Investment income and expenses
Interview setup
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UFile screen
Under Interview tab
Family Head sub-tab
Interview setup topic is highlighted
Investment income and expenses section is highlighted
The following are ticked:
Interest, investment income and carrying charges/interest expenses/CNIL (T3, T5, T4PS, T5008, RC359)
Capital gains (or losses) and capital gain history
Foreign income or foreign property (T1135)
- Click Interview setup in the left-side menu
- Tick the box next to Interest, investment income and carrying charges/interest expenses/CNIL (T3, T5, T4PS, T5008, RC359) in the Investment income and expenses section
- Click Next
Interest income
Text version of the above image
UFile screen
Under Interview tab
Family Head sub-tab
Interest, investment income and carrying charges topic is highlighted
Investment and interest income and expenses page
T5 - Investment income is highlighted
Interest income not on information slips is highlighted
- Click Interest, investment income and carrying charges in the left-side menu
- Click the + sign next to T5 – Investment income
Interest income from a T5 slip
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UFile screen
Under Interview tab
Family Head sub-tab
T5 investment income topic
T5 – Statement of Investment income page
This T5 slip was issued by is highlighted
When the income relates to a JOINT account, enter your percentage share in the account, otherwise leave blank. is highlighted with 50% entered into field
Do you wish to transfer the remainder to your spouse’s tax return (if applicable)? is highlighted
Box 13 – Interest from Canadian sources is highlighted
- Enter the name of the issuer of the T5 slip into the This T5 slip was issued by field
- When a percentage is entered into the When the income relates to a JOINT account, enter your percentage share in the account, otherwise leave blank. field, an additional drop-down menu is generated:
- if you select Yes from the Do you wish to transfer the remainder to your spouse’s tax return (if applicable)? drop-down menu, the software automatically reports the difference in the spouse or common-law partner’s tax return when preparing the tax returns together
- Enter the total amount of interest into the Box 13 – interest from Canadian sources field, even if it is a joint account
- Click Next
- Click the + sign next to Interest income not on information slips
Interest not recorded on information slips
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UFile screen
Under Interview tab
Family Head sub-tab
Interest topic
Interest not recorded on information slips page
Interest from Canadian sources (bank) section is highlighted
Interests from a financial institution that did not issue a slip:
- Enter a description (for example, bank account) into the Interest income from a banking institution or other Canadian source: field and the total amount received in the year into the field next to it
- Click Next
Interests found on a notice of assessment or reassessment:
- Scroll down to the Interest on any tax refund received in the year as shown on your notice of assessment or reassessment section
- Enter a description (for example, tax refund interest) into the Description and amount of interest on any tax refund: field and the total amount received in the year in the field next to it
- Click Next
- Tick the box next to Foreign income or foreign property (T1135) in the Investment income and expenses section
- Click Next
Foreign income or foreign property (U.S. Social Security benefits)
Text version of the above image
UFile screen
Under Interview tab
Family Head sub-tab
Foreign income and property topic is highlighted
Foreign income or foreign property page
Foreign pension income (includes U.S. Social Security benefits) is highlighted
- Click Foreign income and property in the left-side menu
- Click the + sign next to Foreign pension income (includes U.S. social security benefits)
U.S. Social Security benefits
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UFile screen
Under Interview tab
Family Head sub-tab
Pension topic
Foreign income - pension page
Country from where you received the foreign income is highlighted and United States (tax treaty with Canada) is selected
Description of the source of the foreign income is highlighted
Exchange rate to apply is highlighted
Type of foreign pension income is highlighted
Amount of foreign income received is highlighted
- Select United States (tax treaty with Canada) from the Country from where you received the foreign income drop-down menu
- Enter U.S. Social Security into the Description of the source of the foreign income field
- Enter the applicable rate into the Exchange rate to apply field
- Select the applicable foreign pension income from the Type of foreign pension income drop-down menu
- Enter the applicable amount into the Amount of foreign income received field
- Click Next
- Tick the box next to Capital gains (or losses) and capital gain history in the Investment income and expenses section
- Click Next
Capital gains and ABIL (sale of a principal residence)
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UFile screen
Under Interview tab
Family Head sub-tab
Capital gains (or losses) and ABIL topic is highlighted
Capital gains and ABIL page
Personal use property (including the principal residence) is highlighted
- Click Capital gains (or losses) and ABIL in the left-side menu
- Click the + sign next to Personal use property (Including the principal residence)
Personal use property (sale of a principal residence)
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UFile screen
Under Interview tab
Family Head sub-tab
Personal property topic
Personal use property page
Date of acquisition (dd-mm-yyyy) is highlighted
Date of disposition (dd-mm-yyyy) is highlighted
Proceeds of disposition is highlighted
Designation of the property as a principal residence? with yes selected is highlighted
- Enter the corresponding information into the following fields:
- Date of acquisition (dd-mm-yyyy)
- Date of disposition (dd-mm-yyyy)
- Proceeds of disposition
- Your percentage share of capital gain/loss recorded here. When a percentage is entered, the question Do you wish to transfer the remainder to your spouse’s tax return (if applicable)? is generated:
- if you select Yes from the drop-down menu, the software automatically generates the T2091 and Schedule 3 for the spouse only when you are preparing their tax returns together
- Select Yes from the Designation of the property as a principal residence? drop-down menu
- once you select Yes, the tax software generates additional fields below
UFile tip
There is no need to repeat these steps in the spouse or common-law partner’s profile.
Personal use property (sale of a principal residence) continued
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UFile screen
Under Interview tab
Family Head sub-tab
Personal property topic
Personal use property page
- Scroll down and complete the required fields in the Address of the principal residence section
- Select T2091 – Designation of a property as a principal residence by an individual from the Select the form to use (T2091 or T1255) drop-down menu
- In the Designation section, enter the years the property was designated as the individual’s principal residence:
- the year entered in the From field should correspond with the year in the Date of acquisition field
- the year entered in the To field should correspond with the year in the Date of disposition field
- Click Next
UFile tip
When entering a year earlier than 1972 into the From field, the tax software automatically defaults the selection back to 1972, because this was the first year the designation was made possible.
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