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Geo123

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Posts posted by Geo123

  3. Erreur exceptionnelle dans le calcul

    in Technical questions

    Posted

    Hello Marien,

    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
    //
    Veuillez contacter le soutien ImpôtExpert pour que nous puissions examiner le fichier.
    Pour l'assistance téléphonique : 514-733-8414 or 1-888-633-8414
    OU
    Vous pouvez également ouvrir une requête EN-LIGNE : https://www.impotexpert.ca/contact/contactez-nous

     

  5. Transfering Data

    in Technical questions

    Posted

    Hello Fernand Roy,

    To transfer (carry forward) the 2021 data open UFile PRO 2022 (available in early January 2023) and select "Carry Forward a 2021 tax file".  Please be certain to have saved the prior year 2021 tax returns as PDF, and then save the .u21 files.

  7. Ontario Jobs Training Credit

    in Credits and deductions

    Posted

    Hello yoyoto,

    You can claim the Canada training credit when you complete your income tax and benefit return.   There is no specific form.  You must complete
      Schedule 11, Federal Tuition, Education, and Textbook Amounts and Canada Training Credit
    In UFIle :
      >> Tuition, education and textbook amounts (T2202,TL11A,TL11C)
      >>If eleigible it appears on line 45350 Canada training credit (CTC)
    https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-training-credit/how-to-claim.html

     

     

  8. Capital expenses for personal use property

    in 2020

    Posted

    Hello PeteH,

    (1.) Generally the personal use property (ie principal home) is exempt from capital gains due to the Principal Residence Exemption (PRE) see link for details and rules) :

    Per the When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.

    https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/sale-your-principal-residence.html

    (2.) For property other then the above PRE capital costs / expenditures can be added to the acquisition cost for the capital gain (loss) calculation

     

  11. Capital expenses

    in 2020

    Posted

    Hello PeteH,

    CCA must be claimed annually (if you choose to take the deduction).

    Claiming capital cost allowance (CCA)

    You might acquire a depreciable property, such as a building, furniture, or equipment, to use in your business or professional activities.

    Since these properties may wear out or become obsolete over time, you can deduct their cost over a period of several years. This yearly deduction is called a capital cost allowance (CCA).

    You cannot deduct the full cost of depreciable property when you calculate your net business or professional income for the year in which you acquired the property.

    https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance.html

  12. My wife and I are co owners (50/50) of our (very small) business. Two seperate returns?

    in Reporting income

    Posted

    Hello Rossww,

    You enter Income / Expenses / CCA once in your Tab and UFile transfers to the spouse the % partnership share eg. 50% (see below #9).  You must create a Family Head and Spouse in the same account.  Here is the detail on how to enter the T2125 :

    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 "Self-employment" group, check the box "Self-employed business income", also if you paid tax by instalments. Then go to the "Tax paid by instalments and tax transfer" group and check the box "Tax paid by instalments and tax transfer" and click "Next" at the bottom of the page.

    3. Return to the "Left-side menu on the Interview tab", click on "Self-employment income" and select the option "T2125 - Business income" on the right-hand side page.

    4. On the "Business identification" page, enter the name of your business on the line "Business name (or your own name, if the business does not have one ", then enter the other information in the mandatory fields marked with a red asterisk.

    5. On the field for "6-digit code from the North American Industry Classification System", enter the NAICS code that best describes your industry. If you do not know the NAICS code, click on the tool tip (the question mark) (?) on the right-hand side of the box to access a list of NAICS codes.

    6. On the line "Products or services and their respective percentage (%) in the total income (mandatory for a Quebec return) ", in the field on the right, enter your main service or product and enter the percentage (%). If you have other products or services, click on the "plus sign +" icon on the right to generate another field.

    7. Subsequently, after identifying your company, a submenu will appear in the "Left-side menu on the Interview tab" to allow you to enter the "Income & expenses", "Motor vehicle expenses", "Home office expenses" and so on.

