Okynnor Posted April 17, 2023 Report Share Posted April 17, 2023 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. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 17, 2023 Report Share Posted April 17, 2023 Hello Okynnor, For a T1 Adj - to adjust capital gains use Taxable capital gains Line 12700 (13199 and 13200 are in Schedule 3, Capital Gains (or Losses) ) Quote Link to comment Share on other sites More sharing options...
Okynnor Posted April 18, 2023 Author Report Share Posted April 18, 2023 (edited) 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? Edited April 18, 2023 by Okynnor more info Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 18, 2023 Report Share Posted April 18, 2023 Hello Okynnor, If it is a Capital Loss it will be carried forward by UFIle next year - no need for the T1 Adj. Quote Link to comment Share on other sites More sharing options...
Okynnor Posted April 18, 2023 Author Report Share Posted April 18, 2023 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. Quote Link to comment Share on other sites More sharing options...
Papet Posted April 19, 2023 Report Share Posted April 19, 2023 (edited) 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-ADJT1-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 adjust2) Use the ReFILE function within UFile 2021 I assume the 2021 file was filed successfully. Edited April 19, 2023 by Papet posted too soon Quote Link to comment Share on other sites More sharing options...
Okynnor Posted April 19, 2023 Author Report Share Posted April 19, 2023 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-ADJT1-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 adjust2) 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. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 19, 2023 Report Share Posted April 19, 2023 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") Quote Link to comment Share on other sites More sharing options...
Okynnor Posted April 19, 2023 Author Report Share Posted April 19, 2023 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? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 19, 2023 Report Share Posted April 19, 2023 Hello Okynnor, The CRA does care - it is in their files. The loss will be carried forward, if it can not be used, to the 2023 file, the new carryforward loss/gain balance will reflect the amounts based on the Ufile ""Capital gains history (Federal)". Quote Link to comment Share on other sites More sharing options...
Okynnor Posted April 21, 2023 Author Report Share Posted April 21, 2023 On 4/19/2023 at 2:27 PM, Geo123 said: The CRA does care - it is in their files. The loss will be carried forward, if it can not be used, to the 2023 file, the new carryforward loss/gain balance will reflect the amounts based on the Ufile ""Capital gains history (Federal)". 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. Quote Link to comment Share on other sites More sharing options...
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