[reporting CCA recapture as rental income]

Hope this video helps:
 

 

[Change of use not reported in 2017]

To the best of my knowledge all elections need to be timely filed. However, you would only want to file an election if you really wanted to designate the property you decided to rent out as your principal residence. If this was not a concern and you want to consider your new residence as your principal residence you need not worry about it. Don't take my word for it - double check with the CRA. 

Ultimately, when you do sell the rental property you will designate it as your principal residence from 2013 to 2017 and be exempt from any gain accrued during this period. You will be taxed on the capital gain (if any) based on the proceeds of sale less the fair market value of your property at the time you converted the property to a rental property. You may use your property tax evaluation or an appraisal from a certified real estate broker to establish this amount. 

Here are two YouTube videos that may help: 

 

[T1 comparative summary - 2021 - why is my 2020 information not on this ?]

The key to getting the two year comparative summary is to File and/or PDF the prior year file and save the file. Then in the current year you need to carry-forward the prior year file to the current year. At the start button ensure you click on the Carry Forward a 2020 tax file instead of starting from scratch the 2021 file. This should work without fail.

[UFile created medical expenses that I didn't enter.]

There's a few items you can check:

a) was there a carry-forward of unused medical expenses from a previous year?
b) Is there an amount in box 85 of your T4? This represents an employee-paid premium for private health services plans and is considered to by a medical expense.
c) Box J of a QC Releve 1 compensation slip. 

If this doesn't help please reach out to support.

 

[Cannot access netfiled tax return , have confirmation from CRA]

Please contact support with your account information and the time and date the error occurred. 

[Error message "the RRSP amount you are claiming exceeds the amount of deduction needed"]

Please update the version of UFile you are currently using. The most recent diagnostic message should read something to the effect of:

What I believe UFile is saying is that based on your income you may not require the full amount of RRSP deduction to reduce your tax to zero.

["Warning" message about invalid amount, but don't know where and clicking "Review your data" just loads forever]

Based on what I've read so far on the forum it appears that this issue arises after the Tax Data Download from the CRA. Kindly consider contacting support and providing an anonymous extract of your file. To assist you with the issue the need the exact diagnostic that is providing issues and a sample of the data entered in the interview pages.

[Quebec school tax receipt]

The QC School Board receipt for school taxes is not used in computed tax for the QC return. Provided you have modest income you may apply for the Solidarity Tax Credit in which case you would require either your RL-31 (for a tenant), or your property tax roll number (for home owners).

[UFILE Schedule 3 for Crypto. Which LINE should it go on?]

UFile is correct. Crypto currency is not considered to be publicly traded shares. In fact, the CRA (and Revenu Quebec if a QC resident) may even consider crypto transaction to be inventory as part of a business (T2125) depending on the taxpayer's intent, frequency of transaction, and investment savviness. [I am a UFile employee]

I have also made a UFile video regarding Crypto transactions. 

 

[Where can I find form T2091?]

To be more specific, Form T2091 is to designate a disposition of your property (Home) as a principle residences. In the interview setup check the box concerning Capital Gain. Under the left-hand display click on Capital gains (or losses) and ABIL and select Real Estate. In Real Estate enter all the figures regarding this transaction and scroll to the bottom of the page under the heading Principal residence  and answer yes to "Designation of the property as a principal residence" this will force UFile to generate the require interview page for Form T2091.

[Ontario Tax credits]

This section needs to be completed by one of the two taxpayers not both. Either your husband or yourself need to enter the information (not both of you).

[Download from CRA doesn't seem to be populating the data correctly]

It is extremely rare to have negative values on a T4. Negative values should only arise as a result of calculated data. Also, double check the amounts from the CRA for accuracy before accepting the numbers. So early in the tax season they may not have all the slips.

[Cannot install U File 2021 on windows 10.]

Hi Mr. Peters, are you trying to install on a device where you are the admin? Are there any firewalls or virus protection software that are blocking the download? Usually, the issues arise when attempting to install on a device where you are not the admin of the machine. 

Please provide as much detail as you can so we can help. Any screenshot can be an asset as well.

[How to report Foreign Exchange Gain ?]

Hi,

As per the CRA capital gains guide you need to report foreign exchange gains > $200 CAD on Schedule 3 under "Bonds, debentures, promissory note, and other similar properties. To do this in UFile you need to go to the interview setup section and check "Capital gains (or losses) and capital gain history". On the left-hand display click on "Capital gains (or losses) and ABIL, and select Bonds, debentures, promissory notes. Identify the currency under "Description of property" and convert the amount to Canadian dollars using the Bank of Canada web site or OANDA. You need to convert the amounts to CAD manually and enter your proceed and adjusted cost base accordingly. [note: I work for UFile]

Here's the link to the capital gains guide: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P927_70485

[Please help fill out CCA for Rental Property]

I made a Youtube video on CCA and Rental Properties that might help. You can view the video here (Note: I work for UFile):