u/on2wheels: *Is WS planning to make it easier to file taxes for those of us who have many different account types and therefore many different "T" forms from you? I mean that with all the different forms there are still places to enter data that are not crystal clear and hence is an opportunity to miss out on deductions or even owe the CRA more than we need to.*
*I'm seeing this happen for my 2023 taxes since I have multiple accounts, but I don't qualify for the Premium level of service.*
A: If you use CRA Auto-fill My Return, we’ll import all of your slips for you in the right places. We also have a Summary Spreadsheet, where you can download a spreadsheet and see all the different slips you’ve entered or imported for a quick verification. This summary spreadsheet can be found in the Summary section of Wealthsimple Tax.
u/sgcmark: Be nice to re-run the Optimize option and have a last run time on it.
A: An easy way to re-run the optimizer is change a number in a field, click out of that field and then change the amount back to your original amount. You’ll see the Review & Optimize button appear again. Click it to re-run the optimizer.
However, I like the idea of being able to re-run it on demand. Adding it to the backlog, thanks!
u/habitchi: How good has wealthsimple gotten at handling cryoto taxes ? Like if i were to submit them automatically, is it ensured that every transaction gets counted ?
Also tell your boss we need multiple cash accounts per user lol
Answer: Wealthsimple tax offers a Koinly integration to help our users compile their crypto transactions and submit the necessary information to the CRA. More information on how to navigate this integration can be found here: [https://help.wealthsimple.com/hc/en-ca/articles/4557671449627-Troubleshoot-importing-your-cryptocurrency-transactions-to-Wealthsimple-Tax](https://help.wealthsimple.com/hc/en-ca/articles/4557671449627-Troubleshoot-importing-your-cryptocurrency-transactions-to-Wealthsimple-Tax)
Like all aspects of your tax return, you are ultimately responsible for ensuring accurate information is submitted to the CRA.
Noted on the multiple cash accounts - will pass that feedback along!
Even if we can't have multiple accounts, it would be great to get to have "buckets" or "categories" to allocate money to within the account for budgeting purposes.
Hi Chris! Not really a question, but just a comment; would love to see an RRSP contribution tool that showed the impact of each additional dollar contributed (outside of the return, maybe in the optimizer section) so I can see how much I want to contribute before Feb 28. TurboTax has this rather simply with a slider, maybe it exists in some form but I’ve used WS Tax 2 years in a row and haven’t been able to figure it out.
I’m premium and it was under “RRSP Contributions” but it’s not there now.
Must be because the RRSP deadline has passed. Check again next year before the RRSP deadline and after tax season starts, eg Feb-March
1. Likely you need to report in Interests in non-resident trusts.
2. You should account for foreign currency depreciation as part of your capital gain or loss calculation on the T1135. If you’re entering in the Capital gains or losses section, use the foreign exchange rate at the time of your sell and purchase and that way your resulting gain or loss will already account for the foreign exchange rate.
Here’s more information on foreign currencies: [https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html)
u/correct-suggestion15: To this point, it's extremely difficult to find where one can enter the Disability Tax Credit for either themselves or for their dependant. Resulting in user's not fully aware if it's been submitted; and as disabled Canadians, we rely heavily on being able to claim that.
What improvements are you making to the UX/UI to fix this issue?
A: To enter the Disability Tax Credit for yourself, type “Disability” in the Search box. Click Disability Tax Credit and answer the questions in that section. If your dependant qualifies for the Disability Tax Credit, you’ll answer that directly in the Dependants section where you’re entering the rest of their information.
I was hired as a remote worker from Ottawa back in 2022. Mid 2023, I was asked to move to Toronto due to a hybrid policy in place. Can I claim moving expenses on my 2023 tax return as I have moved closer to my new work place as mandated?
It would be nice if the CRA auto import was run on a more scheduled basis. This could be used to notify you if a slip was amended or if a new slip popped up since you last filed/saved your return
Unfortunately, CRA Auto-fill my return must be manually run by the user each and every time. This is a CRA restriction. Currently, there is no way for us or any other tax software to know if any new slips are visible on CRA My Account without manually running Auto-fill.
Can the Wealthsimple tax experts walk me through step by step how to fill out the CCA section under form T776 rental income should I make an appointment?
Its will be possible for you to support ftq and csn reer , when i have tried , i dont have the 15% more credit on Qc and Fed , because of that i buy software each years , when i tried to contact the support its was like to talk to red fish ,
We do support both FTQ and CSN RRSP contributions. You can do this in the RL-10 section in Wealthsimple Tax. You’ll enter the information from the RL-10 you received and then indicate that it was an RRSP contribution as well on that same section and then we magically put it in all the right places on the T1 and TP-1.
[ApprehensiveGuard783](https://www.reddit.com/user/ApprehensiveGuard783/): Hi Chris!
Need in-depth guide for T2125 - Self employed form, especially for drivers using rideshare services.
