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How to record capital gains dividend


RickB
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I have recorded capital gains dividend per box 18 on T5 but I can't net file as I am getting an error - code 70127 -the amount of capital gains is incorrect based on entries per Schedule 3

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  • 2 months later...

Hello RickB,

According to the CRA the error code 70127 could be one of the following :
One of the following situations applies to your client’s return. Note that capital gains deductions from prior years may affect an amount, if any, reported on line 17800 on the Schedule 3.
    There is an entry on line 12700 for a capital loss. Capital losses are only allowable if the taxpayer is deceased.
    If this is a subsection 70(1) return for a deceased person and line 12700 and/or line 25300 do not include the unused net capital losses of other years in the Canada Revenue Agency’s (CRA) records, submit a paper return instead as the CRA is unable to process this return due to system constraints.
    The amount for taxable capital gains (or net capital losses, if the taxpayer is deceased) is incorrect based on the entries on the Schedule 3, the Form T1170 and/or the Form T2017.

If this does not solve the issue please open a support request with UFile Support >>Login to the file >> Go to Help (top right corner) >> Support request form
Click here for the program's support request form recommended for tax related issues and all other inquiries.

 

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