HOW to FILE Taxes with WealthSimple Tax for FREE | Canadian Tax
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- Опубліковано 15 вер 2024
- How is tax calculated? Do I have to file taxes? How do I FILE my OWN taxes in Canada? Is it Free?
I will be doing a Full WALKTHROUGH of How to File your own Tax using WealthSimple Tax for FREE. The deadline to file your 2020 taxes in Canada is April 30, 2021.
This video helps you breakdown Canadian Taxes, and understand how to file taxes in canada. It goes in depth and explains what income we get taxed on such as Employment Income, Business Income, RRSP Withdrawals, Investment Income. It also goes into how to reduce your Taxable amount with Tax Deductions such as Student Credits, Student Loan Interest, Work From Home Expense, Unclaimed Medical Expense. Reduce the tax bill even more with Tax credits such as Donations, Climate Incentive Credit, Ontario Energy Tax Credit.
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Helped immensely! Never would've considered filing my taxes on my own without this video. Will always file on my own going forward! Thank you brother!
You covered lots of little things I did not know how to do when filing this myself! Can't wait to claim all my physio appointments. 😅 Thanks man! Great video.
What happened bro..u quit? No more videos
This video was so helpful! Thanks for sharing such straight forward instructions :) I loved your sense of humour too!
Well done man!
You didn’t mention investment losses.
I had sold couple of my stocks in losses.
From Canada Quebec thank you 🙏
Capital losses can only offset capital gains. 😊 You can claim that on T1 under schedule 3. You would have to calculate your ACB(Adjusted cost base) and record that. It only counts as loss if you didnt buy back into the same stock/etf within the given time frame.
@@holmesshaw441 please madam! What is FIRE movement?
@@holmesshaw441 you did great ma'am share some tips I'm working to boost my financial status too, to avoid suffering after I retire
@@iraavni5413 FIRE means - Financial independent Retire Early
It's a movement about teaching people to work towards retirement
@@rhodespena2015 As a newbie I must advice both you and Anthony Mike to get a financial coach to help you in making a successful investment to avoid losing your money
Hey man! I really like your simple, honest style of presentation. Keep up the good work!
Where did you go
Was really hoping you would go over filling the T5008 form especially if you did multiple trades.
Awsome!!!!!! This video helped a lot !!! looking forward to the updated video
Where are you?
I‘m a work and traveler from Germany and I didn’t know I have to do taxes and I never did it before!! But thanks so much this helped a loooooottt
Thanks so much... i didn’t realize it was so easy to do your own taxes... i am definitely going to do my taxes myself next year...Thanks awesome video.
No problem. 😊 Thanks for watching!!! 😍
LOVED your enthusiasm! Thank you so much for this vid - you covered so many of the important points - stay blessed!
You legit helped me to maximize my return. Thank you King 👑
Watching in 2024!! You did such a great job with this video. You're super funny also 😊 Thanks!
Great video! Thank you, that was very helpfull. I'll be waiting for part 2.
Nice video hopefully you go over the student loan interest credit
Such a great breakdown of the steps! I am excited to fill my own taxes this year thanks to you :D. I was looking for the link on how to disclose the stock investments in the 2021 returns. I've done all of them through Wealthsimple trade but for some reason it wont autofill/load from there. It would be great if you could share on how to file those :) Thanks a ton in advance :)
Great video! Doing taxes for the first time in a new country is confusing to say the least but this helped a lot! I wish there was a video to claim WFH benefits with T2200s as well.
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Where are you bro. No videos.
We need more videos ! super informative content. Thanks a ton
Excellent video. I can see that a lot of effort and time has gone into making this video. Thank you very much. 🙏🏻
I have five questions. I hope you or anyone reading this might be able to answer.
1) I am in the process of doing my taxes in Wealthsimple Tax. I have already downloaded the T4, T3 and T5 information into Wealthsimple Tax from my CRA account. Wealthsimple Tax is, however, unable to download the T5008 because there are far too many entries in it. My question is, am I supposed to download the T5008 from my broker website and input a whole bunch of entries manually in Wealthsimple Tax or I am supposed to input just the consolidated amounts?