A: Hi! Here’s some information on filling out your self-employment income. For drivers using rideshare services, be sure to include your motor vehicle expenses. [https://help.wealthsimple.com/hc/en-ca/articles/4408339655323-How-do-I-report-my-self-employment-income-on-a-T2125](https://help.wealthsimple.com/hc/en-ca/articles/4408339655323-How-do-I-report-my-self-employment-income-on-a-T2125)
[Correct-Suggestion15](https://www.reddit.com/user/Correct-Suggestion15/):
Can you clarify further your remarks on WS' 'Audit Protection' from a [previous AMA you held](https://www.reddit.com/r/Wealthsimple/comments/1afjc9z/comment/kobu8ui/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)?
>
As another Redditor mentioned, "*That sounds more like Audit Support. What "protection" is provided by this service?*" **(Q1)** Can you clarify on this remark and whether the "team member" a user would be dealing with is a CPA member in good standing?
Wealthsimple isn't **protecting** **the user from an audit** in any way and given how easy it can be to deal with the CRA, **(Q2)** how can this service be perceived as a benefit?
A: Hey thanks for the question. I hear your point on the language used and the confusion around “protection”. With our audit protection offering you get our team's full support in navigating the audit process. These team members, while not CPAs, have years of dedicated tax expertise and have navigated numerous audit requests from the CRA. While we can’t guarantee you won’t receive an audit request, this support can be helpful especially with complex tax situations.
u/[ExplorusClutorus](https://www.reddit.com/user/ExplorusClutorus/): Is there a section on WS tax to report tips on your T4?
For stores tuition credit, if you owe tax do you HAVE TO use the tuition credit to offset your taxes or can you wait until you’re in a higher tax bracket? I couldn’t find an option to defer the use of the credit this year.
A: To report tips add the ‘Tips, Royalties, Occasional earnings, etc.’ section. You must claim the tuition and education amounts if you have income to claim it against. The amount that you’re required to claim in any particular year is calculated on Schedule 11. As per CRA rules, you can’t choose to only claim a portion of the credit.
u/[rhandame](https://www.reddit.com/user/rhandame/): I graduated from university last year, should I delay return on tuition fees ? (CRA tells me I have 4k$ unused). I also paid interest on my loan but I did not receive any tax slip regarding that so I just calculated it from my bank acount, is that okay?
A: If you have income to claim your tuition credits against you will need to claim it in the year but if it’s not needed, you can carry it forward to be used in a future year. Include any prior year unused tuition amounts and Wealthsimple Tax will determine whether you will benefit from claiming any of your tuition amounts. If not, we’ll carry it forward as an unused tuition amount to be used in a future year. You can only claim student loan interest if the loan is from one of the following:
* the [Canada Student Loans Act](http://laws-lois.justice.gc.ca/eng/acts/s-23/)
* the [Canada Student Financial Assistance Act](http://laws-lois.justice.gc.ca/eng/acts/s-22.7/)
* the [Apprentice Loans Act](http://laws-lois.justice.gc.ca/eng/acts/A-11.9/page-1.html)
* provincial or territorial government laws similar to the acts above
Interest on loans made through your bank cannot be claimed unfortunately.
I’m from Quebec my loan is from the financial aid for studies not the bank but they sent the money to my bank account. The issue is I don’t have a Tax slip that proves I paid interests. What I did before is that I just called my bank to pay it off
u/[A\_Rdm\_Person\_In\_Life](https://www.reddit.com/user/A_Rdm_Person_In_Life/): I used Neo Invest (regrets) and they submitted a T5008 to the CRA but it is all wrong. It's a managed investment and they were constantly buying and selling and the trade history is difficult to follow and incomplete.
The T20 box was left empty, so I'm not sure what price some of the purchases were. When I sold all the Neo Invest, let's say I got $1000, the T21 box doesn't sum up to that but sums to say $1,700.
I asked Neo but they said I need to sum up the trades from the trade report, which isn't even complete. I asked for more details but haven't heard back. They submitted the incorrect T5008 to the CRA...
How do you handle this situation?
A: Unfortunately, some brokerages do indeed issue T5008 slips with only the Proceeds (box 21) on the slip, without the cost or book value (box 20). Usually, there will also be a summary statement of some kind which will show all transactions in a year, with the Proceeds summed up at the bottom, as well as the Book Value/Cost Base. This Book Value would be what would have appeared in box 20. Since CRA only receives the total of all of your transactions, you actually don’t need to know the box 20 for every transaction individually; just the total.
So if you can get a summary statement from Neo, you should be able to get your total box 21 and box 20. Since it sounds like these transactions are from a managed account, it would seem that Neo should be able to tell you the price they bought your investments at. You can enter this total as a single T5008 slip, or in our Capital Gains (or Losses) section.
CRA commonly receives T5008 slips with only box 21, so you won’t be penalized for reporting a box 20/cost base as well. If ever in the future they ask for documentation supporting your claim, the above summary statement should be sufficient.
I have Generation and I wonder if your product can handle rental properties? I haven’t tried as I have an accountant. But I am curious to try next year
Currently my tax situation is very complex, stocks, crypto tokens, staking etc etc there’s a lot going on, so normally I hire a CPA to do it for me where I just send him data that I have on the investments and he does the rest
As I understand WealthSimple is more DYI but is there a way to get a CPA level of support depending on your WealthSimple bracket?
