[Free] How to file taxes in Canada in 2024 (tax year 2023)? Wealthsimple Tax step-by-step tutorial!

Hello, welcome to my channel. In this video, I will provide a step-by-step tutorial on how to use Wealthsimple Tax to prepare your tax return. I have made another video using UFile Online. If you are interested, you can take a look to see which software you prefer.
How to file taxes in Canada in 2024 (tax year 2023)? UFile step-by-step tutorial!
• How to file taxes in C...
Home Office Expenses for Employees - Tax year 2023 | How to file taxes in Canada
• Home Office Expenses f...
References:
www.wealthsimple.com/en-ca/tax
www.canada.ca/en/revenue-agen...
Disclaimer:
In the event of any discrepancies between this video/ materials posted on this channel and the CRA website/ documentation, the CRA website/ documentation will prevail. This video is for general informational purposes only. You are responsible for your own tax return. I have no liability or responsibility over your tax return. I take no responsibility for any errors or omissions in, or for the loss incurred by individuals or companies due to the use of the materials on my channel. This is a personal channel. Any views or opinions expressed by me and my guests/ interviewees are personal opinions, and do not represent those institutions or organizations that we may or may not be associated with in professional or personal capacity.

[@ZoeySiu]

Wealthsimple tax has different versions. The basic version is free. They call this the “pay what you want” version, but you can enter $0 to use this for free. For the basic version, you can file up to 2 tax returns for free. Regarding the $25 (default amount in the basic version), I was able to click into the $25 box and manually changed it to $0! Here's how I did it: kzbin.info/www/bejne/nGKmemmkbriseMU

[@nimasherpa3621]

Thank you

[@karenc5968]

Very helpful. Thank you for sharing!

[@ZoeySiu]

Thank you for your comment!

[@SiriwanDeachasiriprapa]

Thank you for sharing Zoey. Easy to understand

[@ZoeySiu]

Thank you so much for your comment!

[@manuvsktr]

Thank you for the video. Very useful.

[@ZoeySiu]

Thank you for your comment!

[@zouyun9660]

Nice explanations for the tax , thanks

[@ZoeySiu]

Thank you so much for your comment!

[@unclesamstory1691]

Thank you so much 😊

[@ZoeySiu]

Thank you so much for your comment!

[@ayush21399]

Thank you

[@ZoeySiu]

Thanks for your comment!

[@Trav-fp6fr]

thanks!

[@ZoeySiu]

Thank you for your comment!

[@georgeiancu2242]

Thank you for this video @ZoeySiu! Do you happen to know if Wealthsimple's basic plan for 2 returns also allows to file T2125 Statement of Business or Professional Activities? I couldn't find this information in their plan description.

[@ZoeySiu]

Hello, thank you for your question. Per the information on Wealthsimple Tax website, the basic version offers “Up to 2 returns, no restrictions on forms you can file.” Reference: get.wealthsimple.com/wealthsimple-tax-vs-turbotax/ Disclaimer - I have NO affiliations with Wealthsimple. Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@Chad99-nx7ze]

Thanks Zoey for this video. Very helpful. Could you please advise how/which section does one report day trading losses in the return? For day trading intention is to report those as business losses not capital loss? Thanks

[@ZoeySiu]

Hello, thank you for your question. The CRA publication IT-479R (Transactions in securities) lists the factors in determining whether transactions are considered as business versus capital. If the trading transactions occur as a business (rather than capital gains/ losses), Form T2125 is used to report the transactions. Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment whether your transactions are considered as business or capital. Also, I have no liability or responsibility over your tax return. Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/it479r/archived-transactions-securities.html If your situation is very complex, please consult with a professional or contact the CRA.

[@donnaamboy2784]

Hi zoey, thank you so much for these information. If my husband and I both have FHSA account, how are we going to file taxes jointly? I was trying to do it on wealthsimple but I can’t find options on adding my husband’s T4FHSA.

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, there is a question “New for 2023! Did you open a First Home Savings Account (FHSA) in 2023?” Then, you can go to “Manage your tax forms” and type FHSA in the search box. You can then enter the information as per your T4FHSA 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.

[@khungjuleekorea2973]

Hello zoey, thanks so much for elaborate information. Its really helpful. Can you share for self employed how to file taxes?

