BLSM

It's okay, Geo, thanks. The forms all printed fine, and the return was Netfiled okay. Brenda

When I went to print mine, I had pages 1 - 6, then pg 7 two more times. Those were the remaining pages of my return. The same thing happened in my T2125.

You would need to file an amendment to 2014. Generally, you can request a change only to a tax return from any of the 10 previous calendar years. For example, if you make a request in 2023, it must relate to the 2013 or later tax returns

I am neither tax advisor, nor Ufile admin. What we did, was enter on Service Canada to take 10% off each of our CPP and OAS. We still got a refund at year end, because of low income and a few other things. Last year, we had SC cancel our voluntary tax deds altogether and if we owe a bit at tax time, I'd rather do that, that have CRA spending my money year-round. If, however, you are in a higher tax bracket, and would owe a bunch of $$$, then it's good to pay as you go. When you are working on your tax file this year, try a couple of different scenarios - one with tax deds. and one without. If you don't have a separate company pension, just QPP and OAS, you may not need to pay much, if anything, due to the various basic deductions, age amount, etc..

Okay, thanks, Geo I figured that, but hoped there was a simpler way. 🙂 Brenda

I have a follow up / similar question to the above topic. We are now using a personal vehicle for bus. as well as personal. We will not be using the CCA portion, and did not buy the vehicle in the business. I know how to calculate the bus. mileage and share of costs for the year, but like the OP asked, why do I have to show the vehicle as purchased, if all I want to do is claim a portion of costs, no CCA, interest, or any other costs associated with buying a vehicle?

As far as I know, UFile is only calculating this year's tax. The T1A belongs to a different year, and when you send it in, it will be dealt with separately, at least in my experience. Brenda

Can you deduct that 2,000. next year, when it's no longer an over-contr. ?

If you mean about the timing, I don't remember how long it took, but it wasn't very long.

You are welcome. Good luck

Pete, I might call CRA on that one, just to be sure. They are really helpful, and right now, the site shows wait time of only 10 minutes. That's about 4 hours less than during the busier part of tax time. Are they doing the whole roof? In that case, it would more likely be capital, because it will effectively extend the life of the building. If they are only repairing the damaged part, that's different. A loss isn't a bad thing, as long as it's legit. For instance, if the market was bad, and you had trouble getting renters, or couldn't rent due to repairing tenant damage, you could very well lose money for that year.

Pete, if you are repairing damage, that may be a current expense. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html If you put a fancy new roof on, that's capital, but if you're just repairing damage and bringing it back to what it was, it's current. Does the expense maintain or improve the property? The cost of a repair that improves a property beyond its original condition is probably a capital expense. If you replace wooden steps with concrete steps, the cost is a capital expense. Footnote1 An expense that simply restores a property to its original condition is usually a current expense. For example, the cost of repairing wooden steps is a current expense.

Alex, you shouldn't need to call anyone. Just look on your bill. If they charged the tax, they need to include their tax number on the invoice. Don't say you don't have the bills - they are needed to claim the credit.

You should have determined the FMV of the property at the time of change of use. I don't know if this will help, but you should find lots of info on the CRA site. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income.html#P1215_82090

Hi Pete Appraisals are pricey, so what I would do to start is, call the property assessment office. Even if they don't give a breakdown, I'd be surprised if they don't have one in their process. After all, as the building ages, it drops in value, while the land may go up. In BC, they do give a breakdown, but I call the assessment office every year to check my land value. The reason for that is, we have farm status, which dramatically lowers the land value that we are taxed on. I call, and they give me the actual value for each of our properties. Brenda