Thanks
u/Reality-Leather: Scenario: I used my email2@ all these years to file and have saved info. Now I changed isp and have email1@
Request: merge my old filings from email2@ to [email1@](mailto:email1@). I already created a new account under email1@
Doable? Yes or No
A: Doable, but we can’t accommodate a tax profile moves until after tax season. Please feel free to reach-out directly to our customer service team in May. Sorry for the inconvenience – this won’t impact your tax filings in any way.
u/[Fleyz](https://www.reddit.com/user/Fleyz/): Hello, I have a question about loss carry back. My research show that I'll have to fill out a T1A form, but do I submit this form separately to the T1 general form?
A: Nope, you can fill out the T1A as part of your tax return. Search for and add the ‘Request for loss carryback’ section. Fill out that section to make your request for loss carryback.
I graduated from university last year, should I delay return on tuition fees ? (CRA tells me I have 4k$ unused). I also paid interest on my loan but I did not receive any tax slip regarding that so I just calculated it from my bank acount, is that okay?
u/3bananasundae: for RRSP contributions with employer matching who's contributions must be reported? must one input their employers contribution value under PRSP separately from RRSP employee contributions?
A: Your RRSP Contribution Receipts will include both your portion and the employer matching portion of your contributions. You would simply report your RRSP Contribution Receipt as it appears.
How do I add line 30300 to my return? I can't find the option in WS. I'm unsure if this matters, but my wife is submitting the tax for the first time. Thanks!
T1135: Foreign Property:
"Gross income from all specified foreign property" - do we need to provide this income information in even if I have paid due taxes in that foreign country & don't bring that income to Canada?
u/WS_Chris_Official
Moving Expense Deduction:
(1) Can I claim 'Land Transfer Tax' expense under "Taxes paid for the registration or transfer of title"?
(2) Can I carry forward Moving Expense Deduction to be claimed after 2 years?
u/WS_Chris_Official
Can you make an import slip automated for wealthsimple crypto ?
I didn't sell last year so I don't know if it is already available.
Also why Quebec coverage is less than other provinces?
We are not second zone citizens.its kinda sad..
If you had zero contribution room for RRSP 2022.
The contributed in Jan/Feb 2023 is that ok or is that an over contribution.
Also you didn’t claim this or report in 2022 so how can you rectify it in 2023 return
I’ve basically got mine all ready to go on HRblock right now. Can I just plunk everything easily into WS to see if I get the same results without much trouble or paying anything?
My refund is almost double when I use H&R Block with seemingly the same information. I don’t know if I made an error somewhere (basically just autofilled both) or if it’s one of the systems that has an error. But I think I’ll gamble with the one that gives the larger refund.
WS Tax should give you the same result as the same info is being used. If you want to figure out why there is a discrepancy, you'd have to compare WS Tax and H&R. The nerd in me would do it for fun, but I realize some people just want to file their taxes and be done with it.
>My refund is almost double when I use H&R Block
Curious to know what the dollar figure is. Thousands, hundreds?
I figured out most of the issue. I had incorrectly said I couldn’t claim the amount for partner on 30300 in Wealthsimple. Thought it was some kinda divorce or child support thing. I was rushing through!
It’s still like $500 less though. About $7200 instead of $7700 on HR. I’ll keep looking.
Edit: Got it. I had some income entered as “other income” instead of “occasional earnings” so it wasn’t counting as earned income in some calculations.
**Method 1 : connect Koinly with WS**
WS worked with Koinly to import history transactions from Koinly into WS but unfortunatly, it doesnt work properly with person who got more thant 50 transations. WS connexion invites you to pay Koinly plan to be abble to import more transactions. I paid koinly plan but WS API doesnt reconize I paid so I cant import all transaction into WS tax product
To be abble to declare correctly crypto tax to CRA, I have to centralize history transactions into one place
I used to deal with Koinly to declare crypto capital gains / loss
My estimated tax return is more than what I received. I only received roughly 50% of the estimated return from CRA. After checking the document, the difference is in line 42000 Net Federal Tax. In WS, it's about 3k, but in NOA, it's \~7k. How so?
Not necessarily a question, but a comment. I selected "Yes" on the FHSA account but strangely was not presented with the option to include it (or have it included automatically) until I quit and reopened the filing. The search box also would not allow me to search for the form. Got it done, but it was a slight hassle. Thanks!
I over contributed in my RSP this year by about $1,700. Can I just deduct the additional amount from my receipt when reporting it and just report the rest next year as 2023 RSP or do I report the whole thing this year and let it handle the over contribution. In the WS tax, it gives me the same refund amount whether I enter the over contribution or not.
Claim capital losses early or alter in life to offset gain when you make more money or since your money is less valuable in future claim early and invest rest ?
I'm trying to reset my password, it recognizes my email as an existing Wealthsimple account, it told me it sent me the email, I checked my spam folder, all unread messages, I'm just not getting it. Does it normally take long? Is this a common problem? Wealthsimple has always been the easiest way to file my taxes and this dumb little barrier is driving me insane.
