NeedToFileTaxes
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Posts posted by NeedToFileTaxes
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UFile is having a lot of problems this year. I had a lot of trouble accessing the online version this year due to this error and when you are finally in the online software, it's very slow in loading the pages and it frequently gives a calculation error when there is no error and refuses to load the "Review" tab.
They must be having lots of server issues. You just have to keep trying until you get in and load the pages.
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16 hours ago, ufile2022 said:
So if you have hundreds of trades from day trading in the year, you'd have to enter them all one by one? There must be a less tedious way to do this?
Yup no choice. That's the only way. Trudeau wants to see every single one of your transactions on your Schedule 3 or Business Income or whatever you use to report them even though they have already received T5008 from the brokerages that already listed them one by one but he wants to see them again. Same thing with the Foreign Income Statement, you have to list your foreign currency-denominated transactions, if you have any, again, for the 2nd time, if you have already listed them for Schedule 3 or Business Income.
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On 3/1/2022 at 1:19 PM, Tax14 said:
I I have two investment accounts — one at TD Direct Investing and the other at Wealthsimple. The TD account has been in use for over 10 years which has been used for long term investments and I use T5008 slips that I get from TD as capital gain/loss.
I opened the Wealthsimple account in March 2021 for ‘frequent trading’. I sold and bought the same share frequently, sometimes on the same day. I have received T5008 summary from Wealthsimple with about 35 transactions and total gain of about $670.
I understand that I need to report this as income and not capital gain.
My question is:
1. How do I enter this information in Ufile online?
2. How do I enter any expenses (other than commissions, e.g. Internet and interest) to carry on these transactions.It is possible that I might stop doing frequent trading this year, so please suggest so that what I enter in 2021 return does not make filing future returns complicated.
Thanks for your help.
Ok to report your gains/losses as business income/loss, you have to select "Self-Employment Business Income" in the "Interview Setup" and then select "T2125 Business Income". This is the only place to report the gains/losses as business income. Forget about using the T5008. It's not the security code, or the security that determines how the transactions are reported on your tax return; it's the form that you choose to report the items in UFile that determines where they go and how they are reported on your tax return.
Hope this helps.
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12 hours ago, mikefrombeaverton said:
I’m doing returns for my daughter and son-in-lae. They have a 4 year old daughter who should be an eligible dependent. I’ve added her properly to their file but uFile is not generating a Schedule 5 firm is she showing up on relevant federal firms as a deduction. Can I generate a Schedule 5 manually or otherwise assure she’s accounted for?
No you need to add that form manually. It's under "Medical and disability". You have to add it on the dependent's tab.
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You have to designate your HBP payment in two places, once in the "HBP - Home Buyer's Plan page and then in the "RRSP Contribution limit" page. In the "HBP - Home Buyer's Plan" page, you put in how much you have designated your RRSP contribution as HBP repayment, and then in the "RRSP Contribution limit" page, in "First 60 days" or "March - December 2021" whichever place that corresponds to the time that you made your RRSP contribution that included your HBP repayment, you have to state the total amount that you contributed to RRSP to show that this is the amount that you contributed to the RRSP.
Once you do that, then UFile will calculate it correctly.
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Absolutely puzzled why NetFile does not allow returns are not allowed to be filed electronically to Revenue Canada when tax returns are generated perfectly fine when % share of gain/loss in sale of Principal Residence is set to 0. And it's just Revenue Canada. Electronic filing to Revenue Quebec is fine.
There are a lot of bugs in NetFile this year. Constantly receives a calculation error when going into the "Review" tab and you have to go back and forth and back and forth several times between "Interview" and "Review" to finally be able to access the "Review" tab and the whole time there was no calculation errors whatsoever. All of the developers of NetFile went on the "Great Resignation"? LOL
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You need to consult a tax accountant or a tax lawyer to find out how you should report your trading profit/loss. NetFile is a tax filing software only that allows you to prepare your taxes and file them electronically (optionally) to all the tax agencies but is not a tax-advising service. It cannot and does not offer tax advice as it is not qualified to do so.
Good luck!
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I am not able to load the 2021 tax forms with an error message "Sorry, an error occurred while processing your request.". Is everyone else getting this error? Right now is approximately 6:16 AM EST. Is this a server outage problem? Every single year, around tax time UFile has some kind of problems. This is absolutely ridiculous!!
ERROR: An error occurred while executing the command definition. See the inner exception for details
in Technical questions
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You just have to keep trying and trying and trying again and eventually you will get in. Their servers must be busy. UFile has lots of issues this year.