Thank you so much for your kind comment, Ghahreman! I really appreciate this. Comments like yours give me the motivation to keep working on this channel! Thank you!
Hi VVenus, thank you for your comment and suggestion! Sure, but I may not be able to do this during tax season, as I am getting really busy with work and volunteering commitment (e.g. tax clinics.) Generally, you will receive a T5008 Statement of Securities Transactions from your financial institution.
Hi Zoey I am a resident in Canada while my husband isn't a resident of Canada,so which of the fields am I required to fill on as my marital status being married gave out additional questions.
Hi Sass, thank you for your question! If your spouse is a non-resident for Canadian income tax purposes, it is still important for you to report that you are married. You need to report your spouse’s income (converted to Canadian dollars.) The CRA needs this information in order to calculate the credits/ benefits, such as the GST/HST credit, etc. The non-resident spouse does not need to pay taxes on their foreign income. Here’s an article on the Wealthsimple website regarding how to enter information for non-resident spouse: help.wealthsimple.com/hc/en-ca/articles/4409573378587 If your situation is very complex, please consider consulting with a professional. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your or your spouse’s residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hi Jaskaran, thank you for your question. There are a few ways to set up direct deposit with the CRA. Please see the CRA website for details: www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/direct-deposit.html
Hi PNT, thank you for your question. For the Canadian-source income earned before becoming resident in Canada, some examples include income from employment in Canada, income from a business carried on in Canada, etc., unless exempt under a tax treaty. For the foreign-source income earned before becoming resident in Canada, some examples include employment income, rental income, other income, etc. Generally, the foreign-source income earned before becoming a Canadian resident is non-taxable. It is important to provide this information since this income is required to calculate certain benefits and credits. Please refer to the CRA website for details: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4055/t4055-newcomers-canada.html If your situation is very complex, please consult with a professional! Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hello Jackie, thank you for your question. Regarding moving expenses, first of all, you need to determine if you are eligible to deduct moving expenses. Please see the CRA website for details: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21900-moving-expenses.html If you are eligible to claim moving expenses, you can add the eligible expenses in Wealthsimple Tax via the following steps: In the add tax forms section, search for moving expenses. Then, choose moving expenses deduction. Enter the relevant information in this section. Regarding your question about “tuition, art, piano”, are you referring to a specific provincial/ territorial tax credit such as Manitoba Children's Arts and Cultural Activity Tax Credit, Nova Scotia Children’s Sports and Arts Tax Credit, etc.? If yes (and if you meet the eligibility criteria), you should be able to find the relevant questions in “Your Dependants” section. Thank you! Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi Ankon, thank you for your comment! My apologies, I haven’t gotten a chance to edit the subtitles, so I haven’t published the UFile tutorial yet. I will work on it this Saturday and will publish the UFile video then. Thank you!
Hello GENOMEFOX, are you referring to the Ontario Trillium Benefit? If yes (and if you are eligible for the benefit), choose yes for the question “Will you apply for the Ontario Trillium Benefit?” Then, search for “Ontario Trillium Benefit” in the search box and select the Ontario Trillium Benefit section. Enter the information in this section. For Canada Child Benefit, you can enter your children’s information in the software in order to see the estimated CCB amounts, if you are already receiving the CCB. Choose yes for the question “Do you have any dependants?” Then, enter the information in “Your dependant” section. You will see the estimated CCB amount in the Summary. If you haven’t applied for the CCB yet, you can apply online using CRA My Account. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return/ benefits. Thanks! Reference: www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html
@@ZoeySiu thank you I used your tutorial to do our income tax on my own for the first time this information was very useful if everything was done correctly on my end I will be doing this way for now own. Take care
@@ZoeySiu I think I have the same question as GENOMEFOX. No, not about OTB. We are asking if we are paying rent for our place of living, can we use these rental expenses to claim any benefit or tax credit just like the medical expense? Seems there is no place for us to enter the rental expense?
Hello Clarkson, the tax rules/ tax credits are different in different provinces/ territories. For example, in Ontario, the Ontario Energy and Property Tax Credit (OEPTC) is part of the Ontario Trillium Benefit (OTB). Eligible rent is one of the inputs that goes into the calculation of the tax credit. Another example is Manitoba’s renters tax credit. (Reference: www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/manitoba/5007-pc/information-residents-manitoba.html#P11_318 ) Please look up the tax credits available in your province/ territory. Thanks! Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return/ benefits.
