TheTaxSmith

The 1st $200 is at 15%, the rest is at 29%. https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/calculate-charitable-tax-credits.html

On the rental statement data entry look for the question Did you dispose of property. Respond to that and complete the fields. At some point you can enter the years it was your principal residence.

Is Quebec Schedule E showing up when you view the return? If so look at the calculations. If not go back and make sure the data entry for the slip for the specific foreign income reported for Quebec includes the foreign tax paid. https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/400-to-447-income-tax-and-contributions/line-409/

Ok did you make any claims for Capital Cost Allowance (CCA) during the years the property was rented? Your situation is a bit more complicated due to the drop in market/appraised price from the time you moved out and started renting to the time the property was sold. CRA will most likely want to see a copy of that appraisal for $270K so make sure you have it handy. Also you need to separate the value of the land portion from the building value for the original purchase, the appraised value and the disposition value. You are disposing two properties, the land being one, the building the other. On the rental statement (data entry for Ufile area) you will show the disposition of the property for $245K. You will use the $270K as the ACB (acquisition) value. If you did not claim any capital cost allowance (CCA) you will have a Terminal Loss of $270K (less the land portion) - $245K (less the land portion) = $25K (less the land portion). That said you would also have a capital loss or even a capital gain on the land portion. If you claimed CCA things are different. You will also have to show a disposition for the principal residence. You would use the appraised value of $270K and the cost as $145K. That said the way CRA would like to interpret the calculations would be using the $245K as disposition, the $145K as the cost and exempt you for just the years you lived in it as a principal residence, the rest of the years would result in taxable capital gain. I suggest you have on hand municipal tax bills for all the years that indicate that the property did in fact drop in value, or have a very good argument for the devaluation of the property during the rental period. The Terminal Loss and a Capital Loss or Gain in this case will most likely attract CRA attention so be prepared.

Hello Andrec. What was the result of the reassessment? Did they put all the income (dividends?) on one return? When you completed your 2020 file did the dividend transfer take place using the dividend transfer rules?.

While in your file in the Interview tab look for Interview setup in the list below on left. Then click on Interview setup. Look over on the right for Specific situations and see if there is a check in the box next to No income. Unclick it and hit Next.

Ok did you add any assets such as a vehicle and use a date not in the year 2021?

Go back and carefully look at the date entries. Day Month Year using 4 digits for the year.

Ok so is this a Disposition of property or a Rental property statement and disposition? What are you trying to accomplish?

Look up for the comment above. Does that apply to you? If so the donation gets carried forward. If by chance you have a spouse with higher income look for it on their return.

Review the return under the View situation and look at the specific CCAschedule for the rental property. Does the last box under UCC have an entry/number?. That will be carried to your return for 2022. If there is a number there then you have accomplished the data entry required. Of course you need to review the number and understand the calculations to be assured it is correct.

You need to select from the drop down box either Yes or No. Make sure when you do this you are moving on to Next, then go back and make sure your response shows up. Don't click on the box again unless it's wrong.

Look for the pension splitting analysis form when you calculate your return. It indicates the benefit for the pension split. If it indicates a net over all reduction in tax for your family then all good. It does happen that due to similar incomes and deductions being shared that the difference might be minimal. To test you can turn off pension splitting but the program is usually working in your interests no matter how small that is.

What is it referring to? Did you have a T4A for contract/self-employment? Go back and look at the data entry for each slip/schedule and look for a red outlined box.

Perhaps you can ignore it and calculate/view your return. Take a look at your return and determine if all is ok. It's a non generic check box aimed at Bluenosers in case they are eligible.

You can deduct CCA for a rental property using it to offset net income for other rental properties. The net income for the sum of all rental properties can not be less than zero when CCA is applied. The tax software will take CCA from any of the properties, which in your case may be the last one.

In some cases the ownership of the investment may not be joint with the spouses. That is why the question to transfer to the spouse is there. Responding to the percentage and the transfer question will result in the correct allocation for the returns. Of course the T5 is only entered in one spouse's return.

When you started renting out the home did you use the appraised value you received as an entry to the Capital Cost Allowance schedule? Did you make a claim for disposition of the principal residence using the appraised value as the disposition amount? Did you claim any capital cost allowance during the rental period? What is the Undepreciated Capital Cost of the rental property?

Unless Ufile warns you that you are over the $2,000 overcontibution amount you are ok. It's better to include it and have CRA recognize it based on the records they receive from the financial institution. Then review your 2021 NOA from CRA to see the $350 being carried forward.

What exactly are you wanting to claim? Tuition fees get claimed under tuition. Professional fees under professional fees and Union dues under union fees. There is no need for a T2202.

You can have an overcontibution of $2,000 that exceeds your limit without any problems. I suggest you enter the February 2022 amount on your 2021 return. It will then get carried over to tax year 2022 upon assessment and can be used as a deduction for 2022. The CRA 2021 assessment you receive will state the amount of the overcontribution being carried to 2022.

Using 91% as personal for each should give you the 9% for each. Try it and review.

Try claiming the proportionate share on each T2125 in the home office section. That said you need to be careful with income from more than one proprietorship with respect to the GST/PST or HST. If the total gross exceeds $30k you are liable for the tax. Just FYI.

It is self-employed income. You may have a T4A with the same amount on it. You need to open up a self-employed business statement and complete it using the amount from Box O as income. Here is an excerpt from the Quebec instructions for completing the RL-1. Include in box O the fees and other amounts paid to a self-employed person, if the following conditions are met: Québec income tax was withheld on these amounts. The amounts were paid for maintenance work performed inside or outside a public building covered by the Decree respecting building service employees in the Québec region or the Decree respecting building service employees in the Montréal region (the amounts must be included in box O even if no Québec income tax was withheld from them). The amount included in box O must not include GST and QST. If this is the sole source of the income entered in box O, enter “RD” in the box marked “Code (case O).” If there are multiple sources of income, enter “RZ” in the box marked “Code (case O)” and “RZ-RD” in one of the blank boxes, followed by the amount of fees and other amounts paid to a self-employed person included in box O. https://www.revenuquebec.ca/en/businesses/source-deductions-and-employer-contributions/filing-rl-slips-and-the-rl-1-summary-general-rules/rl-1-slip-employment-and-other-income/how-to-complete-the-rl-1-slip-box-by-box-instructions/additional-information/

File a T1 Ajustment and quote the tax regulation 82(3) transfer. The problem is with CRA and the way the banks send the T3 information to CRA. The slips are matched to the tax returns by a program and it spits out any differences for review. Someone at CRA that was doing a review of the file did not have the appropriate experience with that transfer rule. CRA no longer bothers with looking at understanding the situation and employees are told to just reasses and let the taxpayer call to get it fixed. Here is a link to the form https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-adj.html