[@ZoeySiu]

Hi Khungju, thank you for your comment and question. I have a video on self-employment income / T2125. I used UFile for this video rather than Wealthsimple Tax. I can try to make a video in the future using Wealthsimple Tax. Here’s the link to the UFile video if you are interested: kzbin.info/www/bejne/gqjIqqSIrr5-q8U Thank you!

[@frostedsnow]

​@@ZoeySiua wealthsimple one would be very helpful!

[@ZoeySiu]

Hello, thank you for your comment. I will add this to my to-do list for when things slow down. Thank you!

[@AshishVerma-ez8zu]

@ZoeySiu Could you please let me know in which box no should we show our FHSA contribution. Seems like you have not covered the FHSA section.

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, there is a question “New for 2023! Did you open a First Home Savings Account (FHSA) in 2023?” Then, you can go to “Manage your tax forms” and type FHSA in the search box. You can then enter the information as per your T4FHSA 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.

[@deeppatel2422]

Nice video! What about the FHSA deductions? I can’t find any option for FHSA contribution deduction. Please help

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, there is a question “New for 2023! Did you open a First Home Savings Account (FHSA) in 2023?” Then, you can go to “Manage your tax forms” and type FHSA in the search box. You can then enter the information as per your T4FHSA 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.

[@user-cb1tp6ui3c]

Thank you for sharing! My child bought some books from her school for studying. Do I need to tax filing? In the column Medical Expense Description. I filed an MSP and paid $75 every month. Do I choose regular?

[@ZoeySiu]

Hello, thank you for your questions. For medical expenses, you can only claim eligible medical expenses. Per the information on the CRA website, provincial and territorial plans are not eligible expenses. On the other hand, generally, premiums paid to private health services plans can be claimed as a medical expense, as long as 90% or more of the premiums paid under the plan are for eligible medical expenses. Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#prvnclplns For textbook tax credit, the federal textbook tax credit was eliminated in 2017. If you are referring to the tuition tax credit, here’s the link to the CRA website: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-32300-your-tuition-education-textbook-amounts.html (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.)

[@user-cb1tp6ui3c]

Thank you so much!

[@247728]

All your videos are really informative. If only one spouse is working and another isn’t can we split the income, or claim the no income spouse as dependent?

[@ZoeySiu]

Hello, thank you for your comment and question. If you support your spouse or common-law partner and their net income was less than your basic personal amount (plus $2,499 if your spouse or common-law partner was dependent on you because of an impairment in physical or mental functions), you may be able to claim the spouse or common-law partner amount. Here’s the link to 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-30300-spouse-common-law-partner-amount.html Regarding income splitting, not all types of income can be split. Also, there are specific rules and criteria. Please consult with a professional or contact the CRA. 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.

[@gauravbhardwaj617]

Hi Zoey, I have just query that how we should treat income which is shown in box 81? Thanks

[@ZoeySiu]

Hello, thank you for your question. Generally, there are a few possible scenarios when working with a placement agency. For example: 1) the individual may be an employee of the agency (e.g. the agency withholds the CPP, EI, etc.); 2) the individual is not an employee of the agency; 3) the individual may be self-employed. I do not have sufficient information about your contract to comment on how this should be reported on your tax return. Please reach out to your employment agency or contact the CRA. (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.)

[@StarAMeiZing]

Hello Zoey. Thanks for the video. I have a question is: where can I file NR4 slip with an income code 61. Which form should I use to report this using wealthsimple? (more info: I was a non-resident until Nov 2023, this is my second tax filing in Canada; NR4 slip with my PR sin number, the bank is aware of my change of status). Thanks in advance!

[@ZoeySiu]

Hello, thank you for your question. For professional liability reasons, this is not a question that I feel comfortable providing an answer on KZbin. This is because I do not have sufficient information to comment on your residency status for Canadian income tax purposes. I have a general comment. Income code 61 means “Arm's length interest payments.” Please refer to the CRA website for details. If your situation is very complex, please consult with a professional or contact the CRA. 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 or reporting.)

