Geo123

Hello S Jhangiani, You are welcome. The ACB and depreciation are different items. ACB is the Average Cost Base ie the original cost. Depreciation is the Capital Cost Allowance (CCA) which is calculated by UFIle, providing you had entered the original acquisition, in the year it was acquired. You must enter the ACB while UFIle calculates the CCA.

Hello Graham79, Please contact UFile Support so we may review the file confidentially. Please include above notes or link to this post. Please open a request ticket to submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us We will then instruct you how to send a confidential /anonymous copy of your return for review.

Hello S Jhangiani, Rental income - Disposition of real estate If you have disposed of rental property in the tax year, please follow the steps below: 1. On the "Left-side menu on the Interview tab", select "Interview setup". 2. On the screen that appears on the right, go to the "Rental income" group, check the box for "Rental property income", and click "Next" at the bottom of this page. 3. On the "Left-side menu on the Interview tab", click on "Rental Income", and on the new page that appears to the right, select "T776 - Rental income property". 4. A page will appear on your right, entitled "T776 - Rental property identification". Complete this page. You must specify the exact date of the sale of the building, which corresponds to the end of the fiscal year of this rental property, and, once the relevant information is entered, click "Next" at the bottom of this page. 5. On the "Rental property income and expenses" page will appear on your right. Remember to check the box indicating that this is the final year of operation. Subsequently, enter the income and expenses. 6. On the "Left-side menu on the Interview tab", under "Rental Income", click on "CCA". You must choose the depreciation category that corresponds to the rental property. By clicking on the category selected, a new page is generated on the right. You must complete it properly, by making sure to indicate the date of acquisition of the property, and by entering the amount in the field for "Opening balance of the undepreciated capital cost". To do so, enter the original acquisition cost, plus the capital additions made over the years, minus the total depreciation you have taken, if applicable. 7. For "Did you dispose of an asset in this class?" -Select Yes Enter the amount for "Proceeds of disposition of an asset", meaning the proceeds from the sale of the building as well as the "ACB of the disposition", that is, the original value plus the capital additions minus the depreciation that you have claimed over the years. 8. In the field for "Description and amount of expenses associated with the disposition of assets", enter the expenses incurred for the sale of the building. 9. In the field for "Calculate the capital gain and carry the result on Schedule 3", choose "Calculate capital gain" from the drop-down menu. If you have a capital gain, the amount minus the expenses incurred for the sale of the building will be entered by the program on federal Schedule 3 and on Quebec Schedule G. 10. You must also enter the sub-heading "CCA" choose the following Class of property "Land - non-depreciable property" located at the bottom of the page. 11. You must enter all relevant information. Do not forget to specify whether you have liquidated all the assets of this category on the line provided for that purpose, in both pages that you have completed for the property as well as for the land. However, federal Schedule 3, as well as Quebec Schedule G if applicable, will be generated to indicate the capital gain (or loss). For more information regarding rental income, please consult the following CRA link: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/capital-cost-allowance-rental-property/determining-capital-cost-property-special-situations/selling-your-rental-property.html >>CCA Building >>CCA Land

Hello Saby, Glad to hear it, you are welcome.

Hello evelinak, To use the loss carryforward you must have had a taxable capital gain that is generated on line 12700 of the federal return. The program will report the net capital loss on line 25300 of your federal return and on line 290 of the Quebec return.

Hello John Cardoso, Sorry the COMMUNITY forum can not provide tax advice. Of note, you cannot simply split or optimize a capital gain / dividends or interest 50/50 with your spouse (or others). It is pre-defined as per the account set up with the financial institution. This is because of the Attribution Rules, tax rules which have been especially created to limit income splitting (shifting income from a family member with a higher income to a family member with a lower income to reduce the overall tax a family has to pay). https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it511r/archived-interspousal-certain-other-transfers-loans-property.html

Hello KrisB, Please contact UFile Support so we may review the file confidentially. Please include above note. Please open a request ticket to submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us We will then instruct you how to send a confidential /anonymous copy of your return for review.

Hello davistan, You should verify your SPAM mailbox, SPAM / blocked E_Mail from your E_Mail provider. Unfortunately we have no control over this.

Hello Lake, Please contact UFile Support so we may review the file confidentially. Please include above note. Please open a request ticket to submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us We will then instruct you how to send a confidential /anonymous copy of your return for review.

Hello Saby, Please use the link below : 2018 https://cdn.ufile.ca/ufile/UF2018GCM4FVJ2AWHVN238RN2ZLU6/ufile2018.exe

Hello timothyjames4, CCA is carried forward automatically by UFile as 'Opening balance of the undepreciated capital cost' You must save the prior year as PDF and save the file for carryforwards.

