clw
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Posts posted by clw
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As a non-resident, you have to mail a paper copy of your 2022 income tax return. You cannot use Netfile.
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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.
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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.
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After the inclusion rate, so 50%.
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Your daughter will need to obtain the T2202 form, usually found in the university student account. You can invoke this form in the Interview section and fill out the appropriate data. Ufile will take it from there, and guide you along.
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Capital losses can only be applied to capital gains in future years, or carried backwards 3 years. The only exception to this rule is when you pass away, where capital losses can be claimed against total income in the final return.
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BLSM, if you have contribution room, the answer is Yes. Over-contribution occurs when you have reached your maximal allowable RRSP contribution cieling.
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Did you click the ‘first Quebec return’ box in the Interview section?
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Unfortunately, he has to start his own return and manually transfer any relevant information from previous years.
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If you answer ‘Yes’ to ‘transferring the principle residence sale to your spousal return’ , Ufile will automatically do this. The ‘plus one” rule is a ‘free year’ gifted to you the year you change properties. If you designated the home for all years owned, Schedule 3 should be empty, except for line 17900 with box 1 checked. The first page only of the T2091 should be completed. No info on the purchased home is required.
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Ufile behaves correctly, over-contributions are not tax deductible, but you are not penalized.
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If you can log into your respective parents CRA accounts, I don’t see why auto fill would not work. If your mothers return is a final return, you will have to print it out and mail it in. You cannot Netfile a final return. Ufile handles linked returns, with a deceased spouse perfectly.
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Hello Manu34,
You can easily check your approach anonymously by calling Revenue Canada at 1-800-959-8281, and ask to be transferred to the “Centre of Expertise”. Once connected ask to speak to a ‘ Tier 3 agent’. These agents know international tax treaties inside-out, and can easily confirm if the 20(12) approach is correct, and how to handle your paid foreign taxes under article 23. Hopefully, this will enlighten everybody!
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Manu34,
The ‘Ontario taxpayer’ example calculation at the end of the link below might be helpful:
https://www.taxtips.ca/filing/foreign-tax-credit-non-business-income.htm
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Within a TSFA, you can invest in stocks, bonds or bank interest, and none is ever taxable. Investments can be as diversified as in an RRSP. Until your investments are registered in the TSFA, there are no tax savings. You should top up your TSFA to your allowable limit to maximize tax savings. If you were 18 years of age or older in 2009, you could have contributed cumulatively up to 81500$ in 2022.
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Since you left Canada before Dec 31st 2021, you were no longer a resident for tax purposes. So if you are filing to recover taxes you paid, you need to indicate your date of departure and your current US address.
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The T3 Trust form, which has names and SIN’s of beneficiaries is mailed along with the T3 slips from the issuers. Using the fillable T3 PDF slips, you can create your own with the 1/3 amounts in each of the beneficiaries names, give them a copy, and include this as well with the T3 Trust form. On the latter, make sure that taxable income is 0, as the beneficiaries will taxed.
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It used to be simpler, I think I would just mail it in, unless you have the time and patience to call CRA and ask for a case code.
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RRSP contributions must be declared in the year they were made, so if you failed to declare them, you will have to do the adjustments for each of the four years. This is easier than it sounds; you can do it online (CRA My Account) and involves changing a single line and uploading a PDF of your RRSP receipt for each year.
On the other hand, if the contributions were declared each year, but not deducted from your income tax, then for 2021, you can deduct an amount up to your cumulative RRSP ceiling. Your RRSP cieling will be in your last assessment from CRA, or you can find it on your CRA ‘My Account’ -
If you contributed to your RRSP over the first 60 days of 2022, you must include this in your 2021 return. But you can choose not to use the deduction if you wish and carry over the amount to 2023. You can file immediately, as you will have the receipt shortly.
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Unfortunately, they are not deductible at the Federal level, please seeDeceased.
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This may occur when you do not have the last update of the previous years Ufile program. So execute Ufile 2020 and update to latest version, open 2020 return and re-save. Then import the .u20 file into Ufile 2021, save and see if the comparative summary shows up. Let me know if this works for you.
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During the import, Ufile opens the previous year’s .u20 file. You just need to copy or move the .u20 file to last years directory, so Ufile can locate it.
Forgot to claim RRSP from 60 first days of 2022 - Can I report on 2023 ?
in Reporting income
Posted
For RRSP’s, the first 60 days of 2022 are reported in the 2021 return, so you will have to refile your 2021 return.