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szysagittar

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Everything posted by szysagittar

  1. Hi, Maggie Thank you very much for your reply. based on your info, I have following up questions, Could you please directly answer my question? I am really confused now! //question 1 for the adjustment of previous year's tax return, I should go back to previous 2021,2020 ufile tax and enable Refile mode, add rental class 1 CCA and submit again the adjusted tax report, is that correct? what about the tax I already paid, will CRA return money to me? //question 2 I did not quite get your point #9 in my case. I feel extremely confused now! as per my Pic1's example, for 2022 CCA of class 1, this the amout I put in the correct place? - Box1 - opening balance of the underpreciated captial cost is the building value I got from BC government assessment letter, - Box4 - Description and amount of capital additions (other than AIIP) is the apartment purchase price exmaple I put and I should leave 2,3,5 blank? ref: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/capital-cost-allowance-rental-property/example-capital-cost-allowance-calculation.html //question 3 If I put the value like this for 2022, then what about my input in 2021, and 2020 ? should I put box4 the same 400k in 2021,2021 as well and put box1 based on assessment letter each year? or I should refile 2020 first, then 2021, then 2022 the software will carry over the old value? Could you please directly answer my question? Thank you very much in advance, Kind regards
  2. Hi, I need help to use the Ufile online to do the tax report. I lived in BC and this year I found I did not report the cca of building property for previous 2 years - 2022,2021,2020 I am in the mid of figure out how to report tax for 2022 and previous adjustment request, I read thru the forum on ufile already. Can you someone me to verify what I input is correct? Thank you very much! For 2022, I received the BC assessment of property from government, say, property building value is 80k //1 The open balance should be the value I got from government assessment letter of that year, 80k //2,3 To whom the CCA should be allocated, I should choose Business? (I purchased the apartment and rent it out totally) And choose 100 % //4 I saw from the post https://community.ufile.ca/topic/16670-cca/#comment-37691 what should I input for description and value of The box: Description and amount of capital additions (other than AIIP) is the purchase price of apartment ? say, 400 k in 2019 ? I leave blank and not blank will generate a big difference for this years tax I need to pay, I don’t know what to input. As I understand, I should only provide this box for the tax return report the year(say, 2019) I purchase this apartment, and the software will retain the value. But what should I put in this box for 2022 tax report? //5 And the box of "Description and amount of capital additions of AIIP", what should I input for description and value? For 2021 I add an Adjustment request from interview setup say, the BC assessment of government letter told me the property building value is 100k, If my rental net income is 20k, What I put here is below, are those correct? //1 I choose net rental income //2 Amount Claimed on jacket before adjustment is 20k, //3 Amount Claimed on jacket after adjustment is 20k - 4% * 100k = 16k For 2020, that is the year I start to rent. Change for adjustment request is the similar to 2021, is that correct? Thank you very much for your help! Best regards
  3. Hi, Thank you very much for your in time reply. I see! I am still not clear about my second question, because of the "half-year rule", I should input $100, or $200 which was the purchased price? Thanks again, Kind regards
  4. Hi, sorry it is my first time to rent property, I am trying to claim depreciation for rental property for 2020. I have questions with the tax return report generated with my input, please help. for testing purpose example, if I have a bed frame furniture I bought for $200 with my rented apartment. In CCA page, I input like this below [1] I added one page with Class8, [2] filled the box "Opening balance of the UCC" with $200 [3] filled purchase date [4] filled description and amount of captial additions(other than AIIP) with $200 like above, but the entry generate in T776 below I could not understand, //question 1 from the T776 form generated, in Area A, the column 13, it becomes 400, i know it looks not correct, but I dont know how should I fill that previous interview form Class 8 to correct this area, which box I should fill? Please advice //question 2 from the T776 form generated, in Area B, it filled the equipment addition in the year, but I also know there is a "half-year rule" that I can usually claim CCA only on one-half of my net additions to a class, does that mean I purchase this bed frame for $200 and I can only input 100?, and in which box? //question 3 Because I only rented my apartment for 2 months in 2020, it was a rental loss, based on CRA's topic, limits on CCA, I cannot use CCA to create a rental loss, then my question is, [1] it means I can only claim CCA in 2021 tax return report right? [2] then my furniture become 1 years old, how can I input my bed frame in my 2021 CCA Claim? still input $200 ? Please advice, thank you very much in advance ! Kind regards,
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