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TheTaxSmith last won the day on February 21

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About TheTaxSmith

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  1. Hi crystallee. For Situation A. The opening eligible RRSP room available is $10,000. You contributed $12,000. You have now overcontributed for year 2020 by $2,000. At this point you calculate the eligibility for year 2021 based on your income for 2020. So that gives you $9,000 as you determined for the year 2021 eligibility. You will now subtract the $2,000 overcontibution and end up with an allowable contribution for year 2021 of $7,000. On your 2021 tax return if you contribute $7,000 you will have a deduction of $9,000. That comes from the 2020 overcontribution of
  2. Hi PaulT. I believe the 403(b) is taxable with no exemption amount. You will be able to claim foreign tax credits. The "Income exempt under a tax treaty" effectively allows a reduction of 15% of the total US Social Security unless it was grandfathered under the old 50% amount. Basically a 403(b) is like an employer paid pension plan here in Canada and it becomes taxable at 100% when payments are received.
  3. Hi Rolande. You have to go to the Right not left. I suspect you are not viewing the full screen and are missing data entry actions of the far right. Look on the top right of the browser and you will see a _ a □ and an X. Click on the □.
  4. Hi Luvlocks. If you were using Class 1 for the building and had an opening UCC you should add the kitchen cost to that as "Current year capital additions". When you have the data filled out for the CCA classes you can also ask within each data entry area to have the capital gain calculated. It will carry the gain to Schedule 3 without having to report dispositions any where else. Make sure you have the opening UCC entered. That amount will be the actual remaining balance after taking CCA over the years, or if you have never taken CCA on the building the opening UCC and the ACB will be one and
  5. Hi Luvlocks. Ok if you were in Quebec you get nice tax bills broken down for land and buildings. But in Ontario its not as nice. And then there is a problem of rural vs city. So it was always a bit of a problem to allocate between the two. In Quebec we used the municipal tax bills and did the ratio of land over the total times the Proceeds to allocate for land, the balance of course being the building. If you have some type of document showing a breakdown between land and building you could then do a ratio allocation for the Proceeds. If you have an insurance contract where the building is ins
  6. Hi Luvlocks. Ok to get rid of Class 8 just show a zero amount for the Proceeds. You should put in the ACB as well and make sure you answer the question as "Yes" for disposing all the assets in the Class 8 group. This will produce a terminal loss which will balance out against the recapture on the building. Take a look at the final rental schedule to make sure the terminal loss shows up as an expense and any recapture as a revenue.
  7. Hi Rolande. Maybe you are not viewing a full screen. Try and expand your screen and maybe the + and - will appear over on the far right.
  8. Hi Tipper. Did you enter the deduction limit on the very first line for the data entry where you entered your RRSP contribution? Check that first. Also look down the data entry area and check to see if you entered anything in the box for "RRSP .... deduction to use in 2020"
  9. Hi Luvlocks. What Class did you use for the furnace when you entered it? Did you add it to the building UCC or did you use a separate group? If you added it to the building then you don't need to do anything else other than make sure for the ACB that you included it with the building ACB.
  10. Hi Rolande. Did you enter the date and description for the first medical expense and then an amount? If so you should see over on the right a + as well as a -.
  11. Hello Luvlocks. In the area where you have the asset that you disposed of (within the CCA category of assets) make sure you have entered the opening balance of the UCC, the date of purchase, and the ACB (Adjusted Cost Base) which will be the amount you paid for the asset. Once you have verified they are all entered move down and look for "Proceeds of disposition of an asset" and enter the amount you received upon sale or the disposal amount. Underneath complete the "ACB of the disposition" for the specific item disposed of. Then respond to the questions further down concerning "Calculate
  12. Hello ali2425. Go to "Interview setup" and look over to the right. Scroll down to "Rental income" Tick the box and add the data entry form.
  13. Hello Chris James. Filing returns for a deceased person can be complicated for several reasons. In your situation you have to look at the reason for the "bonus" as per the T4 slip. The employer is required to report the amount in the year it was actually paid. The complication arises from the reason it was paid and how it is to be declared. If the bonus was paid due to an agreement reached before the date your spouse passed away then the T4 amount is taxable. If however it was paid due to an agreement reached (such as a collective contract) and ratified after your spouse passed away then
  14. Hi NMorgan. As many others have discovered you may have entered the percentage use wrong. Review that area as it appears the question and format in Ufile is opposite from the CRA calculator.
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