[IdaChen]

I have just attempted to e-file my own return and much to my chagrin and frustration, a new investment, Blue Ribbon Income Fund, has generated $18.36 in Box 24 (foreign business income). Because of this, I am not permitted to e-file my return.

I called the e-file desk to see if there was anything at all I could do in order to e-file. I offered to pay extra taxes for the privilege, but not surprisingly the agent just laughed and said no deal.

I have not paper filed in 10 years and I don't look forward to handling all that paper at all. I also find it galling that someone will have to take the time to input all my data, when it is ready to efile except for $18.

I am somewhat resigned to the bad outcome [big sigh], but I thought it would be worth a post.

Maybe someone else doing a last minute e-file will also have a heads up if they see any amount at all in box 24 on a T3.

[Carole]

IdaChen, on 13 April 2011 - 08:19 PM, said:

I have just attempted to e-file my own return and much to my chagrin and frustration, a new investment, Blue Ribbon Income Fund, has generated $18.36 in Box 24 (foreign business income). Because of this, I am not permitted to e-file my return.

I called the e-file desk to see if there was anything at all I could do in order to e-file. I offered to pay extra taxes for the privilege, but not surprisingly the agent just laughed and said no deal.

After I told her it was my husband's decision to buy the investment and he wasn't going to get any dinner for a while, I asked her a hypothetical question.

If a return was e-filed and subsequently it was discovered that there should have been a number in box 24, would a paper return have to be filed when the adjustment was put through?

She wasn't sure so I'm asking if anyone here has an opinion on this.

I have not paper filed in 10 years and I don't look forward to handling all that paper at all. I also find it galling that someone will have to take the time to input all my data, when it is ready to efile except for $18.

I am somewhat resigned to the bad outcome [big sigh], but I thought it would be worth a post.

Maybe someone else doing a last minute e-file will also have a heads up if they see any amount at all in box 24 on a T3.

Hi there,

usually - it will want you to put the amount on a 'T2125'. and it is usually Box 33 (foreign tax credit) that causes the problem. If there is an amount in Box 33, just forgo the tax credit in favour of efiling! I think thats what I have done in the past, but havent come across one yet this year.

[Reg]

Ida;
Welcome to the crowd. I had a client a few days ago with $1.44 in box 24. Paper filed

[IdaChen]

Carole, on 13 April 2011 - 09:23 PM, said:

Hi there,

usually - it will want you to put the amount on a 'T2125'. and it is usually Box 33 (foreign tax credit) that causes the problem. If there is an amount in Box 33, just forgo the tax credit in favour of efiling!

Carole, this isn't going onto a T2125, it is a T3 from an income trust investment. I'd happily forgo a tax credit if that was possible.

[IdaChen]

My husband has just offered to mark 3 exams to make up the time I need to paper file. I am mollified and will just get in and paper file rather than fume any more about the situation.

I might as well get used to it because I'll have to do it again next year. The 3 months of distribution prior to my sale today will probably be $5, so I'll have to paper file next year too.

[ChrisG]

IdaChen, on 13 April 2011 - 02:27 PM, said:

Carole, this isn't going onto a T2125, it is a T3 from an income trust investment. I'd happily forgo a tax credit if that was possible.

If it is a small amount I make a mistake and enter it as non-business income (will not make a difference on tax payable). Then I forget the tax credit if its peanuts. Then I Efile it. Have never had the CRA do a reassessment.

Sometimes you have to bend a little.

[Jim]

Oh my, where's Joe when we need him. LOL I do the same thing . . . my clients always have box 25, never box 24 ;)

[Reg]

ChrisG, on 13 April 2011 - 12:55 PM, said:

If it is a small amount I make a mistake and enter it as non-business income (will not make a difference on tax payable). Then I forget the tax credit if its peanuts. Then I Efile it. Have never had the CRA do a reassessment.

Sometimes you have to bend a little.

I really seriously considered that Chris, too chicken I guess

[Sujata]

IdaChen, on 13 April 2011 - 04:19 PM, said:

I have just attempted to e-file my own return and much to my chagrin and frustration, a new investment, Blue Ribbon Income Fund, has generated $18.36 in Box 24 (foreign business income). Because of this, I am not permitted to e-file my return.

I called the e-file desk to see if there was anything at all I could do in order to e-file. I offered to pay extra taxes for the privilege, but not surprisingly the agent just laughed and said no deal.

I have not paper filed in 10 years and I don't look forward to handling all that paper at all. I also find it galling that someone will have to take the time to input all my data, when it is ready to efile except for $18.

I am somewhat resigned to the bad outcome [big sigh], but I thought it would be worth a post.

Maybe someone else doing a last minute e-file will also have a heads up if they see any amount at all in box 24 on a T3.

Does someone at CRA re-enter all the data from a paper return? I thought they would just scan the bar code.

[Tim Parris]

Efile the return without the foreign tax credit then fax in an adjustment to correct the posting.

[kam]

IdaChen, on 13 April 2011 - 08:27 PM, said:

Carole, this isn't going onto a T2125, it is a T3 from an income trust investment. I'd happily forgo a tax credit if that was possible.

In my case with significant amount,

- check "Yes" to Efile info sheet's "... foreign business income"
- put "Multiple" to "Province of self-employed",and
- fill-out T2125.

Hope this help.