[@polashbaidya7959]

Hey Zoey, It was a really helpful video. I'm an international student came last year in July. In this term Would I choose "Yes" in "Were you a Canadian resident for all of 2023"? If no could you please share with me how do i fillup this. Thanks

[@ZoeySiu]

Hello, thank you for your 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. The question “Were you a Canadian resident for all of 2023?” is related to residency status for income tax purposes. If you become a Canadian resident for income tax purposes in 2023 (i.e. not a Canadian resident for all of 2023), then you would answer no to the question “Were you a Canadian resident for all of 2023?” If you become a resident of Canada for income tax purposes in 2023, you need to report your date of entry, and your income earned while you were a non-resident. The income earned as a non-resident before moving to Canada is generally NON-TAXABLE (except for income you received from Canadian sources.) Income earned as a non-resident is required to calculate certain benefits and credits. If your situation is very complex, please consult with a professional or contact the CRA. 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/individuals-leaving-entering-canada-non-residents/international-students-studying-canada.html

[@chenchen-ux3vq]

thanks for the information, where should I fill in the overseas income from T4?

[@ZoeySiu]

Hello, thank you for your question. I am not sure if I understand your question. Could you please clarify what you meant by “overseas income from T4”? Are you referring to foreign employment income (i.e. income earned outside Canada from a foreign employer)? Generally, foreign employers do not issue Canadian T4 tax slips. So, I am curious what type of income you are referring to. If your situation is very complex, please consult with a professional or contact the CRA. Thank you! (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.)

[@chenchen-ux3vq]

@@ZoeySiuThanks for your reply Zoey, it’s just simply another job/employment income outside of Canada, wondering where to fill it in in T4

[@ZoeySiu]

Hello, thank you for your question. I can only provide general comments as I do NOT have sufficient information about your job/ employment (e.g. self-employment income versus employment income, was the income earned while you were living in Canada or outside Canada, does Canada has a tax treaty with the country/ region in which the foreign income was earned, etc.) Also, I do not have sufficient information to comment on your residency status for Canadian income tax purposes. 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. You mentioned this is foreign employment income (which I cannot confirm). Foreign employment income is reported on line 10400 of tax return. Here’s the information regarding foreign employment income on the CRA website: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-10400-other-employment-income.html#toc3 If your situation is very complex, please consult with a professional or contact the CRA. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. This is not tax advice. 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.)

[@raulbccanada22]

Hey Zoey, Thanks for your Tutorial.. can we submit here without encoding the NETFILE code?

[@ZoeySiu]

Hello, thank you for your question.The NETFILE Access Code is optional. It is intended to be used as an extra level of security. Here’s the information per the CRA website: “While this Access code is not mandatory, if you do not enter your Access code, you will not be able to use any information from your 2023 tax return when confirming your identity with the Canada Revenue Agency. You will have to rely on other information for authentication purposes. This code does not apply to you if you are filing your tax return for the first time.” Reference: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview.html (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.)

[@asingh3824]

Hi Zoe, very detailed video on tax filling... I have a question we family of 3 me my wife and my son.. we came in alberta canada arounf feb 23 on work permit and around nov we became PR.. how we file taxes as new comers and what points to consider so that we claim max benefit..... Also please suggest can do my first tax file my self or better to go for consultant... Thanks waiting for your response

[@ZoeySiu]

Hi, thank you for your questions. Welcome to 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. 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 you become a resident of Canada for income tax purposes in 2023, you need to report additional information, such as your date of entry, and your income earned while you were a non-resident. The income earned as a non-resident before moving to Canada is non-taxable, except for income you received from Canadian sources. Income earned as a non-resident is required to calculate certain benefits and credits. For Canadian residents who own foreign property, there may be additional reporting requirements (e.g. T1135), if they own specified foreign property costing more than $100,000. For the question “Did you own or hold specified foreign property where the total cost amount of all such property, at any time in the year, was more than CAN$100,000 in 2023”, if the answer to this question is yes or you are not sure, I wouldn’t recommend doing your tax return yourself. This is because the rules for foreign property T1135 reporting are complex. Per the information on the CRA website, “An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident's Form T1135 filing requirement in future years.” Regarding benefits for Canadian residents, some of the benefits include Canada Carbon Rebate, GST/HST credit. If you are eligible, you need to file your tax return to continue to receive these benefits. If your situation is very complex, please consult with a professional or contact the CRA. 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/ benefits.) Reference: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants.html

[@Nickytiantian]

Hello Zoe, I have a question on input information to the RRSP part, so for 2023, my company started the RRSP employer matching program, 1% of my gross income will be contributed to RRSP directly and my employer will match 1% and contribute to my RRSP. Q1: for the 1% salary self RRSP contribution part, do I just input that amount into self contribution RRSP section like you showed in the video? Q2: for the employer match 1%, do I need into it anywhere in the RRSP contribution section like you showed in your video? Or I don’t need input anywhere as I believe the employer match part is displayed in T4 slip already? Thanks

[@ZoeySiu]

Hello, thank you for your questions. For liabilities purposes, I don’t feel comfortable answering these questions via KZbin, because I do not know the details about your RRSP, and what portion of contributions was reported on T4 or not. Please reach out to your HR/ payroll department. They should be able to answer your questions. Thank you!