Hello, thank you for your question. Wealthsimple Tax (basic version) is free. They ask for a “donation”, but you can enter $0. They offer email support and audit protection for a fee (i.e. the premium version.) Here’s a link to Wealthsimple website with information of basic versus premium versions: www.wealthsimple.com/en-ca/tax Here’s a link to the CRA website with the list of certified software: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html
Hi Shma, thank you for your question. Hope your maternity leave is going well! For the 2022 tax year (January 1, 2022 to December 31, 2022), did you earn employment income or other sources of income? If you have income, it is important to file a tax return to report your income and calculate whether you owe tax or will receive a refund. If you have received maternity benefits during 2022, you will receive a T4E slip. Please report the information on your T4E tax slip in your tax return. Finally, it is important to file a tax return to continue to receive benefits that you may be eligible for, such as GST/HST credit, Climate Action Incentive Payment, etc. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hi Howard, thank you for your question. Great question! First of all, you need to determine your residency status for Canadian income tax purposes to know your filing requirements. To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, and tax treaty. The most important consideration when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty. Generally, residents of Canada for income tax purposes are subject to Canadian income tax on worldwide income from all sources. On the other hand, non-residents generally need to report income received from Canadian sources (e.g. employment income in Canada.) If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada). Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.) Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc643/working-canada-temporarily.html
Hi Nico, thank you for your comment. As indicated in my response to Howard’s question, the first step is to determine residency status for Canadian income tax purposes. (Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc643/working-canada-temporarily.html ) Generally, residents of Canada for income tax purposes are subject to Canadian income tax on worldwide income from all sources. On the other hand, non-residents generally need to report income received from Canadian sources (e.g. employment income in Canada.) To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, and tax treaty. The most important consideration when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty. If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada). Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hello Zoey, I'm filling my return through Wealthsimple and selecting "Ontario energy and property tax credit" as I live in Toronto. Under the heading "Total rent paid for your principal residence" I'm filling in the total rent paid, however, I wanted to know if I can fill the Property Tax that my landloard has paid for the property that I live in under the heading "Total property tax paid for your principal residence"? If I do, this increases the refund amount under "Ontario Trillium Benefit (OEPTC and NOEC) monthly amount" which seems beneficial. Thank you in advance for your help!
Hello Chirag, thank you for your question and comment. I am located in Alberta and I am more familiar with Alberta tax credits. Based on my understanding of the Ontario Trillium Benefit, eligible residents could claim either rent OR property tax. Generally, landlords pay the property taxes, not the renters. If you only paid the rent, you could only claim the rent payment. Please refer to the Ontario Trillium Benefit website for details: www.ontario.ca/page/ontario-trillium-benefit Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi Mikael, thank you for your comment and interest! My apologies, but I am not taking new client. I would recommend finding a tax preparer in your city, as some of the provincial or territorial rules/ tax credits are slightly different. It would be beneficial to find a professional who is familiar with the rules in your province/ territory, as they will be able to help you minimize your tax bill or maximize your refund. Thank you!
Hi Zoey, Thank You. I have printed my paper tax return T1 as I don't have a CRA account yet. Do I just put them in an envelope and post it or do I need to send them using some special envelope and can my spouse and I send our T1s in the same envelope? Thank you and wealthsimple
Hi David, thank you for your question. Even if you don’t have a CRA My Account, you can still file your tax return electronically. There are some exceptions, such as if the CRA doesn’t have your record on file. You can try to file your tax return electronically. If this works, then you don’t have to mail it! Reference: www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/netfile-overview/eligibility.html
Hello, Zoey, thank you for the video! I will be really appreciate, if you can help me. I don’t understand, what’s mean the question “Did you become a resident of Canada (immigrate) for income tax purposes in 2022” and also what I have to put in “Date of entry”. I came to Canada in 2019, but I used to have visitor visa, and I received my work permit (LMIA) in a December 2021. I can’t put date earlier than 2022, that’s mean, I have to put “No” in the first question, right? Regards
Hello Montmorency, thank you for your comment and questions. You mentioned you have been staying in Canada for a few years. Did you file taxes in the previous years? Are you currently receiving any benefits such as GST/ HST credit, Climate Action Incentive payment, etc.? Residency status for income tax purposes is not the same as residency status for immigration purposes. You need to determine whether or not you become a resident of Canada for income tax purposes in 2022 (or in another year.) To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, tax treaty, etc. One of the most important considerations when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty. If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada). Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.) Reference: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html
@@ZoeySiu thank you for the response! No, I never receive any benefits or any other payments from Government. And I also never paid taxes, because I didn’t work in Canada before (I used to live as a tourist)
Hello Montmorency, thank you for your comment. You still need to determine whether or not you become a resident of Canada for income tax purposes in 2022 (or in another year, such as when you received your work permit), in order to know your tax filing requirement. For liabilities purposes, this is not a question that I feel comfortable providing an answer on RUclips. Please reach out to the CRA to inquire about your residency status for income tax purposes. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hello! Great question! If you have unused tuition (as per your prior year Notice of Assessment/ Reassessment) to carry forward from a previous year, you can enter the unused amounts via the following steps in Wealthsimple Tax: 1) Type T2202 in the search box, and choose "Tuition and Education Amounts - T2202 & Unused Amounts" 2) For the question “Were you a post-secondary student in an earlier year?”, answer Yes 3) Enter your unused amounts Thanks! Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi Abhi, thank you for your questions. Great questions! First of all, please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately. There are benefits for preparing your tax return and your spouse/ common-law partner’s tax return together, as it would be easier for the software to optimize the deductions/ tax credits (if eligible), such as spouse or common-law partner amount, medical expenses, donations, child care expenses, etc. This will allow you to maximize your tax savings. Regarding the benefit payments (e.g. GST/ HST credit, climate action incentive payment, etc.), the total payments (if eligible) for the family will be the same regardless of whether you prepare the tax returns together. Some people incorrectly assumed that they could get higher payments if they prepared their tax return and the spouse/ common-law partner’s tax return separately; however, this is not the case. The CRA calculates the payments based on marital status/ household income/ number of children/ etc. Assuming all the information (marital status, income, etc.) are reported correctly, preparing the tax returns separately would not result in higher benefit payments. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hi Zoey, If I did my tax return in Turbotax, so should I do it again in Wealthsimple Tax again? I am a newcomer in Canada and Wealthsimple TFSA, please give a solution. Thank you so much.
