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ProFile T1 (103 posts)
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  1. About Me
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  1. In Topic: USA Rental

    Posted 13 Jun 2011

    View PostBob Kerr, on 12 June 2011 - 03:00 PM, said:

    I have a client that purchased property in Phoenix and is renting it out. In Profile how do you record a USA address on the T776 Rental form?


    Enter the address correctly in the specified fields. The requirement for a postal code is a Profile idiosyncrasy. The return will Efile without a postal code, not a CRA requirement. How are you handling the 30% withholding amount?

  2. In Topic: Child amount

    Posted 26 Apr 2011

    View Postopie, on 26 April 2011 - 11:59 AM, said:

    With two children, hubby or wife could claim 2 kids @ $2,101 each for amount for children born in 1993 or later.

    Instead, could hubby claim 1 @ $2,101 and wife claim 1 @ $2,101?


    If we are talking about a single family unit, then no. Only one of the parents must make the claim for all of the offspring.

  3. In Topic: Child amount

    Posted 26 Apr 2011

    View Postopie, on 26 April 2011 - 07:25 AM, said:

    Can a married couple with two children each claim one of the children for this credit?

    I'm not sure whether this is a riddle or a trick question. From the way this conundrum is crafted it appears that a couple wants to claim only one of the children. That makes no economic sense to me. Or do we have here two couples each having one child?

    Anyway, I give up.

  4. In Topic: Gains on Redeemed Bonds?

    Posted 16 Apr 2011

    View PostClamato, on 15 April 2011 - 04:33 PM, said:

    Interesting! What are you saying here?

    Most likely you purchased the bond to pay out in 2 to 5 years. So you have a negative actual interest (premium) in the year of purchase but no offsetting actual positive interest until the maturity date.

    Now under the accrual method you would have some interest to claim against the premium the first year and the rest in years 2, 3, 4, 5.

    So how would that work if the bond was your only investment? You cannot have a negative interest on Schedule 4 that carries over to a negative on line 121.


    Well Clamjuice it appears that your clients, er, your family, might be taking their business elsewhere. This thread goes a long way in demonstrating the dangers of doing your own taxes or paying someone with a big calculator to prepare them at the kitchen table. What you are asking would require a course or at least a seminar on bond investing and taxation. And you would still not learn everything. I'm a bit too busy these days to provide this type of pro bono service. But have look at this simplified guide and read the part in the question section:

    http://blog.taxresou...re-bonds-taxed/

  5. In Topic: Gains on Redeemed Bonds?

    Posted 15 Apr 2011

    Let me clarify. The interest can be deducted in the year that you purchase the bond if you receive an interest payment equal or more than the accrued interest you paid when purchasing the bond.

    I'm kind of puzzled why the OP is having difficulty with this process. I wonder how many deductions were missed on past returns. He refers to "having seen many instances" of this. Adjustments are probably in order.

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Member Title:
Professional Member
Age:
92 years old
Birthday:
August 1, 1919
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Location:
Left Coast
Interests:
Wine, travel and wine.

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