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Geo123

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Posts posted by Geo123

  1. US dividend income

    in Reporting income

    Posted

    Hello PeteH,

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

    2. On the page that appears on the right, go to the "Investment income and expenses" group, check the box "Foreign income and foreign property (T1135)" and click on "Next" at the bottom of the page.

    3- Return to the "Left side menu on the Interview tab" and select "Foreign income and property".

    4- On the right-hand side, select "Income from foreign dividends".

    5- Fill out the page accordingly. 

     *Country from where you received the foreign income

    If the country signed a tax treaty with Canada, a deduction under 20(11) will not be allowed.

     *Description of the source of the foreign income

     *If you are entering amounts in Canadian dollars, enter 1 for the exchange rate. See the Bank of Canada's website (www.bankofcanada.ca) for exchange rates.

    *Exchange rate to apply

    *Amount of foreign income received  < - - - ENTER GROSS AMOUNT

    *Amount of foreign tax paid < - - - WITHHOLDING TAX

  2. rafiki

    in Technical questions

    Posted

    Hello rafiki,

    Yes you can transfer (load) the 2021 UFile Windows file.

    In UFile ONLINE select the green button [Import an existing file].  It allows you to import the previous year's tax file prepared with UFile for Windows into UFile ONLINE (for the Identification and carry forward information only)

    (Note can also import a file to a Mac ONLINE if you used UFIle Win last year)

    >>Create a new UFIle ONLINE account https://secure.ufile.ca/account/Register

    >>Browse to select your file (and enter pw if it was encrypted by you)

    ALSO SEE : https://community.ufile.ca/topic/15071-how-do-i-use-the-option-click-here-to-import-a-file-for-ufile-online/?do=findComment&comment=34986

  3. Under the page :" Publicity traded shares, mutual fund units, deferral ... " why do I need to enter box 38 from my T4?

    in Technical questions

    Posted

    Hello Mehrdadufile,

    Please contact UFile Support so we may review the file confidentially and so we may have all the relevant details of the file
    For telephone support, please call: 514-733-8414 or 1-888-633-8414.  Please specify that you were asked to send in a confidential (and anonymous) file.
    An agent can review the issue with you.
    If you prefer, you can also open a request ticket on-line https://www.ufile.ca/contact/contact-us

  4. Under the page :" Publicity traded shares, mutual fund units, deferral ... " why do I need to enter box 38 from my T4?

    in Technical questions

    Posted

    Hello,

    Box 38 of your T4 is added to the Adjusted Cost Base thereby reducing your capital gains. 

    Enter the stock option benefits realized with the disposition of employee stock option shares.

    This amount should be entered to avoid double taxation on the benefits already included as employment income from the T4 slip or as a disposition of deferred stock option shares.

  5. Under the page :" Publicity traded shares, mutual fund units, deferral ... " why do I need to enter box 38 from my T4?

    in Technical questions

    Posted

    Hello

    Box 38 of your T4 slip is the amount of employee stock purchase option benefits. This amount is already included in T4 box 14.

    To claim the deduction, you will also need to indicate the portion that is eligible as a stock option deduction.  Your employer must provide this amount if applicable.
    In the section T4 footnotes at the bottom of the T4 page, select the correct stock option deduction box and enter the corresponding amount from your T4 slip.
    The program will then claim the proper deduction on line 24900 of the federal income tax return and on line 297 of the Quebec income tax return.

     

  6. how to populate section 8 for CPPD payments for self-employed

    in Getting started

    Posted

    Hello LindsayTheotherone,

    The Schedule 8- CPP contributions on self-employment income is automatically calculated by the program, when the T2125(s) is completed, and should appear on Line 22200.  Note the basic exemption (minimum) is $3,500.00 from Your net income on Line 9946 of your T2125.

     

    If this is not the case

    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 on-line https://www.ufile.ca/contact/contact-us

  7. CPP contribution for the self-employed

    in 2020

    Posted

    Hello LindsayTheotherone,

    The Schedule 8- CPP contributions on self-employment income is automatically calculated by the program, when the T2125(s) is completed, and should appear on Line 22200.  Note the basic exemption (minimum) is $3,500.00 from Your net income on Line 9946 of your T2125.