2) If I already have T3 and T5, what's the use/significance of T5008?
3) In 2020, I had, by mistake contributed more amount in my RRSP than my contribution room. How to account for that in Wealthsimple Tax?
4) On 12.31 2020, my daughter was in another province and was a full time student pursuing her Master's. She had 3 jobs at various times in 2020 for which she has her T4. She paid her tuition fees plus rent etc herself for most part but I sent her a lot of money in 2020 as well. Can she be considered as a dependent child for taxation year 2020?
5) Is it required by law that I must include my wife and my dependent children in my tax return? Can each member of my household do their own taxes individually?
Please help me with the above questions and thank you very much for your help and time.
Thanks for watching!!! 😍 I will try to answer them to the best of my abilities. If you want you should double check it with a professional aswell.
1) Wealthsimple Tax is unable to download it? You mean it doesnt exist or it is too big meaning you sold a lot of stuff during this year?
A T5008 form is given to your from your broker if you sold alot of stuff during this year, If so you do need to report that in the tax as capital gains. I think if you sold same stuff multiple times you could consolidate or you can enter them individually if you are not sure.
2) T3 and T5 report different things compared to T5008 and they ALL should be reported if you have all three. T3 is Trust based income, T5 is Investment based income such as interest and dividends and T5008 is Capital gains from securities sold.
3) Oh that is not good 😢 I think you have to pay tax 1% per month on the excess amount in there. I suggest you remove that excess amount right away. And contact CRA to see if you have extra tax to pay for that as you don't want to be hit with penalty charge on the Excess contribution tax amount. Also contact and see if maybe they can reduce the amount on the penalties/interest charged on the excess amount.
4) She can be considered a dependant as she is your daughter. But she might not qualify for some tax credits like for example she wouldnt qualify for the Climate Action Incentive Tax credit because she is over 18.
5) If your wife and children are dependant on you can should include them as you might qualify for some benefits and tax credits. Second part of that question YES they all should file individually.
THANK YOU!!! You made everything so crystal clear, and I am now actually looking forward to file my taxes next year 😊
Nice way of presenting with numbers. Keep it up.
Awesome video man, straightforward and helpful throughout the entire 20 mins
Thank you!!! 😍 Been meaning to make and post this video for a while now 😊
How to file a tax for spouse who is non resident (doesn't have a SIN) ? I want to use spouse credit.
Thank you so much...! this video has been so helpful..
Very helpful and great energy! Thank you 🙏
How to upload direct deposit form for first time tax return files
Hey what happen to your videos? I learned alot from them, you don't post anymore?? :(
How we can add that income that we didn’t pay tax before?
You make it seem so easy 😆 thanks man. I'll definitely try WealthSimple Tax next year
Yeaaaa file tax for free 😍 wooooo 🎉🎉
Thanks for tutorial!
I am ride share driver. Which consider as self employed income and i also collect HST. Do i need to file my HST separately or simple tax file it automatically for me
Please also if you explain about capital cost allowance for my vehicle. If i can file it every year for depreciation.
Can you make a video on how we report capital gains and losses on wealthsimple tax
Thank you for this! :) Is there a way to attach additional documents when you file your return, such as rent receipts?
I have the same question.....
Dude! Where are you? It's high time or an update. All this suspense is killing me!
my income was around 30k, only 100 bux refund? help
can you make video for how to file tax self employe lime door dash skip the dishes plz plz i want vidoe
Where did you go!
I have been waiting for this. Thank you 👏🏾
I gotchu 😍 we still got 4 weeks to submit it but doing it early feels good. Also if you get a big tax refund, its sweet!!!
I have only TFSA account on wealthsimple. Do I need to do tax file? Please reply me
Thank you!
You are doing great job just wanna ask that in past my agent was doing taxes but this year I wanna do it by myself so is there any procedure or it’s just straight filing
Where r u? No videos since 2 years
what about the tax in youtube? where we will input in there?