Hi Nicky, thank you for your question. If you have already filed your 2022 tax return via TurboTax, please don’t file it again using Wealthsimple Tax. You only have to file your 2022 tax return once. The result should be the same using any CRA certified software, if you entered your information correctly. You mentioned TFSA. TFSA is a type of registered account. Generally, the income earned on investments in a TFSA are not taxable. Please consult with your financial advisor if you have questions about your TFSA. Thank you! Please note that my comments above are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi Zoey, if I owe $xxx to CRA as per Wealthsimple calculations, how do I pay that ? Should I mail a cheque to CRA right after submission or should I wait until CRA does it's own calculations, which might differ from WS, Thanks in advance
Hi, thank you for your questions. There are multiple ways (e.g. online banking, CRA online services, etc.) to make a payment to the CRA. Please refer to the CRA website for details: www.canada.ca/en/revenue-agency/services/payments-cra.html For the 2023 tax year, the deadline to pay taxes is April 30, 2024. It is important to pay your balance owing on or before April 30, 2024 to avoid interest and penalties. (Disclaimer - Please note that my comments are provided for general informational purposes only. This is not tax advice. Also, I have no liability or responsibility over your tax return/ payable.)
Hello! Just to clarify - Your employer should fill out the T4 slip and give a copy to you. When you enter the information into a tax software, you should enter the information as per the T4 tax slip. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi, I am have come to Canada in 2022. I am filing tax for the first time. I have heard that first time tax filers need to send the tax documents by mail to CRA. Is it true? Though, by following your video I submitted the tax return online using wealth simple tax and it showed successful submission from wealth simple. However, I didn't receive any confirmation from CRA itself. I am not sure if it is submitted to CRA. I see that I can't sign up for CRA account since this is my first time tax filiing. Is every thing alright? When would I be able to sign up?
Hi Subhankar, first-time filers CAN file tax return electronically, except when the CRA doesn't have the complete information on file. When you submit your tax return via Wealthsimple Tax (or any other CRA certified software), you would receive a confirmation number. If you received a confirmation number, this means that your return was submitted successfully. The CRA is on strike right now. So, there will likely be delays in processing tax return ... Regarding the CRA My Account, please refer to the CRA website for details: www.canada.ca/en/revenue-agency/services/e-services/cra-login-services/cra-user-password-help-faqs/registration-process-access-cra-login-services.html#hlp1a Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hello, you may not receive a T5 if your interest income is less than $50 dollars; however, you must still report this income. Thanks! Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12100-interest-other-investment-income.html Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hello, you should be able to calculate total interest income using information on your bank statements. In Wealthsimple Tax, to report interest income that’s not reported on T5, please enter this information in the “Other Investment Income” section. Thank you! Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hello I input the foreign income of my common-law partner to wealth simple and she is not a resident of Canada, she is living and working in another country. I think she doesn't need to do a tax return and pay any taxes in Canada. 1. I see there is an option about sales tax credits, Can I still claim the sales tax credit? 2. After filling in all information, I see her name and income on the first page of my T1 form. Is it a normal case? Will she be charged any taxes? I have claimed that she is not resident in Canada in 2022.