    If this is not the case

    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 on-line https://www.ufile.ca/contact/contact-us

  11. I am transferring my data from 2021 to a new computer but have misplaced the key. the data is not readable until I download u file program for 2021. how can i get a the key from 2021?.

    in Technical questions

    Posted

    Hello Naeem,

    Please contact UFile Support so we may locate the activation key in our account system.
    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 on-line https://www.ufile.ca/contact/contact-us

  13. Password reset

    in Technical questions

    Posted

    Hello wd2023,

    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.

    OR
    Click Change or reset your password  >> enter username >> answer security question
      >>IF unknown enter unknown  >> Please try again or click here for different questions.
      >>Complete form with Receipt reference number
      >>If unknown >> If you cannot complete all fields, please contact us
      >>Complete form and a request ticket will be opened

  14. Basement suite rental

    in NETFILE and filing

    Posted

    Hello bevinb,

    IF applying expenses from all the property to the Rental than enter 80% personal use.  The percentage entered here will be applied globally to reduce all rental expenses accordingly eg. enter $2,000 and UFIle will apply 20% to the Rental = $400.

  17. Dave

    in Credits and deductions

    Posted

    Hello SlackerMB,

    UFIle will automatically detect that you are eligible for the Ontario medical tax limits on the ON428 form. eg.  The maximum Ontario claim for moving expenses for a patient’s move to a more accessible dwelling

  18. How do I use the option "Click here to import a file" for Ufile Online?

    in Technical questions

    Posted

    Hello Aliac9000,

    It is not clear if you are using UFIle for Windows or UFile ONLINE.  The above post is to import UFIle for Windows 2021 to UFile ONLINE 2022.  You can not import UFIle ONLINE to UFile for Windows.

    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 on-line https://www.ufile.ca/contact/contact-us

  22. T5008 with more than 100 transactions - how it is entered

    in Reporting income

    Posted

    Hello wob456,

    Thank you for your suggestion, I will pass it on to our Development team.  Of note, you can enter as one entry in the Capital Gains section, from your own spreadsheet BUT please keep the spreadsheet file and backup eg. T5008's

    *Description of the stock or property :  See list

    *Date of disposition (dd-mm-yyyy) : 31-12-20YY

    *Total proceeds from the sale of the shares or property :

    *Adjusted cost base of the shares or property :
     
    *Expenses incurred in making the disposition :

     

  23. First time doing my own taxes, trying to declare day-trading

    in Technical questions

    Posted

    Hello AustinsJfBellm,

    Day trader definition :
    A day trader is a person who makes their living buying, selling securities. The Canada Revenue Agency looks at several factors to define investment professionals for purposes of taxation. If a taxpayer is using day trading as a way to earn or substantially supplement his income, he is not eligible to claim capital gains, and its advantageous tax rate, on those investment earnings.
    A person who works in the investment industry and makes frequent short-term investment turnovers, such as a stockbroker, for example, may be considered a day trader as well.

    The CRA looks at several factors to consider if a taxpayer is in the business of buying and selling securities. A professional investor will have many buying and selling transactions.

        Knowledge and experience with securities markets and transactions and time spent analyzing markets and investments also identify those engaged in investment as a business. Purchases may also be financed on margin or other debt, and the shares purchased generally won’t pay dividends.
        OF note, each securities transaction generates a T5008 slip, which identifies the purchaser by name and social insurance number, so the CRA can monitor.
        The size of the capital gains claimed may also factor into the determination that the taxpayer invests as a business. capital gains through Schedule 3.

    You should consult with an accountant.

  24. Rent?

    in Credits and deductions

    Posted

    Hello CNotes,

    (1.) One-time top-up to the Canada Housing Benefit

    The Canada Revenue Agency (CRA) administers this one-time payment. To apply for this new federal one-time payment, you do not need to receive other housing benefits such as the Canada Housing Benefit, which is co-funded and delivered by the provinces and territories.

    Please go to this link :

    https://www.canada.ca/en/services/taxes/child-and-family-benefits/top-up-canada-housing-benefit.html

    (2.) For the annual ON-BEN application, from UFile

    Complete Parts A and B of your Form ON-BEN if you are applying for the OEPTC, the NOEC, and/or the OSHPTG.

    Enter on line 61100 any of the following amounts:

    • rent paid if you rented your principal residence in Ontario for 2021
    • rent paid to your landlord if you rented a mobile home and your landlord paid property tax for the home or for the lot
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