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Geo123

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Posts posted by Geo123

  1. Gifts of Cash to adult children

    in Credits and deductions

    Posted

    Hello Mom Dad,

    There is no "gift tax" in Canada. Any resident of Canada who receives a gift or inheritance of any amount, except from an employer, or as a tip or gratuity due to their employment, will not have to include this in their income.

    Amounts that are not reported or taxed :

    https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/amounts-that-taxed.html

     Regarding limits you should be aware of

    Attribution Rules.  Please consult with a tax advisor or the CRA on this issue.

  4. Autofill issue

    in Technical questions

    Posted

    Hello degem,

    The CRA website is open for AFR (AutoFill your Return) from February 6, 2023. The next UFile update will be on February 16, 2023. The CRA will open their website for the electronic transmission of tax returns on February 20, 2023.

  7. Demande d'aide

    in Getting started

    Posted

    Bonjour Pilote,

    Le maximum pour le crédit d’impôt pour solidarité : Section B - Composante relative au logement est $727 pour vous deux -donc une relevé 31 entre vous deux:
    <<lui-même ou son conjoint visé avec lequel il habite ordinairement à ce moment est propriétaire, locataire ou sous-locataire et dans lequel aucun
    autre particulier admissible qui en est propriétaire, locataire ou sous-locataire n'habite ordinairement,  inscrivez 727 $ à la ligne 10.>>
    https://www.revenuquebec.ca/fr/citoyens/credits-dimpot/credit-dimpot-pour-solidarite/composantes-du-credit-dimpot-pour-solidarite/composante-relative-au-logement/

    SVP contactez Révenu Québec pour confirmer :
    Par téléphone
    Région de Québec :
    418 266-1016
    Région de Montréal :
    514 940-1481
    Ailleurs au Canada ou aux États-Unis :
    1 855 291-6467 (sans frais)
    https://www.revenuquebec.ca/en/contact-us/solidarity-tax-credit-and-rl-31-slips-contact-us/

    Veuillez ne pas partager d'informations confidentielles sur le site, svp veuillez supprimer votre message ici.

  8. First rental income...Need help

    in Credits and deductions

    Posted

    Hello NewbieT,

    1. If I can only write off depreciation for the townhouse itself and not the land, where do I find the value of the building and the land? MPAC assessment doesn't provide it.

    You can have a professional appraisal done or consult with an accountant to determine the value.

    2. The townhouse came with kitchen appliances, AC and furnace, and of course the builders don't tell how much they cost. What is the reasonable original cost of these things?

    You can estimate from the current fair market value of the appliances.

    3. I lived at the townhouse for 2 years before my tenant moved in early of 2022. Do I depreciate the house and appliances for those 2 years I lived in?

    No

  9. RRSP I think I made a mistake???

    in Technical questions

    Posted

    Hello lisa zeng,

    Please do not share confidential information here as this is a public forum.   I also can not see the RSP limit etc..

    Please contact UFile Support so we may review the file confidentially.
    For telephone support, please call: 514-733-8414 or 1-888-633-8414
    An agent can review the issue with you.
    If you prefer, you can also open a request ticket and submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us

  10. autofill not updating

    in Technical questions

    Posted

    Hello arosieeeeeee,

    AFR for UFILE will be available at the next release of February 16, 2023. and the CRA website opens for EFILE/NETFILE on February 20, 2023.
    However, The Auto-fill my return and Express NOA services will be unavailable from 11:00 p.m. on Friday, February 3, 2023, until 6:00 a.m. on Monday, February 6, 2023, (Eastern Time).
    **You can autofill but you cannot transmit until February 20, 2023

  11. CRA Autofill Not working

    in Technical questions

    Posted

    Hello Boyders,

    AFR for UFILE will be available at the next release of February 16, 2023. and the CRA website opens for EFILE/NETFILE on February 20, 2023.
    However, The Auto-fill my return and Express NOA services will be unavailable from 11:00 p.m. on Friday, February 3, 2023, until 6:00 a.m. on Monday, February 6, 2023, (Eastern Time).
    **You can autofill but you cannot transmit until February 20, 2023

  12. Commission and Salary Paid - WFH Full Time

    in NETFILE and filing

    Posted

    Hello KimberleeTibando,

    Employment expenses - Commission employee

    When your job is to sell property or negotiate contracts for your employer, you can deduct certain fees you paid to earn your commissions.

    Certain conditions must be met:

    ‒     You were usually obliged to work elsewhere than at the place of your employer's establishment.

    ‒     Your income consisted entirely or partially of commissions or similar amounts.

    ‒     According to your employment contract, you had to pay your own employment expenses.

    ‒     You keep in your files a copy of the federal T2200 and for Quebec resident the TP-64.

    To claim those employment expenses, please follow these steps:

    1. On the "Left side menu of the Interview tab", select "Interview setup".

    2. On the screen to your right, go to the "Employment and other benefits" group, check the box for "Employment expenses (including T777S)" and click on "Next" at the bottom of the page.

    3. Return to the "Left-side menu on the Interview tab" and select the "T4 and employment income". For residents of all provinces except Quebec, select "T4 Income (earned in any province except Quebec)", while for Quebec residents, and choose "T4 and RL-1 (Relevé 1) income earned in Quebec with QPP contributions".