Hello TY, you posted a question in my UFile video (which I already answered.) Not sure if you are using UFile or Wealthsimple Tax. Here’s an article on the Wealthsimple website regarding how to enter information for non-resident spouse: help.wealthsimple.com/hc/en-ca/articles/4409573378587 Regarding the GST/HST credit, please see the eligibility criteria on the CRA website: www.canada.ca/en/revenue-agency/services/child-family-benefits/gsthstc-eligibility.html Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your or your spouse’s residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hii, zoey, I just want to know that if i filling tax for me and my husband together, What about the T4? Should i have to fill Only mine T4 tax not my husband's T4? Please let me know
Hello, thank you for your question. I talked about how to add a profile for spouse/ common-law partner at approximately 15:40 in this video. You can enter your tax slips in your profile and then enter the spouse’s tax slips in the spouse’s profile. Please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hii, I just wanna know that I am filling my tax in my profile and my husband filling tax in his profile. But we are preparing returns together. So, Can you just tell me I have to Fill My T4 in My profile and my husband Fill his T4 in his profile? Also, I have one more question Should I have to review and optimize for both profiles and also Should I have to submit both profiles ryt? Please reply me
@ravneetkaurpamma6991 Hello, thank you for your question. You should enter your T4 in your profile, and enter your spouse’s T4 in the spouse’s profile. Please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately. After you click “Review & optimize”, the software will show suggestions/ issues (if any). If you make any changes, you can click “Review & optimize” again. (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
hi Zoey, this is very helpful thank you so much! I wonder if I could talk to you one-on-one for some tax advice? do you have a contact email somewhere? thanks!
Hi Alison, I don't think the "donation" is mandatory. You should be able to skip this and file your tax return! I do NOT work for Wealthsimple and I do NOT earn commissions or anything. You don't have to use this software if you don't like it. There are many free CRA-certified software! You can look at the CRA website for details. Thanks!
@@ZoeySiu It was absolutely mandatory or they were not able to proceed. I didn't insinuate it was your fault but people do need to be aware that they may get to the end thinking it was free and SURPRISE they have to pay.
Hi Alison, thank you for your comment! Have you tried putting $0 as the donation amount? Here’s the information I found on the Wealthsimple website: “You can also support the development of Wealthsimple Tax through our pay what you want model. After you submit your tax return to the CRA, we'll ask you if you'd like to support Wealthsimple Tax. You can choose any amount, including $0.” Thank you!
@@ZoeySiu ya but that sure doesn't help on a Sunday when you've spent ages going through to put all the info in to file and come up on that you must pay or you can't proceed. My best friend that ran into this is no net newbie and there was no way around it and losing all his info wasn't the way he wanted to risk.
Hi Alison, thank you for your comment! I agree that Wealthsimple could have done a better job at making it easier for people to skip the page rather than having to put $0 as "donation". Thank you.
Hi Melissa! Thank you for your comment. My apologies for the inconvenience. I have changed my settings. You should be able to send me a message now. Could you please try again? Thank you!
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Thank you so much. I have successfully filed my tax return using Wealthsimple Tax.
Thank you so much for your comment, Karen! I really appreciate this!
hi Zoey, thank you so much for your explanation, you are a very good teacher.
Thank you so much for your kind comment,
Ghahreman! I really appreciate this. Comments like yours give me the motivation to keep working on this channel! Thank you!
Hi Zoey, Thank you for this very well-explained tutorial. Can you please make a video with the stock gain and loss using Wealth Simple.
Hi VVenus, thank you for your comment and suggestion! Sure, but I may not be able to do this during tax season, as I am getting really busy with work and volunteering commitment (e.g. tax clinics.) Generally, you will receive a T5008 Statement of Securities Transactions from your financial institution.
Thanks for your kindly explanation~~
Thanks Howard!
Hi Zoey I am a resident in Canada while my husband isn't a resident of Canada,so which of the fields am I required to fill on as my marital status being married gave out additional questions.
Hi Sass, thank you for your question! If your spouse is a non-resident for Canadian income tax purposes, it is still important for you to report that you are married. You need to report your spouse’s income (converted to Canadian dollars.) The CRA needs this information in order to calculate the credits/ benefits, such as the GST/HST credit, etc. The non-resident spouse does not need to pay taxes on their foreign income.
Here’s an article on the Wealthsimple website regarding how to enter information for non-resident spouse:
help.wealthsimple.com/hc/en-ca/articles/4409573378587
If your situation is very complex, please consider consulting with a professional.
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your or your spouse’s residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
@Zoey Siu, CA, CPA, MBA, PMP HI Zoey,Thank you for sharing your insights. But without reporting my partners income I can't be applying for OTb?
Hi Sass, most of the benefits are based on family income (i.e. adjusted family net income), rather than individual income. Thanks!
How to add direct deposit to CRA if we are filling tax first time
Hi Jaskaran, thank you for your question. There are a few ways to set up direct deposit with the CRA. Please see the CRA website for details: www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/direct-deposit.html
what incomes are included as the incone earned before? Some incomes are not counted in where I come from.
