dingers
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Posts posted by dingers
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3 hours ago, TheTaxSmith said:
Look closely at each schedule you fill out as there is usually the option to select to not transfer. But that said if it is transferring it is usually the best outcome. However it is nice to be able to see the difference for reassurance. The Ufile software is the little sibling of a major commercial tax prep software used by many accountants and is very robust.
I did go over each schedule and can't see anything about transferring. I even emailed Ufile who didn't have any useful info for me at all. They told me to click the 100% ownership for a joint account to see what would happen. Nothing changed. then they didn't respond again. Ufile is great if you've used it many years but not helpful if something is out of the ordinary.
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Thank you so much! This makes sense, however it seems with Ufile there is no way to have it NOT do this to see what the difference is if it not automatically transferred. I wish there was a way to turn on or off the "optimization" for dividends, because there is for other things like medical. Seems like I have to assume this way is better even though there is no way for me to verify.
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Yes you definitely can. You should likely claim the repairs and repainting as costs in order to sell, as part of hte capital gains calculation rather than ongoing maintnence on the T776. also make sure you indicate on the T776 that this was the final year or operations.
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Did you enter the first day of operation on the T776 form? We bought a new rental property in 2019 and on the first page you just enter the beginning of the fiscal period until Dec 31. You do not need to fill out self employment info, just the T776.
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I can't for the life of me figure this out. I enter separate T5 income for both myself and my husband. The program is automatically allocating both amounts to my spouse. The dividend received is NOT joint therefore I did not click the box to indicate percentage owned (so it should allocate 100% of our own T5 to the person who's return it is on?). When I tried for the hell of it, indicating that my husband owned 50% of his, it still kept my amount on his return and only 50% of his dividend on his. It still did not allocate any of the T5 income to me!
It have used Ufile for years and never had this issue and we have had these same T5 dividend income every year.
Help appreciated as to why the program is doing this or how to rectify the correct allocation of T5 to the person it was for.
CCA class 8 did not carry forward
in Technical questions
Posted
I just noticed the remaining $713 of CCA (snowblower purchase for rental property bought in 2018) did not carry forward after 2020. How do I manually enter it ensure I can use the amount carried forward this year and future years? I do not want to bother to do an adjustment of 2021 taxes as the amount is only $178. I do want to ensure we can claim the rest and carry it forward past 2022. It was not bought in 2022 so did not want to fill in a new class 8 purchase, but not sure how to manually enter the previous one. "CCA carryforwards" with return in 2020 shows remaining balance of $713.