[@marcosburga4965]

Hi Zoey, thanks for the video. if I arrived on Dec. 16, 2023, do I have to file a tax return?

[@ZoeySiu]

Hi, thank you for your 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. If your situation is very complex, please consult with a professional or contact the CRA. 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

[@emiliawang2354]

Thanks for you sharing. I have a question. When I fill in the foreign tax credit, it automatically apply 15% limit to this credit. Could you please tell me which tax return APP will not have this limit?Thanks.

[@ZoeySiu]

Hello, thank you for your question. For professional liabilities reasons, I don’t feel comfortable answering this question via KZbin, because I do not know the details about your foreign income. Please consult with a professional or contact the CRA. Thank you for your understanding!

[@JungleJim156]

Hi Zoey, How do I add the Schedules (like Schedule 11 Federal Tuition, Education) to my submission to CRA ? Thanks

[@ZoeySiu]

Hello, thank you for your question. If you meet the eligibility criteria, you can claim the eligible tuition fees. Here are the steps to add this in Wealthsimple Tax: 1) Go to “Manage your tax forms” 2) Type “Tuition” in the search box. Go to the Tuition and Education Amount section. 3) Enter the information as per your T2202 tax slip. If you have any unused amounts from prior years, you can enter it here as well. If you don’t have the numbers, you can check your notice of assessment from prior year, or CRA My Account. After you enter all the information, the software will generate the tax return including the relevant schedules. Then, you can use NETFILE to send your tax return (including all the relevant schedules) electronically to the CRA. (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.)

[@animatekt6994]

Hi Zoey, if my husband does not have a Netfile access code as this is his first time to file the tax return , is this better to send our tax return by mail together? Or it is okay to send it separately, ie, I sent this through netfile and he send it by mail. Many thanks

[@ZoeySiu]

Hello, thank you for your question. The NETFILE Access Code is optional. It is intended to be used as an extra level of security. This code does not apply to you if you are filing your tax return for the first time. First-time filers can also file tax return electronically, except when the CRA doesn't have the complete information on file. When filing a tax return electronically, the CRA validates the information such as Social Insurance Number, name, etc. The system rejects a return if personal information doesn’t match what they have on record. Reference: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview.html (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.)

[@noddynoddy-fy3ze]

Hi Zoey, thanks for sharing the video. I have few questions would like to have your advices:- 1. Last year i had my tax filing handle by accounting firm. This year i would like try to do by myself. Should i need to delete the authorized representative(accounting firm) from my CRA account? 2. I have a permanent job with T4 and also work part time for 2 food delivery platforms with 2 separate T4A. Does it count as 1 or 3 tax returns? If 3 then i need to use Plus version, right? 3. Is it correct I have to fill the form T2125 for the food delivery income? Any expenses can write off? Thanks

[@ZoeySiu]

Hello, thank you for your questions. 1) Generally, your representative's access to your tax information remains until you or they cancel the access or it expires (if an expiry date was included in the authorization request). Reference: www.canada.ca/en/revenue-agency/services/tax/representative-authorization/cancel.html 2) Wealthsimple tax has different versions. The basic version is free. For the basic version, you can file up to 2 tax returns for free. There are no restrictions on the tax slips (e.g. T4, T4A, etc.) Even though you may have multiple tax slips, it still counts as 1 tax return. If you are filing your tax return and your spouse/ common-law partner’s tax return, these will count as two tax returns. 3) If you earned self-employment income, you need to fill out a Form T2125. If you have been keeping the required documentation (e.g. receipts, mileage log, etc.), you may be able to deduct eligible expenses, such as vehicle expenses. Reference: www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses/motor-vehicle-expenses.html If your situation is very complex, please consult with a professional or contact the CRA. (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.)

[@noddynoddy-fy3ze]

@@ZoeySiu Thanks a lot!

