Okynnor
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Posts posted by Okynnor
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3 hours ago, Geo123 said:
Hello Okynnor,
RE : If we don't file the loss to adjust 2021 in a T1 adj, how is the CRA going to know? / Also, if the client leaves us, another accountant won't know.
>>Information is already with the CRA and will be on the revised NOA.
If it is a Capital Loss it will be carried forward by UFIle next year - no need for the T1 Adj.(and in the Tax Return "Capital gains history (Federal)" as well as all other carry forwards "Summary of carryforward amounts")
I"m sorry but I don't follow. In the 2021 return, the client didn't file the capital gains.
What you're saying is that the CRA doesn't care about that. It will be adjusted when we file the 2023 return, the new carryforward loss/gain balance will be adjusted then based on the Ufile "Summary of carryfoward amounts".
Am I understanding this right?
Is this right?
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1 hour ago, Papet said:
Good day Okynnor
Forget about using the T1-ADJ provided within UFile.
You have two (2) options for making the change.
1) Use the CRA T1-ADJ
T1-ADJ T1 Adjustment Request - Canada.ca- PDF fillable/saveable t1-adj-fill-20e.pdf
In the form you can enter any line you wish to adjust
2) Use the ReFILE function within UFile 2021
I assume the 2021 file was filed successfully.Dang! That's what I was afraid of! It confirms to me that I can't rely on Ufile Pro for T1 Adj.
I'll do it manually and submit by regular Canada Post.
The client cannot use ReFile because the client didn't file electronically but by paper. Paper filings will have to be adjusted by paper, I'm afraid.
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If we don't file the loss to adjust 2021 in a T1 adj, how is the CRA going to know?
Also, if the client leaves us, another accountant won't know.
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I am worried that putting in line 12700 will be wrong because in the return 's schedule 3, it says that if the amount is negative, to not transfer it to line 12700...will this work in the T1Adj?
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I'm trying to complete a T1 Adj for 2021. The line that I need to adjust is 13200. This line is not available in UFile Pro.
Please advise on a solution or workround.
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Hi,
I'm trying to complete a T1 Adjustment for 2021 tax year that's inside (+ by adding // Interview question --> Adjustment request --> Adjustment request - federal ) into the 2022 Tax year return. When I print the form (i.e. T1 Adj) out, my filer info (Efile or RepID) doesn't get automatically get filled out by UFile Pro. Yet, it is done in the T183 form. Is this normal? Should the T1 Adj return be printed out and filed separately? Will it be filed with the Efile 2022 T1 Return? If so, how. Send it in to CRA or...alternative options?
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Hi,
I am taking over from my CPA and filing my own taxes for 2022 tax year. I woiuld like to know how I would enter the CCA class 50 amount from prior years into UFile 50. This is to ensure that when I enter the undepreciated amount, that it doesn't apply the 55% depreciation amount again on the remaining amount (i.e. original amount $5000. 2021 tax year, 55% taken. Left is $2,250. I need the remaining amount to be fully depreciated in 2022. How do I do that in UFile Pro?
So far, because UFile Pro doesn't know the historical amount, it is applying 55% to the $2,250, which is incorrect.
T1 Adj cannot find line 13200
in Technical questions
Posted
I think that this assumption works if it's dealing with reported capital gains/losses as reported by institutions like banks on users' stock or dividends. But it won't work for crypto. Crypto has to be disclosed and a T1 Adj. is needed if it wasn't filed in prior years. In other words for "crypto transactions", CRA DOES NOT KNOW.