Wendy2022

@Geo123, I contacted 1 866 653-8629 / DT-sales@thomsonreuters.com and was told they are not responsible for this.

On the following CRA web site (Calculate your expenses for Home office expenses for employees") https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/calculate-expenses.html If I enter $2000 as expenses paid for the entire home and work space, $500 for expenses paid for the work space only, and the ratio of work space area to total home area is 10%, then the employment-use portion is $2000 X 10% + $500 * 100% = $700 (This amount will go on line 48 of the T777 form). According to this page, expenses paid for the work space only will not be multiplied by the ratio of the work space square footage to the total square footage of the home. However, on UFILE there is no place to enter expenses paid for the work space only. All expenses will be multiplied by the ratio of work space area to total home area, and I get the employment-use portion of this case to be ($2000 + $500) * 10% = $250, which is much less than the $700 calculated by the CRA web site. Can you suggest how to use UFILE to get the same home office expense results as this CRA website??

For a US rental property, in addition to filling out T776 and T1135, I also need to fill in "Foreign income - rental (under "Foreign income & property") , right? Part of the page of "Foreign income - rental" is shown below. I think "Net foreign rental income or loss" should be "gross rental income - expense", correct? Then how to calculate "foreign rental income entered as rental income"? My second question is about "limit of foreign tax credit and deduction (T2209)". It has 3 options in the drop-down box: Federal non business froeign tax credit (T2209), Provincial non business foreign tax credit(T2036) and Deduction under section 20(12). In order to maximize my foreign tax credit, I think I should choose all 3 of these options. But how to calculate the amount of each of these 3 options? Thanks!

Hi, My husband, my daughter and I own 25%: 45%: 30% ownership of a condo property. In each person's return, add the other 2 to "Partners" and fill in the ownership percentage accordingly. My husband and I want to claim CCA, but my daughter does not want to claim since she did not earn much in 2021. In terms of " income and expenses" of CCA, the total amount of rental income and expenses is included on everyone's return. In my husband's and my return, CCA (building) is added and "business level(full amount - 100%) is selected as shown below. In my daughter's return, CCA is not added. My daughter is filing a separate tax return. A total of $18000 was deducted from CCA: my husband used 25% ($4500) of the CCA and I used 30% ($5400) of the CCA which is correct; however, my daughter did not use any CCA in her return, the total amount of CCA deducted should be %4500 + $5400 = $9900, not $18000. How to let UFILE know that my daughter is not claiming CCA, only my husband and I are claiming CCA so that the correct amount of CCA can be deducted? Thanks!

I own a US rental property. After filing my US tax return, I filed a T1135. I would like to know if I need to file T776. Also, what else do I need to fill in? Thanks!

Hi theTaxSmith, I am using this year's UFile. I think I observed something different from Szoke. My spouse and I each own 50% of a rental property. When I select "business level", "Total capital cost allowance claim for the year" is 13512.36, which is much less than my income (19526.04), resulting in a net income of 6013.68 as shown below. However, when I select "Partner level", Total capital cost allowance claim for the year is 19983.44 which is similar to my income (19526.04), resulting in a net loss of 457.4 as shown below. Could you explain why? How is "Total capital cost allowance claim for the year" calculated? Many thanks, Wendy