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

Hi Pete I think it depends on the breakdown of the payout. Was some for loss of rental income? If so, that amount would be considered rental income. The deductible is likely a current expense. Here is an article which may help you some. https://realestatetaxtips.ca/tax-implications-on-claiming-insurance-on-property-damage/ Brenda

WellDone, I don't think there would be any change. You aren't affecting your 2022 tax due. Once the T1A is processed, CRA will re-assess 2021 and send you a new NOA and refund, I believe.

BRU, you don't need to call anyone. You have to be in receipt of CPP in order to stop contributing while still working. From Schedule 8 - Self-employment income only - If you had only self-employment income for 2022 and are electing in 2022 to stop paying CPP contributions on your self-employment earnings, enter the month in 2022 you are choosing to start this election on line 50372 on the next page. The date cannot be earlier than the month you turn 65 years of age and are receiving a CPP or QPP retirement pension. For example, if you turn 65 in June, you can choose any month from June to December. If you choose the month of June, enter "06" on line 50372. Brenda

I'm talking about the CPP slip. Sorry, I'm not sure what it's called officially.

Hi BRU I turned 65 in Dec. 2020, so went back to look at my 2020 return. In the Controls section, this is what I have: Employment earnings - election in 2020 - NO (I had no employment earnings, but it seems to need that) Self-employment - want to stop - Yes - election to stop (from choice menu), then beside it, put the date. I used 01-12-2020, even though I wasn't 65 until the 7th. - prior election - No Then in the T4a slip, I entered the amount in Box 14, and for the number of months retired, I put 12. When I look at my tax return, on the Schedule 8, for number of months CPP applies, it shows 11. I guess that's because I entered the Dec. 1 date as when I wanted to stop contributing. Brenda

I'll look at it some more this aft. I know I had a devil of a time sorting it out.

Did you answer no to the question in the employment income section? Even though you have none (only self-emp), I had to answer that question as well. Brenda

BRU, I think I found that you had to use the month after your birthday.

I don't know where you live, but I'm in BC. The BC Assessment website gives a breakdown of the assessed value of both land and buildings. If you can find those numbers anywhere, you could use the same percentage to decide the split.

Okay, this is where I'm at with this. I signed into My Account today, but this is not an area I can change on CRA, so I've filled in the T1-Adj. to mail, along with a copy of the invoice for the computer. I went into my 2020 tax file and entered the computer purchase, with 0 CCA taken, and it shows up on the return and the carryforward sheet. I then went into my 2021 tax file and entered it again, and it shows on the return and carryforwards. I then deleted my 2022 started return, and re-imported the 2021 carry forward return, so it would include the computer purchase on the CCA sheet. It does not include it, however! Have I done something wrong, or do I need to add it in on the 2022 form as well, showing the correct UCC at the beginning of the year? Also, my husband and I are co-owners of this business, so I just fill out the business forms once, and half shows up on his return. When I file the T1-Adj., do I need to file a second one for him, or will the purchase automatically go on his file once they enter it at CRA? Thank you! Brenda