PeteH

Great, thank you!

Hello, I incurred some capital expenses for 2022 and will be adding these expenses to my CCA base for my rental property. Was wondering if someone can provide me a step-by-step as to how to add the incurred capital expenses to my CCA base? Also, due to the half year rule, I will only be allowed to claim 50% of these expenses for 2022, so my question is - do I add 50% of the cost for 2022, then add the other 50% in 2023 tax year? Thanks,

CRA states: For example, if you made a long-term investment on July 1, 2020, report the interest that accumulated up until the end of June 2021 on your 2021 return even if you do not receive a T5 slip. Report the interest from July 2021 to June 2022 on your 2022 return. To clarify - report July 1, 2020 to Dec 31, 2020 interested accumulated in 2020 return ? The CRA explanation is a bit confusing since its saying July 1, 2020 to June 30, 2021 report to 2021 return, so does that mean we don't report the interest portion from July 1, 2020 to Dec 31, 2020 in 2020 return ? Thanks again,

Hi, What is the proper way of reporting a partial interest income earned but not received at year end ? An example - a 31-day GIC starts December 15 and matures on January 14 (next year). Should I report the partial interest earned (but not received) from December 15 to December 31 (ie. 16 days) or can I report the full interest earned and received to the following year's tax return ? Thanks,

Hi, Was wondering if we should be reporting the gross US dividend received or the net withholding tax amount ? And if we are reporting the net amount, is there a way to partially claim the withholding taxes paid ? Thanks,

Hello, Just wondering if one can add capital expenses to cost basis for a personal use property (ie. principal home) - I am aware capital or current expenses cannot be deducted for a personal use property, but I was wondering if for example you replace roof/front door in a principal home, can you apply these expenses to the cost basis (ie. higher cost basis) in the year of disposition? Since one still needs to report capital gain on principal home at disposition. Thanks in advance,

Hello, I'm trying to add some capital expenses into my CCA base, I'm aware of the half-year rule for the first year a capital asset is added. My question is - when I only take the 50% addition for the first year, do I must add the other 50% the following tax year OR can I apply the other 50% to a future tax year into my CCA base? Thanks,

Hello Geo123, I understand that one cannot deduct the full capital expenses in the year it is acquired, but this is not what I am asking.. I am simply asking if I can elect to have my incurred capital expenses be deducted at disposition (ie. in a future year) and NOT to be claimed as CCA (as I choose not to claim it)? Thanks again,

Hello, This was asked prior but was hoping to get more concrete responses. For capital expenses on a rental property, can I simply keep a record of all the capital expenses over the years and then take the total lump sum deduction when I dispose the property in the future? Or should I be adding the capital expenses on the year it occurs to the CCA pool on the property and then slowly depreciate the CCA balance over the years? CCA is a tax payer elect expense, so I can choose to add or not add the capital expenses to the corresponding tax year. So then my question becomes, if I choose not to include the capital expenses into CCA in the year I incur them, can I just deduct them all together in the future year that I dispose the rental property? Thanks in advance for any clarification.

Hi Geo, Thanks for your response. So assuming I'm not going to claim any of the capital expenses in the previous years, I do not have to add them to "Limit of the CCA of this class" ? I can simply deduct the total lump sum capital expenses incurred over the years at disposition in the future? Thanks again,

Hello, Was wondering about capital expenditures on a rental property, can I simply keep a record of all the capital expenses (e.g. replace roof, front door, brick work etc) on the property over the years and then take the total lump sum deduction when I dispose the property in the future? Or should I be adding the capital expenses on the year it occurs to the CCA pool on the property and then slowly depreciate the CCA balance over the years? (But again, I thought depreciation expenses is up to the property owner to claim it or not?) Thanks in advance for any clarification.

Hi Maggie, Thanks for your response. So just to clarify, I would then look at the "Unapplied net loss" figure for 2021 under CRA's carryover amounts? Right now I have "0" showing under unapplied net loss for 2021, but I also notice the figure for "line 127" is larger than "net loss applied from prior year" in 2021. Does this mean the difference is the un-used net loss that I can carry forward? Regarding the net loss to apply in Revenu Quebec, would it be possible to not apply the loss in my Revenu Quebec taxes? If so, should I input "0" for the Quebec amount (otherwise the software would assume the same loss amount would apply to both CRA and Revenu Quebec)? Thanks again!

Hi Maggie, Thanks for your response. The thing is the re-assessment is not for the previous tax year, but actually involved 2013, 2014, and 2018 tax years. In that case, the 2021 will not show the correct net capital loss since it was not re-assessed. Should I then make my own calculation based on the Carryover amounts table on CRA website, to find the net capital loss applicable up until 2021? I'm also a resident in Quebec, and Revenu Quebec does not provide a Carryover amounts table as CRA. Do I need to input two sets of prior year capital losses separately for both CRA and Quebec? Since the reassessment was only done with CRA, the net capital losses will be different between CRA and Revenu Quebec. Thanks again.

Hi all, CRA recently completed some re-assessments. As a result, they have adjusted my previous years' capital gain/loss to be carried forward in future tax years. My question is - I see under CRA online account for Carry over amounts: Year | Inclusion Rate |Line 127|Unapplied net Loss|Net loss applied from prior years|Net loss applied from subsequent year| How do I find out exactly what's the net capital gain/loss in my carryover amount so far? Do I simply take the sum of Unapplied net loss and subtract Net loss applied from prior years, and if its a positive amount means I have unapplied net loss? And how would I enter this single figure onto UFile, as this involves multiple tax years? Another question is regarding the inclusion rate, it's showing as 50%. So my question is if all the figures on CRA site were reduced by 50% already and if I should bump it up by 50% to input on UFile ? Thanks in advance for your response!

Perhaps you filed a T1135 in previous tax years ? If not, you can simply delete the form off the interview menu.

Never know about the $50 threshold. Thanks!

Have banks accounts with TD Canada Trust for years. Some years I receive T5 from them (i.e. account interests), while some years I don't receive any. I've tried and locate for the forms online but couldn't seem to find it on online banking profile. There has been no change to my bank accounts and types for years. Was wondering if any of you experience similar situation? If so, how do you obtain T5 slip info to report on your income taxes? Thanks,

same thing here. sure it's a bug in the system.

Thanks, I found the page on the left hand side under my UFile interview page - "Net capital losses of other years". So I guess I just need to input the years with "unapplied net loss" found from CRA ? Thanks,

Hi, Was wondering where I can make the necessary adjustments on carryover amounts on UFile online to apply previous tax year's losses to 2021 tax year. I've recently submitted to CRA for prior years (previous 6 years involved), so my carryover amounts on CRA site has been modified. As a result of the adjustments, there are several amounts showing for several of my previous tax years' unapplied net losses. Should I simply combined all the unapplied net losses to a lump sum or input them individually as shown on CRA's site onto my UFile online filing? Thanks,