Hi PNT, thank you for your question. For the Canadian-source income earned before becoming resident in Canada, some examples include income from employment in Canada, income from a business carried on in Canada, etc., unless exempt under a tax treaty. For the foreign-source income earned before becoming resident in Canada, some examples include employment income, rental income, other income, etc.
Generally, the foreign-source income earned before becoming a Canadian resident is non-taxable. It is important to provide this information since this income is required to calculate certain benefits and credits.
Please refer to the CRA website for details: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4055/t4055-newcomers-canada.html
If your situation is very complex, please consult with a professional!
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Do you know how to add moving expenses and kids out of school expenses such as tuition, art, piano ect. Thanks
Hello Jackie, thank you for your question. Regarding moving expenses, first of all, you need to determine if you are eligible to deduct moving expenses. Please see the CRA website for details: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21900-moving-expenses.html
If you are eligible to claim moving expenses, you can add the eligible expenses in Wealthsimple Tax via the following steps: In the add tax forms section, search for moving expenses. Then, choose moving expenses deduction. Enter the relevant information in this section.
Regarding your question about “tuition, art, piano”, are you referring to a specific provincial/ territorial tax credit such as Manitoba Children's Arts and Cultural Activity Tax Credit, Nova Scotia Children’s Sports and Arts Tax Credit, etc.? If yes (and if you meet the eligibility criteria), you should be able to find the relevant questions in “Your Dependants” section.
Thank you!
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Can't find the UFile video
Hi Ankon, thank you for your comment! My apologies, I haven’t gotten a chance to edit the subtitles, so I haven’t published the UFile tutorial yet. I will work on it this Saturday and will publish the UFile video then. Thank you!
Hi Ankon, the UFile video is now published. Thank you!
Hi Zoey if we are renting where do we fill out our rental payments? And do we need to file anything for our child to receive child benefits?
Hello GENOMEFOX, are you referring to the Ontario Trillium Benefit? If yes (and if you are eligible for the benefit), choose yes for the question “Will you apply for the Ontario Trillium Benefit?” Then, search for “Ontario Trillium Benefit” in the search box and select the Ontario Trillium Benefit section. Enter the information in this section.
For Canada Child Benefit, you can enter your children’s information in the software in order to see the estimated CCB amounts, if you are already receiving the CCB. Choose yes for the question “Do you have any dependants?” Then, enter the information in “Your dependant” section. You will see the estimated CCB amount in the Summary. If you haven’t applied for the CCB yet, you can apply online using CRA My Account.
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return/ benefits.
Thanks!
Reference: www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html
@@ZoeySiu thank you I used your tutorial to do our income tax on my own for the first time this information was very useful if everything was done correctly on my end I will be doing this way for now own.
Take care
@@ZoeySiu I think I have the same question as GENOMEFOX. No, not about OTB. We are asking if we are paying rent for our place of living, can we use these rental expenses to claim any benefit or tax credit just like the medical expense? Seems there is no place for us to enter the rental expense?
@@GENOMEFOX Thank you so much for your comment! I am glad to hear that you were able to prepare your tax return yourself! Take care!
Hello Clarkson, the tax rules/ tax credits are different in different provinces/ territories. For example, in Ontario, the Ontario Energy and Property Tax Credit (OEPTC) is part of the Ontario Trillium Benefit (OTB). Eligible rent is one of the inputs that goes into the calculation of the tax credit.
Another example is Manitoba’s renters tax credit. (Reference: www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/manitoba/5007-pc/information-residents-manitoba.html#P11_318 )
Please look up the tax credits available in your province/ territory.
Thanks!
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return/ benefits.
Hi ZoeySiu, thanks for your excellent video. A question: is that software free of charge for taxation? Thanks
Hello, thank you for your question. Wealthsimple Tax (basic version) is free. They ask for a “donation”, but you can enter $0. They offer email support and audit protection for a fee (i.e. the premium version.)
Here’s a link to Wealthsimple website with information of basic versus premium versions: www.wealthsimple.com/en-ca/tax
Here’s a link to the CRA website with the list of certified software: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.html
Hi there, i m on my Maternity leave right now, d should I apply for taxes as well?
Hi Shma, thank you for your question. Hope your maternity leave is going well! For the 2022 tax year (January 1, 2022 to December 31, 2022), did you earn employment income or other sources of income? If you have income, it is important to file a tax return to report your income and calculate whether you owe tax or will receive a refund. If you have received maternity benefits during 2022, you will receive a T4E slip. Please report the information on your T4E tax slip in your tax return. Finally, it is important to file a tax return to continue to receive benefits that you may be eligible for, such as GST/HST credit, Climate Action Incentive Payment, etc.
