Geo123
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Posts posted by Geo123
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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 -
Hello lorneb,
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 -
Hello RIck H,
Yes you can import UFile Win 2021 to UFIle ONLINE 2022
[Import an existing file] 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)
>>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)
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Hello vargan,
Please contact UFile Support so we may review the issue with you.
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 -
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 : -
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.
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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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Hello Elizabethg,
Unfortunately there is no way to import the data to a prior year, only to the next year.
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Hello Kate98,
Please contact UFile Support so we may review the file confidentially.
For telephone support, please call: 514-733-8414 or 1-888-633-8414Once you have contacted Support you can then submit your file anonymously so we may review it.
If you prefer, you can also open a request ticket on-line https://www.ufile.ca/contact/contact-us -
Hello Ars,
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 -
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 -
Hello randolph hanley,
Please contact UFile Support
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 -
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.
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Hello Robert 919,
Please contact UFile Support so we may review the file confidentially
You can open a request ticket, and include all the above details, on-line https://www.ufile.ca/contact/contact-usFor telephone support, you can also call: 514-733-8414 or 1-888-633-8414
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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 -
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.
(2.) For property other then the above PRE capital costs / expenditures can be added to the acquisition cost for the capital gain (loss) calculation
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Hello PeteH,
The half-year rule applies to the first year only. Please refer to the CRA guide on the details of how CCA should be entered and calculated :
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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.
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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.
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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.
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Hello Daniel09,
The GST/ HST returns cannot be prepared in UFile.
To know how to file a GST/HST return, please consult:
FYI GST Assignment Sales
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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
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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.
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