Jump to content
Search In
  • More options...
Find results that contain...
Find results in...


  • Content Count

  • Joined

  • Last visited

  • Days Won


TheTaxSmith last won the day on March 19

TheTaxSmith had the most liked content!

1 Follower

About TheTaxSmith

  • Rank
    Advanced Member

Recent Profile Visitors

456 profile views
  1. Hi mammasan. Just to clarify. Are you working from home due to Covid, or due you regularly work from home. There are two schedules. "T777S - Employment expenses for Working at Home due to Covid-19 for an employee earning a salary", and another schedule "T777 - Eligible employment expenses for an employee earning a salary".
  2. You can always estimate the land cost if it is not split out on the property tax bill. If there are vacant lot sales info from nearby land that would help. But basically should CRA review your file you would be OK by at least having an allocation for land.
  3. Hi Sarahlee. The FMV you have seems to not allocate a portion to land vs the building. You need to use a municipal/city tax bill that shows a value for the land separate from the building. From that you can prorate the land and building from the FMV you have. Another approach would be to use an insurance invoice where you have insured for market value. The insurance company only insures property such as the building and not the land. Otherwise you will have to estimate an amount usually 10% - 20% of the total FMV.
  4. Hi rjg843. Just some further information. A terminal loss can only be due to depreciable property and not due to any loss on land (non-depreciable property). You need to allocate between the land and the building for the ACB, Proceeds and Expenses for disposition. The disposition of the land will result in either a Capital gain or a Capital loss, but never a terminal loss. If you have a gain it will be claimed in the current year as is the terminal loss. If however you have a capital loss it will apply against any current gains if any. If there are no gains the capital loss can be carried
  5. Hi rjg843. In the CCA class you need to complete the area for dispositions and respond to the question to Calculate the capital gain. Make sure you have entered an amount in both areas where it asks you about the ACB. The fact that you have a negative income indicates to me that you may have sold for less than the cost and you have never claimed CCA. This situation produces a Terminal Loss on the disposition. Look on the rental statement for Terminal loss near the bottom of the rental statement. If that is not the case then recheck your data for Proceeds, and both areas for ACB.
  6. Hi LAM. You enter them on the lines you would enter drug, dental and other costs. You should describe the reason for travel and include the distance (both ways) and use the rate for your region. Then input the amount calculated. Do the same for meal costs (simplified method) if you were away far and long enough as well as meals if you had to be accompanied by a driver. Under 40 km one way is not claimable. 40km and over one is claimable but make sure the service was not available closer. CRA will frequently ask for a letter from the hospital, doctor of the dates of appointments
  7. Hi UfileUser13. Ok all good, nothing for you to enter as they are all rebates and not taxable. If the calculation/notice does not show up for 2020 it means you are most likely not eligible due to the income threshold. Maybe you also had children that became 18 also, so they get it instead of you. Trust that helps.
  8. Hi JaniceB. In the Interview tab look down the left side index for "Interview setup" Click on that page and look over on the right for "Specific sections". Tick on the box for "Immigrant........" and then Next. All should be good from there.
  9. Hi Archie. Its claimed as a medical expense. You enter it just like you would enter payments for drugs, dentist, etc. To get to the medical area go to "Interview setup". Once on that page look to the right and scroll down for "Common tax deductions". Tick the Medical.... box and then Next.
  10. Hi UfileUser13. Just to clarify. Is the amount showing up on a line on the return in the tax payable or tax credits area? If so what line? If not it may just be the GST rebate and appears only on a cover letter or on a notice from the government. If the latter you don't claim it anywhere. If you are not getting it this year it may be due to an income threshold. Also did you have a claim for professional dues where GST/HST was charged in prior years? Did you have those same fees in 2020?
  11. Hi mammasan. In your left index list you indicate there is a page for Expenses of salaried employee. Did you click on that page and follow through with the data entry for expenses?
  12. Hi CynthiaH. On the capital gains schedule for Real estate you would enter the Date of Acquisition, Date of Disposition, Proceeds of disposition (the total amount), The Adjusted cost base of the property (the total amount), the Expenses (again the total amount). The enter your share which is 13% as you stated. Do the same for your husband. Trust that helps.
  13. On the T776 data entry select the line under "Other income (specify)", type in the description and enter the amount. When you view the return you will see the entry at Line 8230 on the T776.
  14. Hi UDas. Ok you would have to enter the bike as a capital item using a CCA class. Then consider what percent of use is personal and what is business. You would enter expenses based on the business use percent. Expenses would be insurance, repairs, etc. You would not be able to use any mileage amounts other than to determine business vs total use. Most likely you don't record total mileage. Trust that helps.
  • Create New...