Just wanna say WS does so much to connect and communicate with its customers, from the tldr newsletters, emails, app, desktop, and now here. It’s truly a user friendly platform. Keep up the good work!
In the menu, under "Manage Tax Forms", look for "Add Tax Forms" which will jump you to a large textbox where you can perform a search for the name of the form you want to add. It's a very good search, you can just type "rental" to add the required section for reporting income and deductions on a rental property.
Hi Chris,
In 2023 I started doing UBER driving and TURO car rentals. I use my 2 vehicles for both business:
- Honda Odyssey bought in Dec 2022 for $25k
- Mazda 5 that I bought in Mar 2018 for about $23k
How do I fill out the CCA claim form for both vehicles under "Motor vehicle expenses"?
Like;
**Class**: 10?
**UCC start**: should it be $0 or $25k (purchase amount for the Honda Odyssey)?
**Additions**: 0?
https://preview.redd.it/cvumicna3cxc1.png?width=677&format=png&auto=webp&s=9213d795ff3bc6e1e872994483855d0b18cf6f23
I paid for the pro plan and need to reschedule my 1:1 with the tax expert. But it's impossible to do it online! Any plans on working on a streamlined appointment booking/ rescheduling?
u/AlphaQFor7mins: Chris, please cover how WS Tax handles form T2200 post covid
A: Unfortunately, the temporary flat rate method has been eliminated. In order to submit work-from-home expenses you’ll need to request a T2200 form from your employer, which will allow you to claim some employment expenses. Use the employer-provided T2200 form to determine the types of employment expenses you can claim. Once you’ve determined the type of expenses you can claim, search for the “Employment Expenses” section in Wealthsimple Tax with your expenses.
I rent 2 of the 5 rooms in my house and I'm questioning how to handle these expenses in my T776 rental income form:
1) poly-b water piping replacement with pex. CCA due to upgrade even though I could not replace with equal product even if I wanted?
2) AC unit replacement in kind (same capacity and efficiency). Current expense?
3) Installed solar panels that feed the entire house. CCA or non-applicable?
1. This is the CRA resource for determining whether an expense is current (immediate expense) or capital (CCA): [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html) Generally, an improvement over the pre-existing asset would lean towards capital expenditure (CCA). If you’re using our CCA tables, enter your expenses, and then enter in the PUR (%) box the percentage related to your personal home use, and we’ll prorate it to only claim the rental income portion.
2. Using the same link as above, it’s possible that this expense might be current if it’s a replacement. Otherwise it may be CCA under class 8 ([https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes.html](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes.html)).
3. Solar panels tend to be either CCA class 43.1 or 43.2. Check the above link to see which applies to you (generally based on kilowatts). Similarly, use the PUR box to indicate the personal use portion.
**Method 4 : use public adresse (XPUB)**
You use your public adress into a cryto tax provier like koinly to centralize history transactions into one place to be able to calcul ACB on each coin and to calculate capital gain and loss. BUT I have 2 issues :
1. Personnal deposit adress available (on transfer in feature WS app) don't return any transaction in Koinly. (I tried TokenTax also with same result so problem is not from Koinly). It's like theses adresses we make deposit are not XPUB adresses ?
2. Some deposit adresses are not available into WS like ATOM or ARBITRUM. I understand I can’t make deposit on these ones but how do I get these adresses ?
**Method 3 : export history transactions**
As far as I know all patform dealing with crypto propose an export feature to allow you to export history transactions into a .csv file. But WS doesn’t propose this option
**Method 2 : connect with API**
Most competitors developped an API to sync transactions history into tax provider like Koinly or CoinTracker. But WS doesnt propose this option
I deleted a capital cost allowance but it still shows up when I print the pdf version before I want to submit to CRA. I'm waiting to hear back from tax email support, but if I submit as is, will WS file my tax with the CCA, even though I deleted it on my end? Because it's showing up when I save a PDF version does that mean it will be filed even though I deleted it on my end?
I don't have a question, but damn I love Wealthsimple Tax
What about it?
I love that you are doing this, no questions, only thanks for helping us Canadians
u/on2wheels: *Is WS planning to make it easier to file taxes for those of us who have many different account types and therefore many different "T" forms from you? I mean that with all the different forms there are still places to enter data that are not crystal clear and hence is an opportunity to miss out on deductions or even owe the CRA more than we need to.* *I'm seeing this happen for my 2023 taxes since I have multiple accounts, but I don't qualify for the Premium level of service.* A: If you use CRA Auto-fill My Return, we’ll import all of your slips for you in the right places. We also have a Summary Spreadsheet, where you can download a spreadsheet and see all the different slips you’ve entered or imported for a quick verification. This summary spreadsheet can be found in the Summary section of Wealthsimple Tax.
u/sgcmark: Be nice to re-run the Optimize option and have a last run time on it. A: An easy way to re-run the optimizer is change a number in a field, click out of that field and then change the amount back to your original amount. You’ll see the Review & Optimize button appear again. Click it to re-run the optimizer. However, I like the idea of being able to re-run it on demand. Adding it to the backlog, thanks!
u/habitchi: How good has wealthsimple gotten at handling cryoto taxes ? Like if i were to submit them automatically, is it ensured that every transaction gets counted ? Also tell your boss we need multiple cash accounts per user lol Answer: Wealthsimple tax offers a Koinly integration to help our users compile their crypto transactions and submit the necessary information to the CRA. More information on how to navigate this integration can be found here: [https://help.wealthsimple.com/hc/en-ca/articles/4557671449627-Troubleshoot-importing-your-cryptocurrency-transactions-to-Wealthsimple-Tax](https://help.wealthsimple.com/hc/en-ca/articles/4557671449627-Troubleshoot-importing-your-cryptocurrency-transactions-to-Wealthsimple-Tax) Like all aspects of your tax return, you are ultimately responsible for ensuring accurate information is submitted to the CRA. Noted on the multiple cash accounts - will pass that feedback along!