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
If I am a work permit holder with less than 183 days of staying, should I need to have tax filing?
Hi Howard, thank you for your question. Great question!
First of all, you need to determine your residency status for Canadian income tax purposes to know your filing requirements. To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, and tax treaty.
The most important consideration when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty.
Generally, residents of Canada for income tax purposes are subject to Canadian income tax on worldwide income from all sources. On the other hand, non-residents generally need to report income received from Canadian sources (e.g. employment income in Canada.)
If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada).
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc643/working-canada-temporarily.html
We have the same situation. Started work as OWP just November 2022. Still researching on how to properly fill my new TD1 Form and filing 2022 taxes.
Hi Nico, thank you for your comment. As indicated in my response to Howard’s question, the first step is to determine residency status for Canadian income tax purposes. (Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc643/working-canada-temporarily.html )
Generally, residents of Canada for income tax purposes are subject to Canadian income tax on worldwide income from all sources. On the other hand, non-residents generally need to report income received from Canadian sources (e.g. employment income in Canada.)
To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, and tax treaty. The most important consideration when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty.
If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada).
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hello Zoey,
I'm filling my return through Wealthsimple and selecting "Ontario energy and property tax credit" as I live in Toronto. Under the heading "Total rent paid for your principal residence" I'm filling in the total rent paid, however, I wanted to know if I can fill the Property Tax that my landloard has paid for the property that I live in under the heading "Total property tax paid for your principal residence"?
If I do, this increases the refund amount under "Ontario Trillium Benefit (OEPTC and NOEC) monthly amount" which seems beneficial.
Thank you in advance for your help!
Hello Chirag, thank you for your question and comment. I am located in Alberta and I am more familiar with Alberta tax credits. Based on my understanding of the Ontario Trillium Benefit, eligible residents could claim either rent OR property tax. Generally, landlords pay the property taxes, not the renters. If you only paid the rent, you could only claim the rent payment. Please refer to the Ontario Trillium Benefit website for details: www.ontario.ca/page/ontario-trillium-benefit
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi Zoey . Thanks well explained. Do you take clients for tax year 2022
Hi Mikael, thank you for your comment and interest! My apologies, but I am not taking new client. I would recommend finding a tax preparer in your city, as some of the provincial or territorial rules/ tax credits are slightly different. It would be beneficial to find a professional who is familiar with the rules in your province/ territory, as they will be able to help you minimize your tax bill or maximize your refund. Thank you!
No worries.. thanks again
No problem! Thank you!
Hi Zoey, Thank You. I have printed my paper tax return T1 as I don't have a CRA account yet. Do I just put them in an envelope and post it or do I need to send them using some special envelope and can my spouse and I send our T1s in the same envelope? Thank you and wealthsimple
Hi David, thank you for your question. Even if you don’t have a CRA My Account, you can still file your tax return electronically. There are some exceptions, such as if the CRA doesn’t have your record on file. You can try to file your tax return electronically. If this works, then you don’t have to mail it!
Reference: www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/netfile-overview/eligibility.html
Hello, Zoey, thank you for the video!
I will be really appreciate, if you can help me. I don’t understand, what’s mean the question “Did you become a resident of Canada (immigrate) for income tax purposes in 2022” and also what I have to put in “Date of entry”. I came to Canada in 2019, but I used to have visitor visa, and I received my work permit (LMIA) in a December 2021. I can’t put date earlier than 2022, that’s mean, I have to put “No” in the first question, right?
Regards
Hello Montmorency, thank you for your comment and questions.
You mentioned you have been staying in Canada for a few years. Did you file taxes in the previous years? Are you currently receiving any benefits such as GST/ HST credit, Climate Action Incentive payment, etc.?
Residency status for income tax purposes is not the same as residency status for immigration purposes. You need to determine whether or not you become a resident of Canada for income tax purposes in 2022 (or in another year.)
To determine residency status for income tax purposes, the CRA looks at all of the relevant facts, such as residential ties, the length of stay, tax treaty, etc. One of the most important considerations when determining residency status is whether or not you have established residential ties with Canada. Significant residential ties include a home, a spouse or common-law partner, or dependants in Canada. Generally, secondary residential ties are looked at collectively in order to evaluate the significance. Some examples include Canadian bank accounts, driver’s licence, economic ties, etc. Generally, if someone establishes significant residential ties with Canada, they are considered as resident of Canada for income tax purposes, except when they are considered to be a resident of another country under an income tax treaty.
If your situation is very complex, please consult with a professional or contact the CRA. If you want the CRA's opinion on your residency status, you can complete Form NR74, Determination of Residency Status (Entering Canada).
