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AlexanderSupertramp

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  1. Which question in ufile or what field is related LINE 46800? When I add it as an expense related to an employee with salary, it does not populate in the correct box. Thank you in advance!
  2. Thanks again for your guidance, TaxSmith. This is what my entries look like, so far. Is my thinking correct for each populated field? ------ "Opening balance of the undepreciated capital cost: $210,000 (I entered what i originally purchased the unit for in 2012 reduced by 20%. I am not sure why I reduced by 20% but saw this on an example posted in these forums - can you explain?) ACB of the depreciable capital property in this class: $210,000 (I put the same thing since i have never claimed CCA before. Should this be the same?) Proceeds of disposition of
  3. How would I go about removing the Climate Action Incentive credit? My spouse and I file our taxes separately. I would like her to be able to claim the credit. As a I understand it, only one member of the family is able to claim the credit. I do not see the option to remove it? EDIT: Found it under CONTROLS. Thank you!
  4. Sorry, I mean NAICS Code 523210 Securities and Commodity Exchanges?
  5. TaxSmith, you have been a great help. When asked Select the North American Industrial Classification System code (NAICS) that best describes the business's main revenue-generating business activity. What is the best option for a day trader? Securities and Commodity Exchanges NAICS Code 523210
  6. Thanks again, TaxSmith. Do you have a suggested link that clarifies the day trader? I have bought and sold frequently. Most transactions in the same day. I believe I'll have to report using the T2125.
  7. I understand that day trades must be recorded as business income when filing with ufile. Is the appropriate form the T2125 - Business income? I was issued a T5008 by my financial institution, however when I enter my day trades in this field, they are only taxed 50%. I understand it must be taxed at 100% of my taxable rate.
  8. TaxSmith, how do I report both? Suppose I see that Fair value is $250,000. Do I select Class 1 4%, populate the details? or does it also have to be entered elsewhere? Thanks again.
  9. TaxSmith, you are correct. I have never claimed CCA. It was my residential home until 2015. My life situation changed, moved out and then rented it. Also, is there a reason I am not using the Schedule 3? "Real estate, depreciable property, and other properties. If you sold real estate or depreciable property in 2020, you have to report your capital gain or loss in this section. Report these dispositions on lines 13599 and 13800 of Schedule 3." Thanks again for your assistance, I appreciate it.
  10. Thank you for such a prompt reply, TheTaxSmith. How do I determine which CCA class to choose? The condo unit that i have sold did not depreciate in value over the years. It increased in value. For example, when I purchased the unit in April 2012 at a cost of $200,000. I began renting the property to a tenant in August 2015. The unit was sold for $400,000 in July of 2020.
  11. I have had a condo unit as a rental property for approximately 4-5 years. The tenants moved out in April. The condo unit was sold in July of 2020. I am looking to report the sale of the unit but not quite sure how to record this in Ufile. I have already entered the necessary income/expenses related to the tenants who have left in April. I have seen a previous post made in 2019 that suggests I should use CCA and choose a depreciation category that related to the rental property. How do I know which class I should choose? Also, my fiscal year end date is current
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