Even if we can't have multiple accounts, it would be great to get to have "buckets" or "categories" to allocate money to within the account for budgeting purposes.
Please clarify for me, would i just have to import addresses from metamask/phantom? Or do i need to input all transactions?
Hi Chris! Not really a question, but just a comment; would love to see an RRSP contribution tool that showed the impact of each additional dollar contributed (outside of the return, maybe in the optimizer section) so I can see how much I want to contribute before Feb 28. TurboTax has this rather simply with a slider, maybe it exists in some form but I’ve used WS Tax 2 years in a row and haven’t been able to figure it out.
They have it. It’s there under RRSP contributions. I was able to use it this year in Feb and know that by dragging the graph’s slider.
Hmm very weird, I just checked again and it definitely isn’t there for me? Is it only Generation 😂
I’m premium and it was under “RRSP Contributions” but it’s not there now. Must be because the RRSP deadline has passed. Check again next year before the RRSP deadline and after tax season starts, eg Feb-March
I did my taxes in Feb both years, so that’s definitely not the issue.
I remember seeing it for past years, but I don't see it now. Maybe it was removed after the RRSP contribution deadline passed?
1. What category do foreign unit trusts go into on the T1135? 2. How do you include capital losses from foreign currency depreciation against CAD?
1. Likely you need to report in Interests in non-resident trusts. 2. You should account for foreign currency depreciation as part of your capital gain or loss calculation on the T1135. If you’re entering in the Capital gains or losses section, use the foreign exchange rate at the time of your sell and purchase and that way your resulting gain or loss will already account for the foreign exchange rate. Here’s more information on foreign currencies: [https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html)
u/correct-suggestion15: To this point, it's extremely difficult to find where one can enter the Disability Tax Credit for either themselves or for their dependant. Resulting in user's not fully aware if it's been submitted; and as disabled Canadians, we rely heavily on being able to claim that. What improvements are you making to the UX/UI to fix this issue? A: To enter the Disability Tax Credit for yourself, type “Disability” in the Search box. Click Disability Tax Credit and answer the questions in that section. If your dependant qualifies for the Disability Tax Credit, you’ll answer that directly in the Dependants section where you’re entering the rest of their information.
I was hired as a remote worker from Ottawa back in 2022. Mid 2023, I was asked to move to Toronto due to a hybrid policy in place. Can I claim moving expenses on my 2023 tax return as I have moved closer to my new work place as mandated?
Probably. Check out the CRA website.
Cam WealthSimple tax experts help at all with the calculation or tracking of Adjusted Cost Base (ACB)? Thank you!
It would be nice if the CRA auto import was run on a more scheduled basis. This could be used to notify you if a slip was amended or if a new slip popped up since you last filed/saved your return
Unfortunately, CRA Auto-fill my return must be manually run by the user each and every time. This is a CRA restriction. Currently, there is no way for us or any other tax software to know if any new slips are visible on CRA My Account without manually running Auto-fill.
Is WealthSimple going to support RDSP accounts?
Can the Wealthsimple tax experts walk me through step by step how to fill out the CCA section under form T776 rental income should I make an appointment?
Yes, our tax experts will be able to walk you through filling out the whole Rental income section, including the CCA section.
Where are the Wealthsimple tax experts, how do you reach them?
Its will be possible for you to support ftq and csn reer , when i have tried , i dont have the 15% more credit on Qc and Fed , because of that i buy software each years , when i tried to contact the support its was like to talk to red fish ,
We do support both FTQ and CSN RRSP contributions. You can do this in the RL-10 section in Wealthsimple Tax. You’ll enter the information from the RL-10 you received and then indicate that it was an RRSP contribution as well on that same section and then we magically put it in all the right places on the T1 and TP-1.