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Reference: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html
@@ZoeySiu thank you for the response! No, I never receive any benefits or any other payments from Government. And I also never paid taxes, because I didn’t work in Canada before (I used to live as a tourist)
Hello Montmorency, thank you for your comment. You still need to determine whether or not you become a resident of Canada for income tax purposes in 2022 (or in another year, such as when you received your work permit), in order to know your tax filing requirement.
For liabilities purposes, this is not a question that I feel comfortable providing an answer on RUclips. Please reach out to the CRA to inquire about your residency status for income tax purposes.
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hello Zoey, how about for unused federal tuition in 2021, how or does it have to include in 2022 tax refund?
Hello! Great question! If you have unused tuition (as per your prior year Notice of Assessment/ Reassessment) to carry forward from a previous year, you can enter the unused amounts via the following steps in Wealthsimple Tax:
1) Type T2202 in the search box, and choose "Tuition and Education Amounts - T2202 & Unused Amounts"
2) For the question “Were you a post-secondary student in an earlier year?”, answer Yes
3) Enter your unused amounts
Thanks!
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
What is the benefit for filing with wife/common-law partner? Does tax bracket balance out?
or the benefits will be same if we file separately?
Hi Abhi, thank you for your questions. Great questions! First of all, please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately.
There are benefits for preparing your tax return and your spouse/ common-law partner’s tax return together, as it would be easier for the software to optimize the deductions/ tax credits (if eligible), such as spouse or common-law partner amount, medical expenses, donations, child care expenses, etc. This will allow you to maximize your tax savings.
Regarding the benefit payments (e.g. GST/ HST credit, climate action incentive payment, etc.), the total payments (if eligible) for the family will be the same regardless of whether you prepare the tax returns together.
Some people incorrectly assumed that they could get higher payments if they prepared their tax return and the spouse/ common-law partner’s tax return separately; however, this is not the case. The CRA calculates the payments based on marital status/ household income/ number of children/ etc. Assuming all the information (marital status, income, etc.) are reported correctly, preparing the tax returns separately would not result in higher benefit payments.
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hi Zoey, If I did my tax return in Turbotax, so should I do it again in Wealthsimple Tax again? I am a newcomer in Canada and Wealthsimple TFSA, please give a solution. Thank you so much.
Hi Nicky, thank you for your question. If you have already filed your 2022 tax return via TurboTax, please don’t file it again using Wealthsimple Tax. You only have to file your 2022 tax return once. The result should be the same using any CRA certified software, if you entered your information correctly.
You mentioned TFSA. TFSA is a type of registered account. Generally, the income earned on investments in a TFSA are not taxable. Please consult with your financial advisor if you have questions about your TFSA.
Thank you!
Please note that my comments above are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
@@ZoeySiu Thank you so much😀
No problem! Wishing you all the best in Canada!
Hi Zoey, if I owe $xxx to CRA as per Wealthsimple calculations, how do I pay that ?
Should I mail a cheque to CRA right after submission or should I wait until CRA does it's own calculations, which might differ from WS,
Thanks in advance
Hi, thank you for your questions. There are multiple ways (e.g. online banking, CRA online services, etc.) to make a payment to the CRA. Please refer to the CRA website for details:
www.canada.ca/en/revenue-agency/services/payments-cra.html
For the 2023 tax year, the deadline to pay taxes is April 30, 2024. It is important to pay your balance owing on or before April 30, 2024 to avoid interest and penalties.
(Disclaimer - Please note that my comments are provided for general informational purposes only. This is not tax advice. Also, I have no liability or responsibility over your tax return/ payable.)
Thank you for your sharing, It helpful, I have a question, On T4 Form, Should I check on the box 28? (CPP, EI ,PPIP)
Hello! Just to clarify - Your employer should fill out the T4 slip and give a copy to you. When you enter the information into a tax software, you should enter the information as per the T4 tax slip.
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Hi, I am have come to Canada in 2022. I am filing tax for the first time. I have heard that first time tax filers need to send the tax documents by mail to CRA. Is it true? Though, by following your video I submitted the tax return online using wealth simple tax and it showed successful submission from wealth simple. However, I didn't receive any confirmation from CRA itself. I am not sure if it is submitted to CRA. I see that I can't sign up for CRA account since this is my first time tax filiing. Is every thing alright? When would I be able to sign up?
Hi Subhankar, first-time filers CAN file tax return electronically, except when the CRA doesn't have the complete information on file. When you submit your tax return via Wealthsimple Tax (or any other CRA certified software), you would receive a confirmation number. If you received a confirmation number, this means that your return was submitted successfully.
The CRA is on strike right now. So, there will likely be delays in processing tax return ...
