There may be undeducted meals and entertainments, diff in CCA as per books and CCA as per tax rules as well as Minimum tax which needs to be looked into
Mmm-very strange. I would start by checking that the date of birth, and province of residence are both correct.. Alternative minimum tax might have been triggered depending on deductions to reduce income by 90%.Check T691 and see if min. tax has been added.
Right, so you inputted on Sched 3 under Qualified farm sale and still got the min. tax. Very strange. there should be a cap gain of $10,000 or so or is it $20,000 and then a cap gain deduction on T657. I guess I'd check if I had the farm disposed of in part 2 of the sched 3 and not in a different section. Let me know how this works out.
Have now contacted Intuit and, as they were unable to resolve the problem, it has been passed on to another Agent who will supposedly telephone me within the next 24 hours. Thanks for your suggestions, I'll let you know if and when it gets sorted.
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Client has net income of 238,756.00, taxable income of 20,329. - why does profile show fed tax of $13,766 and Prov. tax of $4,818
Why do you want to report this?
There may be undeducted meals and entertainments, diff in CCA as per books and CCA as per tax rules as well as Minimum tax which needs to be looked into
Why do you want to report this?
Answer
Mmm-very strange. I would start by checking that the date of birth, and province of residence are both correct.. Alternative minimum tax might have been triggered depending on deductions to reduce income by 90%.Check T691 and see if min. tax has been added.
Why do you want to report this?
Thanks for the input - this is a qualified farm sale and, although min. tax was calculated, there should be no tax at all.
Why do you want to report this?
Right, so you inputted on Sched 3 under Qualified farm sale and still got the min. tax. Very strange. there should be a cap gain of $10,000 or so or is it $20,000 and then a cap gain deduction on T657. I guess I'd check if I had the farm disposed of in part 2 of the sched 3 and not in a different section. Let me know how this works out.
Why do you want to report this?
Have now contacted Intuit and, as they were unable to resolve the problem, it has been passed on to another Agent who will supposedly telephone me within the next 24 hours. Thanks for your suggestions, I'll let you know if and when it gets sorted.
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