    8. On the next page ''Income, expenses'', on the line ''Gross sales, commissions or fees'', you must enter a value, if you have no income, enter $0,00 as this is a required field. NOTE; for expenses, if your company is registered for GST and HST (QST), these expenses must be entered before taxes to reflect the ITRs (input tax refund) and ITCs (input tax credit) you claimed.

    9. If you had partners, choose the subsection "Partners" and if you want to claim capital cost allowance for your office furniture and equipment, choose subsection "CCA" and select on this page the classes that apply to your profession.

    10. For residents of Quebec, if you wish to pay your registration fee for Quebec, return to the "Left-side menu on the Interview tab" and click on "Selt-employment income" On the scren to your rigth, choose the option ''Q438 - Quebec annual registration fee for the enterprise register''.

    We recommend that you read the T4002 guide published by the CRA, for more information on what qualifies as a business expense.

    For more information, please visit the following link:

    https://www.canada.ca/fr/agence-revenu/services/formulaires-publications/publications/t4002.html

    For Quebec residents, we suggest that you consult the "Business and Professional Income" guide, published by Revenu Québec. You can visit the following link:

    https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/in-155-v/

    The program will also generate federal form T2125, as well as Quebec form TP-80 if applicable.

    The gross amounts will be reported by the program on lines 13499 and the net income on line13500 of the federal return and, for Quebec residents, on lines 12 and 22 of Quebec Schedule L.

  13. Capital expenditure on rental property

    in NETFILE and filing

    Posted

    Hello PeteH,

    If you have made repairs to your rental property, you must determine whether it is a capital or current expense.

    We invite you to consult the CRA guide T4036 at the following link:

    https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036.html
     
    If you have determined that this is a capital expenditure, please follow these steps:

    1. On the "Left-side menu on the Interview tab", select the heading "Rental property income".

    2. On this section, go to the sub-section entitled "CCA", which already contains the information on your building.

    3. On the line for "Description and amount of capital additions", in the first field, enter the description of the item, then enter the amount of  it.

    4. On the line for "Application of the half-year rule to the current year's additions", select the option that corresponds to the situation.

    5. If you do not wish to claim the CCA for this expense, go to the line "Limit to the CCA of this class" and enter $ 0.00, otherwise enter the amount of CCA you wish to claim that is subjected to the deduction maximum allowable.

    This expense will be carried over by the program on page 3 of Form T776, specifically in Area C of this form, and the amount will be added in column 3 of Area A.

  14. How to report real estate purchase assignment

    in Getting started

  15. Rent?

    in Credits and deductions

    Posted

    Hello garrylazaret,

    Amounts paid for a principal residence in 2021

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

    Line 61100

    Enter on line 61100 any of the following amounts:

    • rent paid if you rented your principal residence in Ontario for 2021
    • property tax paid by you or for you to the owner of a principal residence (who was not you and was not held in trust for you) and that you have not already used in calculating the amount of rent that you paid
    • rent paid to your landlord if you rented a mobile home and your landlord paid property tax for the home or for the lot
    • rent paid if you lived in a private long-term care home, hospital, group home, chronic care facility, or a similar institution, and the institution paid full property taxes

  16. Claim CCA furnitures for rental property, questions about how to fill box for T776 form

    in Credits and deductions

    Posted

    Hello najamsoc,

    By "register the money I spent", I assume you mean report Expenses and Capital Costs.

    T776  Rental Expenses:
    (1.)
    Enter your income and expenses in *relation* to this property.  eg. maintenance, management fees, municipal taxes
    If you used the services of a professional contractor to repair your building, use the sub-section "Labour costs" to enter the relevant information.
    Please make sure in this subsection that the amount of repair has not already been entered in the expenses beforehand: make sure to choose the appropriate option from the drop-down menu for the line "Do you wish to add these labour costs as an expense on the income statement".
    If you want to claim depreciation for your property, click on the "CCA" sub-section and select the appropriate class, usually Class 1.
    (2.)  Capital costs - Repairs / Additions
    If you have made repairs to your rental property, you must determine whether it is a capital or current expense.
    We invite you to consult the CRA guide T4036 at the following link:
    https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036.html
    If you have determined that this is a capital expenditure, please follow these steps:
    1. On the "Left-side menu on the Interview tab", select the heading "Rental property income".
    2. On this section, go to the sub-section entitled "CCA", which already contains the information on your building.
    3. On the line for "Description and amount of capital additions", in the first field, enter the description of the item, then enter the amount of  it.
    4. On the line for "Application of the half-year rule to the current year's additions", select the option that corresponds to the situation.

