Sale of a principal residence / Are ufile premium phone and chat support available outside of regular business hours?

[HelpMe5]

I have some things regarding the sale of a principal residence that I need to sort out because it is showing I have capital gains from the sale.

  - whos claim does the sale go on? mine or my spouse?

Is the ufile premium chat support or phone support available outside of regular business hours? I am hoping that they will be able to help me solve my issues.

[Maggie3]

Hello HelpMe5,

If you sell your principal residence you should not have any capital gains. If you both own the principal residence either spouse may enter the sale and then enter the percentage share (example 50%) and another field opens and asks "Do you wish to transfer the remainder to your spouse's tax return, (if applicable)"  Select "yes".

The information will appear in both your returns. The program automatically splits the sale between spouses based on the percentage you enter. 

The telephone and Premium Chat are opened Monday to Friday from 9AM to 5PM (eastern time).

 

[HelpMe5]

5 hours ago, Maggie3 said:

Hello HelpMe5,

If you sell your principal residence you should not have any capital gains. If you both own the principal residence either spouse may enter the sale and then enter the percentage share (example 50%) and another field opens and asks "Do you wish to transfer the remainder to your spouse's tax return, (if applicable)"  Select "yes".

The information will appear in both your returns. The program automatically splits the sale between spouses based on the percentage you enter. 

The telephone and Premium Chat are opened Monday to Friday from 9AM to 5PM (eastern time).

 

Thanks for the suggestion, I just changed the percentage share and selected yes in the transfer field but unfortunately it is still saying that we owe but now it just split it between the two of us. I have checked the results without the house sale in the file and it shows that we both get a little return, any other suggestions? 

[Maggie3]

Hello,

Please follow these steps to enter the sale of your principal residence:

1. On the "Left-side menu on the Interview tab", select the "CRA Questions" topic.

2. On the page that appears, go to the line "Did you sell a principal residence in 2019?". The sale of a principal residence must now be reported along with any principal residence designation.

3. If you answer "Yes", a topic will be generated in the "Left-side menu on the Interview tab" with the heading "Capital gains (or losses) & ABIL".

4. On the page appearing to your right, click on the plus sign "+" icon to the right of the line "Personal use property (Including the principal residence)".

5. On the page that appears, enters the relevant information in the first fields. If you are a co-owner of the residence with your spouse, go to the line "Your percentage share of capital gain/loss recorded here" enter your percentage.

6.The following line will be generated "Do you wish to transfer the remainder to your spouse's tax return (if applicable)?".

7. If you answer "Yes" you do not need to answer the CRA's question "Did you sell a principal residence" in your spouse's file because the program will transfer the information into their file.

8. Then go to the "Principal residence" section and go to the line that starts as follow: "Designation of the property as a principal residence to the Canada Revenue Agency (CRA)." and answer, "Yes" if the property that was sold was your principal residence as defined by the CRA and enter the address of the principal residence.

9. Next, go to the "Designation" section and select the period (taxation years) during which that property was designated as your principal residence. In the fields that follow, enter the year of beginning and the year of the end as the principal residence.

10. However, if you have not permanently resided in your principal residence, click the plus sign "+ Add another" icon to create another occupancy period for your residence.

11 If you rented your residence during the unoccupied period, go to the line "Change in use of property and election under section 284 or 286.1", and by selecting "Yes" a field will be created to indicate the period (from what year to what year) during which the residence was leased.

Schedule 3 will be generated, as well as page 2 of this schedule by the program which will indicate that the property was your principal residence for all the years during which you were the owner.

In addition, Form T2091 "Designation of a property as a principal residence by an individual" will be generated by the program.

Moreover, for residents of Quebec, Schedule G and Form TP-274 will be produced by the program.