    4. On the page that is generated enter the information of your T4 slip and for Quebec RL-1.

    5. Return to the "Left side menu on the Interview tab", select "Employment Expenses".

    6. On the page on the right entitled "Employment expenses", on this page, choose "T777 Eligible employment expenses of an employee earning commission income", click on plus sign "+".

    7. On the page entitled "Employment expenses" Employee earning commission income" enter all the required information and click "Next" at the bottom of the page.

    8. To record your eligible motor vehicle expenses, click on the "Motor vehicle expense" section and enter the relevant information.

    9. If you received an "Allowance for your motor vehicle expenses", enter the amount on the line "Motor vehicle expenses (except CCA & interest) ".

    10. If you have your office at home, choose the subsection "Home office expenses".

    11. On the line "Percentage (%) of home being used for personal purposes " indicate the percentage. Subsequently, you must answer the questions that concern you.

    12. If you are a tenant, on the "Office rent" line, enter the annual cost of the rent you paid.

    13. If you purchased equipment for your work, enter the cost on the "Other home office expenses - specify" line.

    14. If you received an Allowance from your employer, enter the amount in one of the three (3) lines in the "Allowance" subsection.

    15. You must complete the subsection "Employment conditions" and answer the questions. For Quebec residents, also click on "Employment conditions - Quebec" and enter the requested information.

    Your employment expenses will be entered by the program in federal form T777 and on line 22900 of the federal return. If you are a Quebec resident, the TP-59 form will be generated and the amount will be reported on line 207 of the Quebec return, with the appropriate code displayed on line 206.

    NOTE: You must keep a record of all the expenses you incurred. This register must be kept for a period of six (6) years after the end of the tax year, as the CRA (and/or for Quebec residents, the MRQ) may request some of your documents.

    For more information, please visit the following links:

    For the CRA:

    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.html

    Revenu Québec:

    http://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/tp-59-v/

  13. Contributing to RRSP without deducting

    in NETFILE and filing

    Posted

    Ufile will carry forward the unused deductions :

    >> Unused RRSP/PRPP contributions (2021 assessment)
    Complete this section only if an amount of Unused contributions is shown on your latest federal 2021 Notice of assessment or Notice of reassessment.

    *Do you have unused contributions from the first 60 days of 2022 ?
    *Unused contributions from the first 60 days of 2022
    *Unused contributions from prior years

  15. I forgot to enter a fixed asset purchase in prior year; now I want to claim CCA on it.

    in Technical questions

    Posted

    Hello BLSM,

    You would add the acquisition in the year it was purchased of 2020 (purchase can not be deferred) and limit the CCA to $0.  Update the 2020 UFIle file with the acquisition (and CCA C/F) then update the 2021  UFile file and CCA C/F).  The CCA would then be carried forward to 2021 and 2022 (again limited to $0). 

    The C/F schedule and ending undepreciated capital cost (UCC) is updated but you will have to enter the opening undepreciated capital cost (UCC) for each year.

    If I understand correctly you will update with the CRA directly so no need to ReFile via UFile. 

  16. Previous Year Data Transfer

    in Getting started

    Posted

    Hello ggwatt51,

    Please note, in order to carry forward a previous year, you must SAVE your tax file to SAVE / PDF. These actions allow the program to retain your information and carry it forward to the following year automatically.

    IF you already created the current year file and did NOT save the prior year as a PDF, then you will have to delete the current year, save / PDF the prior year and then start the 2022 year file.

     

    Also verify that you do not have another username or E_Mail that you were using for UFile ONLINE.

  20. Biz number problems with Ufile

    in Technical questions

    Posted

    Hello noaccountant,

    I believe you referring to the business number for the :

    T2 - Corporate Return
    Corporation's business number (format = NNNNNNNNNRC0001). This format is determined by the CRA.

    You may open a T2 request ticket on-line : Login to UFIle T2, go to the fiscal / tax year in question and click on help (?) / compete the Support request form (be sure to click Check to authorize UFile to VIEW your tax file)

  21. Information from previos years not carrying forward

    in Getting started

    Posted

    Hello Jamesg5001,

    Please contact UFile Support so we may review confidentially.  If you are using UFile ONLINE and do not see any tax years listed you may be using another username and /or E_Mail.
    For telephone support, please call: 514-733-8414 or 1-888-633-8414
    An agent can review the issue with you.
    If you prefer, you can also open a request ticket and submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us

  22. staycation tax credit

    in Technical questions

    Posted

    Hello Cynthia W,

    The HST number is a required field for the Ontario Staycation credit as per the CRA.  You can not enter a dummy number and must include a valid GST/HST number.

    The accommodation expenses must have been paid by you, your spouse or common-law partner, or your eligible child, as set out on a detailed receipt provided by a supplier registered for the Goods and Services Tax (GST)/Harmonized Sales Tax (HST).

    https://www.ontario.ca/page/ontario-staycation-tax-credit#section-4

  24. CERB repayment

    in Getting started

    Posted

    Hello DavidH,

    For tax year 2021 CERB repayment and you have : 

    T4E slip go to T4E - Employment insurance and other benefits

    *Repayment of an overpayment Box 30
    *Repayment of the CERB (this amount is included in box 30)

    T4A slip go to T4A - Pension, retirement, annuity and other income

    *OTHER INFORMATION (COVID-19 benefits) (click on the triangle to see the list of choices)

    [201] Repayments of a federal COVID-19 financial assistance
    OR
    [201] Repayments of a provincial or territorial COVID-19 financial assistance

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