TheTaxSmith

This looks like an exam question for the CPA intro to the introductory tax course. Anyone out there want to field this? Interesting that GUEST13 can ask the questions in such an organized format.

https://secure.drtax.ca/ufile/2008/help/hlp_cnil.htm#:~:text=The CNIL (cumulative net investment,farming and small business investments.

If your employment declaration states you need to work away from your employer's place of business and need an office you may be able to include a deduction for the costs associated with the work space you use in your home.

Actually there should have been a disposition of land as well. Trust you accounted for that.

ACB of the disposition should be the original cost as you noted above at $3,500. Proceeds will be zero. Based on the UCC of $2,000 you should have an end result of a $2,000 terminal loss. You do not need to include any selling costs as you did not sell them. In the sale agreement there should be no mention of appliances of course, otherwise you have a bit of a wrinkle.

That works ok if no CCA was ever claimed.

Whatever you read about the cost for land and building for a condo forget it. There is a cost and it needs to be allocated between land and building. It gets entered on CCA schedules as the cost of acquisition.

Your file is perhaps a bit complicated than most but in complication there is opportunity for optimizing. That said there are a lot of positives in linking the files of your mother and father to your file. Is the person doing your mother's returns also completing files for your father?

I suspect you have more deductions than you think. Also there may be a significant benefit in looking at revisions to earlier years. Revisit this situation after Wednesday.

The DTC is a non-refundable tax credit. It will not provide a refund other than lowering what you will pay. Once you hit zero that's it.

Does your mother live with you? Does she depend on you for daily care? Does she use up all her deductions and credits? You need to look at those things. In many cases you may be able to get transfers from her file to your file. Since her return has been done get a printed or pdf copy so you can compare with what you are doing. It will also explain why you have a different result. Use her line by line numbers to get the input you need for your file.

If you have entered any investment slips such as a T5013 look for the box related to that. It is usually on the top right and starts with TS.

Maybe get the slips and file back from the "the tax guy" after they are filed and enter them to your file as a dependent. It will be considered as a file with respect to Ufile. Just don't send it in. The advantage will be in any transfers and credits you are eligible for. Everyone will be happy, no problems caused. Next year convince your mother you can do it. Maybe even for less money, lol.

If you can't get the net income then use an estimate. As long as you have the social insurance number entered the file will get accepted and CRA will correct what is needed.

If you are over the $2k amount and it is for a you will need to file a schedule with CRA to remove it. Don't just ask the institution to refund it to you. From the CRA site "If you meet all of the previous conditions and have not already withdrawn the unused RRSP contributions, you can withdraw them without having tax withheld. To do this, fill out Form T3012A, Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP, or SPP Contributions from your RRSP." https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-withdrawals/withdrawing-unused-contributions.html

I am surprised that your husband's accountant hasn't suggested he/she complete your tax return with your husband's. It makes for a more efficient preparation and allows for potential transfers and credits between the files to optimize the results. The accountant will need information from your file to correctly prepare your husband's. You will need at least your husband's date of birth, SIN, and net income to be included in your return if you prepare your return yourself.

Do a search on this site for NR4 and look at the post by Nawal. It explains how to setup for non-resident filing. The issue would be however the accepted type of filing such as a Section 216, 217, 218.3 or a return for the disposition of Canadian property by a non-resident. Usually the withholding tax for investment income is considered a final obligation by a non-resident. You would claim the withholding tax on your tax return for where you are resident as a foreign tax credit. If that is in the US the credit can be claimed on the Federal return as well as on some State returns. I believe there are still some states however that do not accept foreign tax credits.

If CRA has calculated Alternative Minimum Tax it has to be based on something they have on file and not something you completed in your tax return. So start with capital gains and look at what you entered versus what CRA says the amount is. Did you go online to your CRA file and check for all the income slips sent to them?

If you did not enter any amounts for a CCA schedule you are usually ok. Best to skip any entries for the T776 and just complete a Capital Gains schedule for the disposal. Otherwise CRA may complicate your situation by asking for a breakdown for the T776 with respect to land and buildings. Trust that is helpful.

Ok so does CRA indicate your income that they have on file is different than what you filed?

Is the phone number necessary? Perhaps remove them all.

Hey C B, try doing a search for "day trading" and look at what other people have done and their questions. Day trading is usually considered by CRA as business income rather than capital gains and losses. Yes taking it to a professional CPA is usually a good choice. That said there is value in asking this community which increases your knowledge and helps your understanding moving forward.

Just curious as to why as a non-resident you are filing a T1 instead of an NR-7.

Here is a link for the eligibility https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/deductions-credits-expenses/digital-news-subscription.html

As posted earlier by thetut