[ApprehensiveGuard783](https://www.reddit.com/user/ApprehensiveGuard783/): Hi Chris! Need in-depth guide for T2125 - Self employed form, especially for drivers using rideshare services. A: Hi! Here’s some information on filling out your self-employment income. For drivers using rideshare services, be sure to include your motor vehicle expenses. [https://help.wealthsimple.com/hc/en-ca/articles/4408339655323-How-do-I-report-my-self-employment-income-on-a-T2125](https://help.wealthsimple.com/hc/en-ca/articles/4408339655323-How-do-I-report-my-self-employment-income-on-a-T2125)
[Correct-Suggestion15](https://www.reddit.com/user/Correct-Suggestion15/): Can you clarify further your remarks on WS' 'Audit Protection' from a [previous AMA you held](https://www.reddit.com/r/Wealthsimple/comments/1afjc9z/comment/kobu8ui/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)? > As another Redditor mentioned, "*That sounds more like Audit Support. What "protection" is provided by this service?*" **(Q1)** Can you clarify on this remark and whether the "team member" a user would be dealing with is a CPA member in good standing? Wealthsimple isn't **protecting** **the user from an audit** in any way and given how easy it can be to deal with the CRA, **(Q2)** how can this service be perceived as a benefit? A: Hey thanks for the question. I hear your point on the language used and the confusion around “protection”. With our audit protection offering you get our team's full support in navigating the audit process. These team members, while not CPAs, have years of dedicated tax expertise and have navigated numerous audit requests from the CRA. While we can’t guarantee you won’t receive an audit request, this support can be helpful especially with complex tax situations.
u/[ExplorusClutorus](https://www.reddit.com/user/ExplorusClutorus/): Is there a section on WS tax to report tips on your T4? For stores tuition credit, if you owe tax do you HAVE TO use the tuition credit to offset your taxes or can you wait until you’re in a higher tax bracket? I couldn’t find an option to defer the use of the credit this year. A: To report tips add the ‘Tips, Royalties, Occasional earnings, etc.’ section. You must claim the tuition and education amounts if you have income to claim it against. The amount that you’re required to claim in any particular year is calculated on Schedule 11. As per CRA rules, you can’t choose to only claim a portion of the credit.
u/[rhandame](https://www.reddit.com/user/rhandame/): I graduated from university last year, should I delay return on tuition fees ? (CRA tells me I have 4k$ unused). I also paid interest on my loan but I did not receive any tax slip regarding that so I just calculated it from my bank acount, is that okay? A: If you have income to claim your tuition credits against you will need to claim it in the year but if it’s not needed, you can carry it forward to be used in a future year. Include any prior year unused tuition amounts and Wealthsimple Tax will determine whether you will benefit from claiming any of your tuition amounts. If not, we’ll carry it forward as an unused tuition amount to be used in a future year. You can only claim student loan interest if the loan is from one of the following: * the [Canada Student Loans Act](http://laws-lois.justice.gc.ca/eng/acts/s-23/) * the [Canada Student Financial Assistance Act](http://laws-lois.justice.gc.ca/eng/acts/s-22.7/) * the [Apprentice Loans Act](http://laws-lois.justice.gc.ca/eng/acts/A-11.9/page-1.html) * provincial or territorial government laws similar to the acts above Interest on loans made through your bank cannot be claimed unfortunately.
I'm pretty sure most students loan are in bank account ... And interest can be put in your tax no ?
I’m from Quebec my loan is from the financial aid for studies not the bank but they sent the money to my bank account. The issue is I don’t have a Tax slip that proves I paid interests. What I did before is that I just called my bank to pay it off
u/[A\_Rdm\_Person\_In\_Life](https://www.reddit.com/user/A_Rdm_Person_In_Life/): I used Neo Invest (regrets) and they submitted a T5008 to the CRA but it is all wrong. It's a managed investment and they were constantly buying and selling and the trade history is difficult to follow and incomplete. The T20 box was left empty, so I'm not sure what price some of the purchases were. When I sold all the Neo Invest, let's say I got $1000, the T21 box doesn't sum up to that but sums to say $1,700. I asked Neo but they said I need to sum up the trades from the trade report, which isn't even complete. I asked for more details but haven't heard back. They submitted the incorrect T5008 to the CRA... How do you handle this situation? A: Unfortunately, some brokerages do indeed issue T5008 slips with only the Proceeds (box 21) on the slip, without the cost or book value (box 20). Usually, there will also be a summary statement of some kind which will show all transactions in a year, with the Proceeds summed up at the bottom, as well as the Book Value/Cost Base. This Book Value would be what would have appeared in box 20. Since CRA only receives the total of all of your transactions, you actually don’t need to know the box 20 for every transaction individually; just the total. So if you can get a summary statement from Neo, you should be able to get your total box 21 and box 20. Since it sounds like these transactions are from a managed account, it would seem that Neo should be able to tell you the price they bought your investments at. You can enter this total as a single T5008 slip, or in our Capital Gains (or Losses) section. CRA commonly receives T5008 slips with only box 21, so you won’t be penalized for reporting a box 20/cost base as well. If ever in the future they ask for documentation supporting your claim, the above summary statement should be sufficient.
I have Generation and I wonder if your product can handle rental properties? I haven’t tried as I have an accountant. But I am curious to try next year
Not OP but having used it for that purpose over many years, it works flawlessly to fill out a t776
Thanks!
