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Ufile on line - correction to T5008 error - what to do


Iws
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I have been using Ufile in the last 10 years or so, using UFile online since about 5 years ago. This is my first question in this forum.

Early this week I login to my UFILE 2019 Online based tax prep. I noticed a very large negative carry forward in TCG (capital gain) of over -$250,000 but I just continue filling in my tax return. Days later I found out that I made a typing error in my 2018 tax year entry in one of the  T5008 form  (selling of a share), I keyed in an amount of   100x the actual cost based, instead of 5,141.99 I keyed in 514,199.00.

 

Yesterday I called CRA to ask for support and was told to just changed the amount of a line number (forgot whether it is line 120 or 150).... and submit this to CRA and wait about 10 days for CRA assessment.

My question: if my submission is accepted:

 what should I do?

1. redo NETFILE for 2019? or Refile? Or no need to do this since CRA will already corrected  my T5008 error?

2. delete my 2019 partly filled file

3. create a new 2019 file - to fill in all from scratch except those carry forwards info

Please advice 

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Thanks. I already submit my adjustment request to CRA through "My Account" at CRA website.

I need to wait to get the approval though. My question is once I get the approval, what shoudl I do:

1. Delete the 2019 file that I have filled in halfway?

2. Create New 2019 File and adjust the Carry Over Capital Gain to adjust to the error I made in 2018?

3. do I need to REFILE 2018? - probably not since I already asked for adjustment and there is no impact to Tax payment lines

Please advice

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If you redo your 2018 income tax on your computer, using the correct info, and then import the 2018 return to 2019, you should have the correct capital gains for 2019. Or if you can manually determine the corrected amount, just enter it directly in the 2019 return. You do not need to refile.

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Thank you CLW. I am using UFile online, so please let me know if this is OK

1. I need to delete the 2019 tax which was filled in partly - this contain the wrong Capital Gain. Then create a new 2019 and adjust the Capital Gain amount to the right amount

 

Or

 

2. can I just adjust the Capital Gain to the right amount and go on filling 2019 tax return and Netfile the 2019?

 

When I asked CRA to adjust my Capital Gain and CRA approved it, will my UFile Online get the new adjusted Capital Gain amount  or UFile still keep the wrong amount?

 

Please enlighten me... I was wondering whether there is an automatic transfer of data between UFile Online and CRA data for the same taxpayer?

This is very important to know!

 

 

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Thanks CLW for your kind help. So you consider that I use no 2 that is  I just continue with my partly completed 2019 tax return, continue the process - adjust the Carry Forward Capital Gain amount to the right amount and then just NETFILE the result. 

So in summary, whatever correction made to CRA data, my UFile will not get sync with this CRA data. I have to adjust manually. This can be dangerous if there are mistakes or if there are more than 1 changes in various data. I wish the designer of UFile  take note of this and design SYNC button to sync the Ufile data and CRA data.

 

"2. can I just adjust the Capital Gain to the right amount and go on filling 2019 tax return and Netfile the 2019?

 

When I asked CRA to adjust my Capital Gain and CRA approved it, will my UFile Online get the new adjusted Capital Gain amount  or UFile still keep the wrong amount?

 

Please enlighten me... I was wondering whether there is an automatic transfer of data between UFile Online and CRA data for the same taxpayer?

This is very important to know!"

 

 

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There is no automatic transfer between the CRA and any private income tax software company due to privacy laws. Until you Netflle the 2019 return, the CRA cannot know what you will be reporting.  Follow 2) and you should be ok. Since you have already requested an adjustment, and know the correct values for 2018, you can change these, so that the 2018 return is accurate, but do not Netfile or refile the 2018 Return, as the  CRA already has your T1ADJ request. 

 

 

 

 

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  • 3 weeks later...

I just filed 2019 return for a friend and made an error in Chart A - Motor vehicle expenses.  I neglected to put a decimal point in front of the last number and it makes the kms used for business about 3 1/2 times greater than the total kms driven over the year.  Can I correct it or do I just have to sit on my hands and wait for CRA to make the correction?  It would surely be clear that it is obviously an error.  Any suggestions would be appreciated. Thank you.

 

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Hi Buster, If you tax return was successfully submitted, please go to " NetFile /EFILE " tab. Click on "Federal submission" section. On the bottom of the page, click "Re-FILE".

NOTE: A new page "CRA ReFile" will appear in the left menu of the "Interview" tab.
Select the section from the Left-side menu, then click "Federal ReFILE Mode".
Follow the instructions form the page. Make the appropriate changes to your file.
VERY IMPORTANT! You cannot update your marital status, address, direct deposit or email address by using the service ReFILE.
Click "Review" tab, then click "NETFILE" tab.
Tick the box "I agree with the ReFILE Terms and Conditions and Private Notice".
Click "ReFILE my return now!".

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  • 11 months later...

Due to some of the auto-carry forward and other improvements in the 2020- Ufile tax filing process, I auto entered my T5008slip and then followed it up withT3 Capital Gains/Losses entries; However, on reviewing my 2020 tax return prior to Netfiling, I found that the capital gains/losses were calculated based on the T5008 form, as well as, the T3 Capital gains/losses form, in essence, duplicating exactly the amounts on the Capital Gains/Losses calculation,

I deleted the calculations based on the duplicated T3 slips and filed my return. I am somewhat concerned that informational clarity was lacking in UFile which brought about this confusion. 

Since there were no errors or warnings on the completed file, and I was able to Netfile which was accepted by CRA, I am confident that my submissions were acceptable. If there were to be corrections required on processing of my netfile information, CRA would certainly let me know, in my NOA.

In the meantime, I am hooping that one of the staff or Advanced Users on the forum, would be able to throw some light on this matter.

Thanking you, in advance,

 

Deesom.

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If you examine your MyAccount workspace  on the CRA website, you will discover that there are T5008 slips for every sold transaction in 2020. If you auto fill your return, the slips will automatically populate Schedule 3, and you will have nothing more to do. But do check that box 20 has an ACB value for each transaction.

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Hi CLW:  Thank you for your timely response and I am most appreciative of it.

As I stated earlier, my 'Capital gains/Losses' worksheet showed the Gains/Losses from both T5008 & T3; thus my decision to delete the T3 entries, prior to netfiling. I will wait for CRA to send me the NOA, to see if I need to do anything further.

 

Thanks again for your kind response AND appreciate your expert guidance!

 

Regards,

Deesom.

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  • 4 weeks later...

I have something similar.  I was helping my nephew with his 2020 taxes and in the course of the interaction, he showed me his t5008 email from his broker for 2019 (electronic copy only).  When I  entered the many, many lines on his original return (to see the results), he ended up with a loss.  How do I file a T1-ADJ when both the initial amount and final amount for the line is zero?  Can I go to the 2019 filing I changed and do a reFile?  Or do I just print off the schedule and mail in the 3 pages attached to the paper copy of the T1-ADJ with zeros? Assistance would be greatly appreciated.

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