     

  18. ReFile with UFile

    in NETFILE and filing

    Posted

    Hello Marie 2022,

    1)      If you tax return was successfully submitted, please go to « NetFile  » tab [5].

    Click on "Federal submission" section. On the bottom of the page, click "Re-FILE".

    NOTE: A new page "CRA ReFile" will appear in the left menu of the "Interview" tab.

    2)      Select the section from the Left-side menu, then click "Federal ReFILE Mode".

    Follow the instructions form the page.

    NOTE: A new page "CRA ReFile" will appear in the left menu of the "Interview" tab.

    Select the section from the Left-side menu, then click "Federal ReFILE Mode".

    3)      Make the appropriate changes to your file.

    **VERY IMPORTANT! ** You cannot update your marital status, address, direct deposit or email address by using the service ReFILE.  If you have split-pension you must mail it in using a T1 - ADJ.

    4)      Click "Review" tab, then click "NETFILE" tab.

    Tick the box "I agree with the ReFILE Terms and Conditions and Private Notice".

    Click "ReFILE my return now!".

     

    FYI ; you can also open a request ticket on-line https://www.ufile.ca/contact/contact-us

     

  19. Non-resident emigrated from Quebec 2020

    in Reporting income

    Posted

    Hello Patrick G,

    1 - On the left-side menu of the "Interview tab", select "Identification" (the first item).

     

    2 - On this page, go to the line "Province of residence on December 31st 2020" Choose from the drop-down menu  **the province that you lived in when you left Canada.**

     

    3 - Then, return to the left side menu and select "Interview setup".

     

    4 - In the page that appears to the right, check the box for "Immigrant, emigrant, non-resident taxpayer, you are a Canadian resident and your spouse immigrated to Canada in the year" and click "Next" at the bottom of the page.

     

    5 - Return to the left side menu and select "Interview tab" and select the "Immigrant, emigrant, non-resident" and in the right-side screen, and click on the plus "+" icon to the right of the line "You emigrated from Canada in 2020".

  20. Medical School Student Travelling or Hotel Lodging Expenses

    in Technical questions

    Posted

    Hello yoyoto,

    As per the CRA you can not claim board and lodging, you can contact the CRA to confirm this.

    Amounts  which cannot be claimed as tuition fees

    You cannot claim the following tuition fees:

    • fees paid or reimbursed by your employer, or an employer of one of your parents, where the amount is not included in your or your parent's income
    • fees paid by federal, provincial, or territorial job training program, where the amount is not included in your income
    • fees paid (or eligible to be paid) under a federal program to help athletes, where the payment or reimbursement has not been included in your income

    Eligible tuition fees do not include the following amounts:

    • extracurricular student social activities
    • medical expenses
    • transportation and parking
    • board and lodging
    • goods of enduring value that are to be retained by students (such as a microscope, uniform, gown, or computer)
    • initiation fees or entrance fees to professional organizations including examination fees or other fees (such as evaluation fees) that are not integral to a program of study at an eligible educational institution
    • administrative penalties incurred when a student withdraws from a program or an institution
    • the cost of books (other than books, compact disks or similar material included in the cost of a correspondence course when the student is enrolled in such a course given by an eligible educational institution in Canada)
    • courses taken for purposes of academic upgrading to allow entry into a university or college program. These courses would usually not qualify for the tuition tax credit as they are not considered to be at the post secondary school level
    Certain ancillary fees and charges, such as health services fees and athletic fees, may also be eligible tuition fees. However, such fees and charges are limited to $250 unless the fees are required to be paid by all full time students or by all part time students. Contact the Canada Revenue Agency if you are not sure if you can claim your fees.
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