Regarding the CRA My Account, please refer to the CRA website for details: www.canada.ca/en/revenue-agency/services/e-services/cra-login-services/cra-user-password-help-faqs/registration-process-access-cra-login-services.html#hlp1a
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
Thank you for your kind reply
I didnt receive T5 from my bank, do I still report my interest income under T5?
Hello, you may not receive a T5 if your interest income is less than $50 dollars; however, you must still report this income. Thanks!
Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12100-interest-other-investment-income.html
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
@zoeysiu Thanks for your reply! In such case do I report it under T5 form and fill in the info based on my knowledge?
Hello, you should be able to calculate total interest income using information on your bank statements. In Wealthsimple Tax, to report interest income that’s not reported on T5, please enter this information in the “Other Investment Income” section.
Thank you!
Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.
@@ZoeySiu Thank you so much! Appreciate your sharing!
No problem! Have a wonderful day!
Hello
I input the foreign income of my common-law partner to wealth simple and she is not a resident of Canada, she is living and working in another country. I think she doesn't need to do a tax return and pay any taxes in Canada.
1. I see there is an option about sales tax credits, Can I still claim the sales tax credit?
2. After filling in all information, I see her name and income on the first page of my T1 form. Is it a normal case? Will she be charged any taxes? I have claimed that she is not resident in Canada in 2022.
Hello TY, you posted a question in my UFile video (which I already answered.) Not sure if you are using UFile or Wealthsimple Tax.
Here’s an article on the Wealthsimple website regarding how to enter information for non-resident spouse:
help.wealthsimple.com/hc/en-ca/articles/4409573378587
Regarding the GST/HST credit, please see the eligibility criteria on the CRA website: www.canada.ca/en/revenue-agency/services/child-family-benefits/gsthstc-eligibility.html
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your or your spouse’s residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)
Hii, zoey, I just want to know that if i filling tax for me and my husband together, What about the T4? Should i have to fill Only mine T4 tax not my husband's T4? Please let me know
Hello, thank you for your question. I talked about how to add a profile for spouse/ common-law partner at approximately 15:40 in this video. You can enter your tax slips in your profile and then enter the spouse’s tax slips in the spouse’s profile. Please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately.
Thank you!
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
Hii, I just wanna know that I am filling my tax in my profile and my husband filling tax in his profile. But we are preparing returns together. So, Can you just tell me I have to Fill My T4 in My profile and my husband Fill his T4 in his profile? Also, I have one more question Should I have to review and optimize for both profiles and also Should I have to submit both profiles ryt? Please reply me
@ravneetkaurpamma6991 Hello, thank you for your question. You should enter your T4 in your profile, and enter your spouse’s T4 in the spouse’s profile. Please note that tax returns for spouse/ common-law partner are FILED separately, even though you have the option to PREPARE the returns together in the software. At the end of the process, the software still generates two separate tax returns, and you have to FILE these separately.
After you click “Review & optimize”, the software will show suggestions/ issues (if any). If you make any changes, you can click “Review & optimize” again.
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
hi Zoey, this is very helpful thank you so much! I wonder if I could talk to you one-on-one for some tax advice? do you have a contact email somewhere? thanks!
Hi John, thank you for your comment and question. My apologies ... I am not taking new client currently. Thank you!
WealthSimple isn't free if when you get to the end of your return they extort you to "donate" $20 in order to submit your return to CRA. Sleezy AF.
Hi Alison, I don't think the "donation" is mandatory. You should be able to skip this and file your tax return! I do NOT work for Wealthsimple and I do NOT earn commissions or anything. You don't have to use this software if you don't like it. There are many free CRA-certified software! You can look at the CRA website for details. Thanks!
@@ZoeySiu It was absolutely mandatory or they were not able to proceed. I didn't insinuate it was your fault but people do need to be aware that they may get to the end thinking it was free and SURPRISE they have to pay.
Hi Alison, thank you for your comment! Have you tried putting $0 as the donation amount? Here’s the information I found on the Wealthsimple website: “You can also support the development of Wealthsimple Tax through our pay what you want model. After you submit your tax return to the CRA, we'll ask you if you'd like to support Wealthsimple Tax. You can choose any amount, including $0.”
Thank you!
@@ZoeySiu ya but that sure doesn't help on a Sunday when you've spent ages going through to put all the info in to file and come up on that you must pay or you can't proceed. My best friend that ran into this is no net newbie and there was no way around it and losing all his info wasn't the way he wanted to risk.
Hi Alison, thank you for your comment! I agree that Wealthsimple could have done a better job at making it easier for people to skip the page rather than having to put $0 as "donation". Thank you.
Hello Zoey, i have a message to your tiktok account but cant send because you are not following me. I hope you get my message asap. Thanks
Hi Melissa! Thank you for your comment. My apologies for the inconvenience. I have changed my settings. You should be able to send me a message now. Could you please try again? Thank you!