Hello eetax, Self-employment - Change of vehicle - Class 10.1 You have changed your vehicle in the tax year, and both vehicles - the old and the new - are in Class 10.1, i.e. cars whose value exceeds $30,000 before taxes. According to CRA rules, you must enter the information for each vehicle separately, that is in two separate 10.1 categories. 1- In the "Left side menu on the Interview tab", select "Self-employment income" and on the right-hand page that appears, select the type of income that applies to your situation. 2- Complete the "Business ID" and "Income, expenses" pages. Click on "Next" at the bottom of the page. 3- In the page ''Motor vehicle expenses'', if you used the same software last year the basic information of your old vehicle will have been transferred. If not, choose the option ''Purchased motor vehicle'', enter the information for your first car, including the ''Opening balanced of the undepreciated capital cost'', the class, the kilometers travelled for business and also the total kilometers travelled during the year. 4- For the line "Adjusted cost base of the vehicle", enter the ACB of the vehicle sold. 5- In the third (3rd) section "Disposition of the vehicle", enter the information on selling your old vehicle. As the price sold you enter the total amount on line "Proceeds of disposition of an asset". 6- For the line "ABC of the disposition", enter the Adjusted Cost Base of the vehicle sold. 7- At the line "Did you liquidate all assets in this class?" the answer is "Yes". 8- For the line "ACB of the disposition", indicate the total amount received in payment. If the proceeds of the disposition of the property exceed the ACB, the result will be a capital gain. 9- In this case, return to "Interview setup" and choose "Investment income and expenses" icon, check "Capital gains (or losses) and capital gain history" and click "Next" at the bottom of the page. 10- You must enter the gain separately under the section "Capital g ains (or losses) & ABIL" and on the screen to the right, select "Real estate and other depreciable property" option. 11. Click on "Arrow" between "Next" and "Previous" the "Vehicle expenses" page will appear, click the plus sign "+" left of "Purchased motor vehicle". 12- A page will open called "Purchased vehicle" enter in this page information on this new vehicle. On line "Opening balance of the undepreciated cost" do not enter any amount; 13. As with the previous vehicle, enter expenses for this new vehicle during the tax year, the total mileage traveled and traveled to the business purposes; 14- In the second section of this page "Addition of a vehicle" on the line "Description of the vehicle and vehicle cost" enter the price paid for the new vehicle, and a brief description; 15- On line "Application of half-year rule to current year additions" select "Yes" from the menu; 16- If you want to limit the CCA on line "Limit to the CCA of this vehicle (leave blank for maximum CCA)", enter the desired amount. Otherwise, leave blank to get the maximum CCA. The program will carry over the amounts on lines 9281 and 9936 of federal form T2125 and on lines 220 and 240 of Quebec form TP-80. In addition, please note that in Area A, "Calculation of capital cost allowance (CCA) claim", in column 3 titled "Cost of additions in the year" the amount entered by the program will be $ 30,000 plus all applicable taxes. Also, if you made a capital gain, Schedule 3 and schedule G for Quebec residents, will be generated by the program. We recommend that you keep a record of all expenses and a daily mileage log of your vehicle. We recommend that you consult the CRA guide by clicking on the following link: http://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses/motor-vehicle-expenses.html

Hello Kenz, Please contact UFile Support so we may review the file confidentially. Please include above note. Please open a request ticket to submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us We will then instruct you how to send a confidential /anonymous copy of your return for review.

Hello Graham79, This section is for residents of Quebec only.

Hello Graham79, To claim the disability tax credit amount for a disabled person who is your dependant, you should specify the disability of that person in the dependant's file. To do so, follow the steps below: 1- In the "Left side menu on the Interview tab" of the dependant's file select "Medical and disability". 2- In the screen to your right, click on the plus sign "+" icon located on the right of the line "Infirmity and disability for the dependant". 3- In the page "Dependant's infirmity and disability", enter the relevant information. 4- You must indicate if the person is claiming the disability amount on line "Is the dependant's eligible for the disability amount on federal line 31600?". 5- On the line "Does the dependant's infirmity provide entitlement to Canada caregiver amount?". An answer is required to this question. 6- For Residents of Quebec, you must answer the 3 questions that are in the Quebec section. The third question relates to question 46 on form TP-752.0.14, which determines whether the person needs assistance with a common daily activity. 7- Return to the "Medical expenses and disability" section and on the screen to your right click on the plus sign "+" icon located on the right side of the line "Canada caregiver amount to claim for this dependant (line 307) / Quebec Schedule H - Eligibility and dates of qualifying period for this dependant (Quebec line 462)"and enter the relevant information. Schedule 5 will be generated by the program in the family head's file, and the non-refundable credit for caregivers will be reported on line 30425 or 30450 of the T1 return. As for the non-refundable credit for people with disabilities transferred from a dependent, it will be reported on line 31800 of the T1. For Quebec residents, if you wish to claim the caregiver amount, follow these steps: 1- In the "Left side menu on the Interview tab" of the family head's file, select "Quebec credits". 2- In the page to your right, scroll down to "Quebec line 462" group, and in the screen to your right choose "Schedule H - Dwelling information for the tax credit for caregiver". 3- In this page, from the drop-down menu, select the option that fits your situation. The program will generate Quebec Schedule H and will carry over the amount of refundable credit on line 462 of the Quebec return.