[@giakyhuynh661]

Thanks a lot for your guidance, Zoey. I arrived in Canada on December 25, 2023 with Study Permit and began studying in January 2024. I did not have any income in Canada but I have income in my home country for 2023 (from Jan to Nov 2023). I'm unsure which tax form(s) I should fill out. Could you please provide guidance?

[@ZoeySiu]

Hello, thank you for your 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 (if there is one.) 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. If you become a resident of Canada for income tax purposes in 2023, you need to report additional information, such as your date of entry, and your income earned while you were a non-resident. The income earned as a non-resident before moving to Canada is non-taxable, except for income you received from Canadian sources. Income earned as a non-resident is required to calculate certain benefits and credits. For Canadian residents who own foreign property, there may be additional reporting requirements (e.g. T1135), if they own specified foreign property costing more than $100,000 CAD. Per the information on the CRA website, “An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident's Form T1135 filing requirement in future years.” If your situation is very complex, please consult with a professional or contact the CRA. 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

[@giakyhuynh661]

Thanks@@ZoeySiu for the detail information. Regarding the resident status, if I just have the secondary residential ties (bank accounts, driver's licence), will I be considered a residents of Canada?

[@ZoeySiu]

Hello, thank you for your question. For professional liability reasons, I cannot provide an assessment of residency status via KZbin, without analysing all the relevant facts and tax treaty (if there is one.) My apologies, I am not taking clients at the moment. Please consult with a professional or contact the CRA. Thank you! (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax return.)

[@user-uk8ht5ek9v]

Hi Zoey! Thanks for your video! Do we have to file spouse returns separately and then linked together? Or should one partner claim the T4s? I have seen that your partner's return 0? Can we do the same thing for us? Thank you

[@ZoeySiu]

Hello, thank you for your comment and question. You should enter your T4 in your profile, and enter the 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. The numbers used in my video are not real numbers. I didn’t enter a T4 in my spouse’s profile because I just assumed he didn’t have one. (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)

[@user-uk8ht5ek9v]

Thank you so much...:)@@ZoeySiu

[@ZoeySiu]

Np! Have a great day!

[@lovedeepsingh3684]

Hello Zoey, thank you for your information. I opened a FHSA and selected yes on this software. However, i cant find the tab to add the information about FHSA. I know you can search it too but for some reason i cant type in the search bar.

[@ZoeySiu]

Hi, thank you for your question. Have you completed all the required fields in the basic information sections? It is possible the software might not let you search/ add tax forms until all the basic questions are answered. 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.

[@lovedeepsingh3684]

@@ZoeySiu Thanks for the reply. It was a software glitch and I had to sign out and log in again.

[@ZoeySiu]

Thanks for letting me know! Glad to hear that the issue was resolved.

[@lenakim1008]

Thank you for sharing. I have questions. I'm in Korea for about 1 year, but I have bank, MSP, cellphone etc in Canada and I'm using my boyfriend's house address for all of them. So I think I'm factual resident. Should I change home address and mailing address in CRA? Because there are questons in Wealthsimple like "Do you have a non-Canadian mailing address?", "Is your home address the same as your mailing address?".

[@ZoeySiu]

Hello, thank you for your question! For professional liability reasons, this is not a question that I feel comfortable providing an answer on KZbin. This is because I do not have sufficient information to comment on your residency status for Canadian income tax purposes. Please contact the CRA or consult with a professional. Thank you for your understanding.

[@lenakim1008]

@ZoeySiu OK I see. Thank you for answering!

[@zyrasamanthamalacas9998]

Hi zoey, how to claim childcare expenses? I’ve been trying to search the T778 form to be able to claim my childcare expenses but it’s not showing, it just keep on redirecting me in “Your Dependants”.

[@ZoeySiu]

Hello, thank you for your question. You are in the correct section! In Wealthsimple Tax, you can go to “Manage your tax forms” and type "child care" in the search box. Go to “Your dependants.” Answer all the basic questions in the “Your dependants” section. Then, there is a question “Did you have child care expenses for your dependant?” If you answer yes to this question, additional fields will appear for you to enter eligible child care expenses. Here’s the link to the CRA website for child care expenses: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21400-child-care-expenses.html If you meet the eligibility criteria, you can claim eligible child care expenses. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@robertoalvarado5613]

Hi Zoe! I would like to do taxes for my wife and me. Does it count as 2 for the free vbasic version?