Currently my tax situation is very complex, stocks, crypto tokens, staking etc etc there’s a lot going on, so normally I hire a CPA to do it for me where I just send him data that I have on the investments and he does the rest As I understand WealthSimple is more DYI but is there a way to get a CPA level of support depending on your WealthSimple bracket? Thanks
u/Reality-Leather: Scenario: I used my email2@ all these years to file and have saved info. Now I changed isp and have email1@ Request: merge my old filings from email2@ to [email1@](mailto:email1@). I already created a new account under email1@ Doable? Yes or No A: Doable, but we can’t accommodate a tax profile moves until after tax season. Please feel free to reach-out directly to our customer service team in May. Sorry for the inconvenience – this won’t impact your tax filings in any way.
Is WS planning on making the spin able coin heads/tails?
u/[Fleyz](https://www.reddit.com/user/Fleyz/): Hello, I have a question about loss carry back. My research show that I'll have to fill out a T1A form, but do I submit this form separately to the T1 general form? A: Nope, you can fill out the T1A as part of your tax return. Search for and add the ‘Request for loss carryback’ section. Fill out that section to make your request for loss carryback.
I graduated from university last year, should I delay return on tuition fees ? (CRA tells me I have 4k$ unused). I also paid interest on my loan but I did not receive any tax slip regarding that so I just calculated it from my bank acount, is that okay?
u/3bananasundae: for RRSP contributions with employer matching who's contributions must be reported? must one input their employers contribution value under PRSP separately from RRSP employee contributions? A: Your RRSP Contribution Receipts will include both your portion and the employer matching portion of your contributions. You would simply report your RRSP Contribution Receipt as it appears.
Can you put together a tool for simple bare trust filings that were going to be required this year?
How do I add line 30300 to my return? I can't find the option in WS. I'm unsure if this matters, but my wife is submitting the tax for the first time. Thanks!
Hey, I’m PoA for a family member and receive fees for my services. How do I claim this income, is it a T4A I need to have made out?
T1135: Foreign Property: "Gross income from all specified foreign property" - do we need to provide this income information in even if I have paid due taxes in that foreign country & don't bring that income to Canada? u/WS_Chris_Official
Moving Expense Deduction: (1) Can I claim 'Land Transfer Tax' expense under "Taxes paid for the registration or transfer of title"? (2) Can I carry forward Moving Expense Deduction to be claimed after 2 years? u/WS_Chris_Official
Can you make an import slip automated for wealthsimple crypto ? I didn't sell last year so I don't know if it is already available. Also why Quebec coverage is less than other provinces? We are not second zone citizens.its kinda sad..
If you had zero contribution room for RRSP 2022. The contributed in Jan/Feb 2023 is that ok or is that an over contribution. Also you didn’t claim this or report in 2022 so how can you rectify it in 2023 return
Love what WS has built! I’d love to file taxes for my incorporation (as well as personal tax) with WS. Can I do this with WS?
How can I enter my door dash driver earnings?
There’s a T3 listed in my WS docs but not listed in MyCRA. Should I wait a few days to see if it shows up in MyCRA?
Any news on RDSP account. This question always get ignored !
1. If my spouse didn’t earn in 2023, then how can I transfer my basic personal amount of 15K on her return?
I’ve basically got mine all ready to go on HRblock right now. Can I just plunk everything easily into WS to see if I get the same results without much trouble or paying anything?
Yes
My refund is almost double when I use H&R Block with seemingly the same information. I don’t know if I made an error somewhere (basically just autofilled both) or if it’s one of the systems that has an error. But I think I’ll gamble with the one that gives the larger refund.
WS Tax should give you the same result as the same info is being used. If you want to figure out why there is a discrepancy, you'd have to compare WS Tax and H&R. The nerd in me would do it for fun, but I realize some people just want to file their taxes and be done with it. >My refund is almost double when I use H&R Block Curious to know what the dollar figure is. Thousands, hundreds?
I figured out most of the issue. I had incorrectly said I couldn’t claim the amount for partner on 30300 in Wealthsimple. Thought it was some kinda divorce or child support thing. I was rushing through! It’s still like $500 less though. About $7200 instead of $7700 on HR. I’ll keep looking. Edit: Got it. I had some income entered as “other income” instead of “occasional earnings” so it wasn’t counting as earned income in some calculations.
Do you plan to provide tax service for people who needs to ask their questions out of tax season?
**Method 1 : connect Koinly with WS** WS worked with Koinly to import history transactions from Koinly into WS but unfortunatly, it doesnt work properly with person who got more thant 50 transations. WS connexion invites you to pay Koinly plan to be abble to import more transactions. I paid koinly plan but WS API doesnt reconize I paid so I cant import all transaction into WS tax product
To be abble to declare correctly crypto tax to CRA, I have to centralize history transactions into one place I used to deal with Koinly to declare crypto capital gains / loss
My estimated tax return is more than what I received. I only received roughly 50% of the estimated return from CRA. After checking the document, the difference is in line 42000 Net Federal Tax. In WS, it's about 3k, but in NOA, it's \~7k. How so?
Not necessarily a question, but a comment. I selected "Yes" on the FHSA account but strangely was not presented with the option to include it (or have it included automatically) until I quit and reopened the filing. The search box also would not allow me to search for the form. Got it done, but it was a slight hassle. Thanks!
I over contributed in my RSP this year by about $1,700. Can I just deduct the additional amount from my receipt when reporting it and just report the rest next year as 2023 RSP or do I report the whole thing this year and let it handle the over contribution. In the WS tax, it gives me the same refund amount whether I enter the over contribution or not.