Thanks for the info. when do you get tax refund though?
WHERE DID YOU GO???
Thank you so much, this was really helpful. I also made donations in India for covid crisis. There were three different institutions. Will that count? Or it has to be Canadian only
hey..This video was helpful, If you mind can I ask, does filling tax refund have impact additional benefits in my permanent residence application regards in my dependent's?
This is helpful and looks like you missed talking about Canada training credit which is more common among students to get maximum refund.
Thank you!!! Oh do you mean Student tution credit? I was planning to make another video on the "not so common" tax forms 😊
@@investingsimplified2341 Awesome
@@investingsimplified2341 Great video bro. Thank you! I believe some sections one can add onto the Wealth Simple tax return are : Tution and Education Amounts, Canada Training Credit, and Interest Paid on Student Loans.
Doing your own taxes don’t appear free on wealth simple. They’re asking me to pay $82 and I didn’t even earn $10,000 Canadian this year
Miss you brother! Ever coming back to youtube?
Hey bro can we file the tax of 3 years together at simple tax or i need to file each year tax differently
What if I own two homes. I rent one of them. Can I use this program
I watched one your videos regarding "Wealth Simple', and you have nothing but good things to say about them. Did you check their home page and see what real clients of theirs have to say. Pretty shocking ,if ask me. Also, you don't mention about the yearly fees($350-800) depending on your portfolio. Am I missing something here?
Nothing is free Alex but you don't get much from discount brokerages like TD either as each trade costs 9.99 buy and sell and having free trades gives you the ability to buy odd amount of shares... But nothing is free....I think it's okay for people just starting out but yea those hidden fees ..as you have found out.. big guys have it to... The only reason I trade with TD is because of the greater chance your buy and sell will go thru as they have like 80+ percent of the market.
You are a god!
Did you become resident of Canada for tax purposes in 2022? It should be true for student who came in Dec 2021?
I live in QC, in Releve1 box E it has a figure/amount that doesn't have in T4, Do i need to enter both forms in the system? will it be a double entry?
Do u have to do taxes for a tfsa wealthsimple account
No
A little late but very helpful thank you
Hey bro just a quick question for you if I come in the month of September 2021 then should I write 3 months paid rent or should I write for the whole year.
Hi.I gave my Tax filing and CCB filing to Accountant but I dont know if filed or not since he is not picking up my phone Can please tell me how can I check my Tax filing and CCB process online ?
Cheers great help!
I will like to get in touch with someone expertise. Can you recommend? I am new to Canada and not able to find one.
How we can claim Ontario trillium benefits if multiple people are loving in the same house
Wait so we gotta put our old tax returns before filing for 2020? Nice video btw!
If you havent done your 2019 tax return, then YES you need to do that first then do 2020 tax return 😊
2022 easy way was very fast and simple
I just got a hammer to smash that LIKE button, but wait...... That will break my phone. 🤓
Hahaha 😂😂 Thank you but dont break your phone 😋 Happy Investing!!!🎉🎉
I filed my first income tax return in Canada, but it's been more than 30 days and I still haven't received my tax assessment.
Is this common, or will the CRA take a long time to process a first-time tax return?
If I haven't worked for an entire year (had no job since 2019), I won't need to file a TF, right? this is my second time filing taxes and I filed a TF previously since I did work. Pls answer asap since the deadline is coming
I wish you posted this video last week. I paid 165$ to get my taxes done just to find out that I owed government 750$.
I was trying to get it out ASAP but editing the long video took forever. 😢 Next year you can do it for FREE!!!🎉🎉
Ohh yes I definitely will. Thanks for this video. Looking forward for your new one’s.
Haha that Sherlock Holmes at 5:00 😂
Hahahaha yea 221b Baker st 😂😂🕵️♂️🕵️♂️
HOW ABOUT FOR INTERNATIONAL STUDENTS, HOW WE FILL THIS TAX???
