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ProFile T1 (81 posts)
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  1. About Me
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  1. In Topic: Efile - Data Locking

    Posted 8 Feb 2012

    It is funny, the same issues are cropping up the past.

    A number of years ago we experienced the same issue, and we were advised to lock upon accepted/paper filed and complete.

    No problems since.

    Easter

    Posting to help, not 'piss off' like others .....

  2. In Topic: Personal Residence Exemption

    Posted 1 Feb 2012

    Well, you have me there, once every couple of years I step out of line and realize why I don't often comment on tax issues.

    Good luck to you this season, but be extremely careful you don't push the wrong button along the way.

    I have made a career out of correcting the errors of 'button pushers' please carry on.

    Easter

    NB Why would you ever jeopardize your capital gains exemption by claiming CCA????? :rolleyes:

  3. In Topic: Personal Residence Exemption

    Posted 1 Feb 2012

    View PostSimple Shingle, on 31 January 2012 - 06:15 PM, said:

    Just for clarity, I'm assuming you meant CCA, not "any" expenses

    You can claim the reasonable expenses of a mixed use property against the rental income, so that, for example, if you rent out 40% of your principal residence, you can certainly claim 40% of the expenses and 100% of the expenses you can specifically attribute to the rented space.

    I know this is not "the act", but it is clearly spelled out in the guide.

    http://www.cra-arc.g...6/t4036-11e.pdf



    The guide vs the act, what holds wait in responding to the proposal letter!!!

  4. In Topic: Intuitive Copy and Paste

    Posted 1 Feb 2012

    Sorry to sound so ah, well frustrated....I have been around this game since the beginning and back then, our issues were bantered around and a solution was found, back then my pet peeve was the order of the printouts, Cameron stepped up and I understand 30 hrs of coding brought it was done!

    Well, that was then and this is now (since Intuit purchased the program) the most basic issues ie adding correctly!

    I get your frustration, and sorry if I offend, but whining about bells and whistles that don't work 1% of the overall function of the system when there are some major issues in the remaining 99%.

    I am entitled to my opinion as you are yours, but pushing a 1% issue, when the system has trouble saving, I am getting Quebec issues when I complete an Alberta return, or farm issues when I complete a BC return - both corporate and personal.

    Sorry your 1% whine.....

    Easter

  5. In Topic: Personal Residence Exemption

    Posted 31 Jan 2012

    View PostSimple Shingle, on 31 January 2012 - 06:18 AM, said:

    Happy to take your word for it Easter, as I have not done the case law research.

    Just seemed to me that, that under the ITA rules, if you had a property that was primarily a rental, where you lived in say 40% of the house, (and it appears from the above posting by Tmanery that CRA is concerned with 60% personal and 40% rental) that when it becomes a principal residence, (which I believe you implied when you said the answer to avoiding the capital gain\proration of the exemption) was to not earn rental income) you have a deemed disposition of the rental property.

    If you have this property not earning rental income for a year in order to prepare it for a sale, hence you do not earn rental income for a year, then sell it, I would think you are still selling a property that was used last to earn rental income, hence subject to capital gains treatment.

    If, as noted by the poster, that if you have taken CCA on that part of your principal residence that earned rental income, then you are definitely in capital gains territory.

    Interesting question and situation.


    Simple Shingle,

    Before this discussion goes much further, the act does not allow for any expenses to be deducted against rental income on a principle residence with mixed use. 100% of the rental income is to be claimed per the act. The 15% or 40% rules are all subjective and relative.

    Easter

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