[Sale of rental property (loss) - income effected?]

On 3/18/2021 at 9:04 PM, TheTaxSmith said:

Hi rjg843.

In the CCA class you need to complete the area for dispositions and respond to the question to Calculate the capital gain. Make sure you have entered an amount in both areas where it asks you about the ACB.

The fact that you have a negative income indicates to me that you may have sold for less than the cost and you have never claimed CCA. This situation produces a Terminal Loss on the disposition. Look on the rental statement for Terminal loss near the bottom of the rental statement.

If that is not the case then recheck your data for Proceeds, and both areas for ACB.

 

Hi - I have a question regarding to sale to a rental property.

My condo was bought in 2018 and I lived there as primary residence until 2021 June.

Since 2022 Sep I rented it out and will be selling it in 2023.

How should I determine its ACB when filling 2023 return please? 

[Repaid employer salary income]

Hi,

My employer paid me $8K maternity top up in 2021 and reported this as my income on 2021 T4.

2022 I repaid the money back to the company due to resignation, and wanted to claim back this portion of tax. No T4 adjustment issued.

How should I do it please?

Thank you.