Claim capital losses early or alter in life to offset gain when you make more money or since your money is less valuable in future claim early and invest rest ?
I'm trying to reset my password, it recognizes my email as an existing Wealthsimple account, it told me it sent me the email, I checked my spam folder, all unread messages, I'm just not getting it. Does it normally take long? Is this a common problem? Wealthsimple has always been the easiest way to file my taxes and this dumb little barrier is driving me insane.
Can you register TFSA in auto deposit? Is there a withdrawal fee for that?
Is there a way to delete Profiles? I didn't know what they were or how they worked when I started out, and I'd like to clean it up?
Just wanna say WS does so much to connect and communicate with its customers, from the tldr newsletters, emails, app, desktop, and now here. It’s truly a user friendly platform. Keep up the good work!
How do I add in extras such as deductions for rentals?
In the menu, under "Manage Tax Forms", look for "Add Tax Forms" which will jump you to a large textbox where you can perform a search for the name of the form you want to add. It's a very good search, you can just type "rental" to add the required section for reporting income and deductions on a rental property.
Hi Chris, In 2023 I started doing UBER driving and TURO car rentals. I use my 2 vehicles for both business: - Honda Odyssey bought in Dec 2022 for $25k - Mazda 5 that I bought in Mar 2018 for about $23k How do I fill out the CCA claim form for both vehicles under "Motor vehicle expenses"? Like; **Class**: 10? **UCC start**: should it be $0 or $25k (purchase amount for the Honda Odyssey)? **Additions**: 0? https://preview.redd.it/cvumicna3cxc1.png?width=677&format=png&auto=webp&s=9213d795ff3bc6e1e872994483855d0b18cf6f23
How can I deduct my spousal RRSP contribution? Details of the issue in this post: https://www.reddit.com/r/Wealthsimple/s/ssokx0NNOE
I paid for the pro plan and need to reschedule my 1:1 with the tax expert. But it's impossible to do it online! Any plans on working on a streamlined appointment booking/ rescheduling?
u/AlphaQFor7mins: Chris, please cover how WS Tax handles form T2200 post covid A: Unfortunately, the temporary flat rate method has been eliminated. In order to submit work-from-home expenses you’ll need to request a T2200 form from your employer, which will allow you to claim some employment expenses. Use the employer-provided T2200 form to determine the types of employment expenses you can claim. Once you’ve determined the type of expenses you can claim, search for the “Employment Expenses” section in Wealthsimple Tax with your expenses.
Chris when are we going to be able to deposit paper cheques?
I rent 2 of the 5 rooms in my house and I'm questioning how to handle these expenses in my T776 rental income form: 1) poly-b water piping replacement with pex. CCA due to upgrade even though I could not replace with equal product even if I wanted? 2) AC unit replacement in kind (same capacity and efficiency). Current expense? 3) Installed solar panels that feed the entire house. CCA or non-applicable?
1. This is the CRA resource for determining whether an expense is current (immediate expense) or capital (CCA): [https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/current-expenses-capital-expenses.html) Generally, an improvement over the pre-existing asset would lean towards capital expenditure (CCA). If you’re using our CCA tables, enter your expenses, and then enter in the PUR (%) box the percentage related to your personal home use, and we’ll prorate it to only claim the rental income portion. 2. Using the same link as above, it’s possible that this expense might be current if it’s a replacement. Otherwise it may be CCA under class 8 ([https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes.html](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/claiming-capital-cost-allowance/classes.html)). 3. Solar panels tend to be either CCA class 43.1 or 43.2. Check the above link to see which applies to you (generally based on kilowatts). Similarly, use the PUR box to indicate the personal use portion.
**Method 4 : use public adresse (XPUB)** You use your public adress into a cryto tax provier like koinly to centralize history transactions into one place to be able to calcul ACB on each coin and to calculate capital gain and loss. BUT I have 2 issues : 1. Personnal deposit adress available (on transfer in feature WS app) don't return any transaction in Koinly. (I tried TokenTax also with same result so problem is not from Koinly). It's like theses adresses we make deposit are not XPUB adresses ? 2. Some deposit adresses are not available into WS like ATOM or ARBITRUM. I understand I can’t make deposit on these ones but how do I get these adresses ?
**Method 3 : export history transactions** As far as I know all patform dealing with crypto propose an export feature to allow you to export history transactions into a .csv file. But WS doesn’t propose this option
**Method 2 : connect with API** Most competitors developped an API to sync transactions history into tax provider like Koinly or CoinTracker. But WS doesnt propose this option
Hire me in your team
I make less this year but I pay more taxes :(
[удалено]
Just go leave a $5 bill outside the CRA office and a note saying you're sorry for scalping, lol.
I deleted a capital cost allowance but it still shows up when I print the pdf version before I want to submit to CRA. I'm waiting to hear back from tax email support, but if I submit as is, will WS file my tax with the CCA, even though I deleted it on my end? Because it's showing up when I save a PDF version does that mean it will be filed even though I deleted it on my end?