Hello please answer. I havent beentaxed on cerb. How come?
Hi bro can everybody claim that Work from Home amount or just the people who actually worked from home?
Absolutely great video! I just uploaded a video about Dividend Investing basics! Congrats again on you vid very informative.
Man I will use Wealthsimple for next year now. Good explanation 👏
Yeaaa filing taxes for free!!! 🎉🎉
Wealthsimple making taxes, investing and trading so easy.. thank you for the video!
Thanks for watching!!! Yea, I love their Trade and Tax products 😍 They make it really simple for us. Happy Investing!🎉🎉
Thank you!
Hey bro I tried autofill CRA option but it says I have to register as representative
Hey, does anyone know if first-time filers in Canada need to send the documents by mail, or they can just do it electronically through this website?
Nice and informative video! How about taxes on personal cash account on Questrade and Wealthsimple trade?
Thanks!!! I am currently working on that... You only pay taxes on personal qccount if you receive dividends or you sell your stocks accumulating capital gains. All the information about capital gains will be recorded on the T5008 form provided from the brokerage. 😊
What happens if you make a wealth simple account but you don't need it no more?can you delete it? Please help me.
do you have an insta ? I'm trying to ask you specific question about wealthsimple ! your channel is so clear !!!! keep up
Don't be afraid to ask your questions to the community. I'm sure between us all, we can help :)
Thanks dude.. ❤❤❤
Hope you doing okay brother!
Expecting new video update
bro, thanks
At 6:32 the question is Are you a Candian Citizen? However, while you explained it you read "are you a Canadian resident". Could you please clarify, since I believe you must be still holding your Indian passport?
Thanks for catching that, I did read it canadian resident by accident 😋 but yea the question is if you are a Canadian Citizen aka holding a Canadian passport or holding a Dual Citizenship. 😊
@@investingsimplified2341 thanks for clarifying! kinda sucks though , now that i know i wont get the 300 CAD climate benefit 🤪
was thinking to do it but in Quebec having 2 governemnts makes it twice as dull.. ;-\
thanks for your advice and vid anyways dude
Yea that sucks 😛 2 government taxes makes it a little extra work
Uber tax?
Can you explain the T1LL form? How to input in current and past years?
New look super!!!
nice person of nice natre
LP Balaji
Sorry but you cannot invest in Canada...the government doesn't reward people who actually want to make a living
Great video! Do you have a video on business taxes??
Thanks!!!😍 I am currently working on a video that covers the "not so common" tax forms... Hopefully it will be up soon 😊
I'm curious about wealth simple trade platform,, is it safe to use it? Your advise will help me pursue to go over in the platform and I can use your code. Please?
WealthSimple Trade is pretty safe. It is a member of IIROC and CIPF similar to Canadian banks which means your investment is protected up to a certain amount, I think it is up to a $1 million but double check aswell.😊 If the company ever goes bankrupt your investment is proctected and you will receive your money. Take a look at it. Happy Investing!!!🎉🎉
Thank my friend , it was a relieve ...
Can we file for past years?
Yup you absolutely can, the only hard part it seperating all the different years income, tax detuctions and tax credits and then doing them one at a time 😊 It is always a good idea to do it every year. Becasue if you had to pay CRA tax bill last year and you missed it, then you owe CRA that tax bill and they might add penalty and late charges to that amount. 😢
BUDDY.. where ya go? did u loose all your money or something ? hahah
Bro what about skip the dishes couriers?
Does Skip the Dishes provide a T4? If not you can claim that as a Business Income under T2125 and put in your income, expenses like for your car like gas, milage, repairs, extra bags for skip the dishes and stuff like that. 😊
you'd also need info like the kilometers driven for business use and total kilometers driven with the year so you're able to claim the percentage of the expenses for business use under the T2125. I don't think you'll receive a T4/T4A, but they may provide a statement of kilometers driven. Make sure you have receipts for all expenses in case CRA were to audit the account and ask for proof (You'll need actual receipts, bank statements aren't suffice).