Reporting the Disposition of a Rental Property and Claiming a Capital Gains Reserve in UFile

[ACT]

Could someone help me as I'm attempting to report the sale of a rental property to my child that was originally purchased for an ACB of $375K and sold in 2023 for $775K. I understand that I'm able to claim a Capital Gain Reserve since I've held back the mortgage, so the gains of $400K will be split over 5 years. How could I report this in UFile?

[Geo123]

Hello ACT,

Please refer to the post below.

Reserve on disposition / Capital gains reserve

I added the capital gains to my Scheduler 3 and entered a reserve on disposition amount. I also included the T4 line 38 amount in the field "Stock Option Benefits Included as Employment Income". However, when I include the T4 line 38 amount the T2017 (Summary of Reserves on Dispositions of Capital Property) form is not generated. If I remove the T4 line 38 amount from the schedule 3, the T2017 form is generated but I am double taxed on the capital gains.

I have similar problem. I transferred ownership of cottage to children. I want to defer capital gains and take in 20% per year. The ufile system is calculating / recording double the capital gain it should.

 

I was able to solve my problem. 2 issues. I should have recorded the gain under Personal Use Property. And 2, on the first year of reserve, leave the reserve fields blank. Ufile will deduct the amount I declared as a gain and complete the reserve fields. Next year if ufile doesn't carry forward reserve I will have to enter it.

https://community.ufile.ca/topic/20041-deferring-capital-gains/#comment-46436