Error message for fiscal period < 365 days

[Jeff C]

Error message "The beginning and end dates entered for your business correspond to a fiscal period of less than 365 days (or 366 days for a leap year).
If this was the first year or the last year of operation of the business, click here and specify. Otherwise, click here to revise the dates for the beginning and end of the fiscal period". 

The link leads to declaration of business income, etc. 

However, I don't have any business income and only have one new rental property (rental income) which starts Mar 9, 2023 (1st year operation) - I entered the data properly in rental income section.

It seems it is a bug in UFILE program which automatically blocks any entry with fiscal period not starting Jan 1. 

How I can get rid of this error message? It blocks the tax calculation.

Thanks. 

 

[Geo123]

Hello Jeff C,

Double check you did not inadvertently open a T2125 or second T776.  UFile does accept a fiscal year start date other than January 1, year end must be December 31.

[Jeff C]

Thanks for the update! I don't have any T2125. However, since I have multiple properties - I do have multiple T776 - one of them has fiscal year start other than Jan 1. 

It seems UFile can NOT handle this, i.e. multiple properties with different start dates (which is legitimate in this case as it is a newly acquired property in 2023). I faked the system by entering Jan 1 instead and it unblocked the calculation. So it is definitely a bug in UFile program. Can it be quickly fixed or I have to fake the system in order to pass through?

 

Jeff

 

[Jeff C]

I figured it out. For each property, in the "income and expense" section, you have to tick "first year operation" box on the top of the page. Then you can enter fiscal year start date other than Jan 1. Otherwise system will consider it is an error. 

[Geo123]

Hello Jeff C,

Thanks for the update.