Have a close look at the tax treaty between Canada and Australia to make sure you are deducting the proper amount on line 25600. There may be an additional tax credit to offset the Australian tax.

If you designated this property for all years of ownership, the purchase price is irrelevant. Either one of you can fill the T2091 indicating proceeds of disposition, date of sale and years designated. Make sure you check ‘transfer information to spousal return’ box and Ufile will fill the other spousal return.

The RQAP is managed entirely by Québec, so just use the RL 1 value in box 56.

You need to start a new return for yourself; there is no way to delete the head of the household and keep the other family members.

For RRSP’s, the first 60 days of 2022 are reported in the 2021 return, so you will have to refile your 2021 return.

As a non-resident, you have to mail a paper copy of your 2022 income tax return. You cannot use Netfile.

If you have an election under section 217, because you successfully submitted an NR5, then as a non-resident you will have to file a return for the next five years. So CRA will consider the NR4’s as T4’s. Just use the T4 dialogue.

Yes, it will offset her earned income first, any balance could be transferred to a parent, or carried forward on her return to a future year.