[@ZoeySiu]

Hello, thank you for your question. Yes, these would count as two tax returns (i.e. a tax return for you, and a tax return for your wife) for the basic version. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax returns.

[@user-js6mf7bs4m]

Hello Zoey Siu, can you please advise how shall I submit my annual tax file if I lived in Canada only 15 days then moved back to home country? Currently, I am PR card holder. During my stay in Canada, I did not receive any governmental benefits, insurance and etc. We lived on Airbnb. Looking forward your precious advice. Thank you in advance!

[@ZoeySiu]

Hi, thank you for your 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. If your situation is very complex, please consult with a professional or contact the CRA. 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

[@Jordantan53]

Zoey, thanks for the informative video. Last year I took a course and an exam for my license as a financial advisor. Should I report them as Training Credit or self employed expenses? I don't have the T2200.

[@ZoeySiu]

Hello, thank you for your question. For the Canada Training Credit (CTC), you need to determine whether your course was eligible for the Canada Training Credit. The criteria for eligible tuition and fees for the Canada Training Credit are the same as the rules for the tuition tax credit. Also, you need to determine whether you met the eligibility criteria for the Canada Training Credit. For example, one of the criteria is your Canada Training Credit Limit (CTCL) for the year is more than zero. You can find your Canada Training Credit Limit (CTCL) on your notice of assessment or reassessment. Please see the CRA website for all the criteria: www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-training-credit/who-can-claim.html If you are self-employed (rather than employee), you can claim certain training expenses. However, not all expenses are eligible. Please refer to this CRA publication for details: www.canada.ca/en/revenue-agency/services/forms-publications/publications/it357r2/archived-expenses-training.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.)

[@Jordantan53]

@@ZoeySiu Thank you so much. Yes LLQP Course is eligible for Canada Training Credit and my training credit limit is $1,000. The LLQP course they don't issue T2202 so I am not quite sure where I should report this on Wealthsimple Tax :(

[@Jordantan53]

@@ZoeySiu I am not sure where I should report this on Wealthsimple tax. Under Education or Self-Employed Expenses?

[@ZoeySiu]

Hello, thank you for your question. Some institutions issue official tax receipt rather than T2202 certificate. (Reference: www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-2-students/income-tax-folio-s1-f2-c2-tuition-tax-credit.html#toc48) If you have an official tax receipt and you have confirmed that the course is eligible for the Canada Training Credit, you can add the eligible expenses in Wealthsimple Tax in the “Tuition and Education Amounts” section. There are instructions in this section regarding what to do if you don’t have a T2202 slip. You can click the link “Didn't get a slip? Here's what to do.” Please keep your official tax receipt and supporting document for at least 6 years, in case the CRA asks to see it. (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to confirm whether your course/ tuition fees are eligible tuition and fees for the Canada Training Credit and/ or the tuition tax credit. Also, I have no liability or responsibility over your tax return.)

[@Jordantan53]

@@ZoeySiu unfortunately they only issue the payment receipt, not the tax receipt.

[@noddynoddy-fy3ze]

Hi Zoey, I worked for food delivery driver. May I know if I can claim Capital Cost Allowance (CCA) on my vehicle? Please advise. Thanks!

[@ZoeySiu]

Hello, thank you for your question. Are you earning self-employment income? If you have been keeping the required documentation, you may be able to deduct eligible expenses, if you meet the eligibility criteria. Reference: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002/t4002-6.html#tocch4 If your situation is very complex, please consult with a professional or contact the CRA. (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.)

[@noddynoddy-fy3ze]

@@ZoeySiu Yes, as a food delivery driver is earning self-employment income. My vehicle is leased. Just want to make sure I'm able to claim CCA.

[@ZoeySiu]

Hello, thank you for your question. Leasing a vehicle is not the same as buying a vehicle. Here’s the link to the CRA website for details: www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses/motor-vehicle-expenses/deductible-expenses/motor-vehicle-leasing-costs.html If your situation is very complex, please consult with a professional or contact the CRA. (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.)

[@jnewman1718]

Hi Zoey, I have some questions about "claiming medical expenses". Under the "Medical Expenses" form, why is there only one option "travel" under "type of expense". What if we need to put it under "vision care" etc.? How do we enter it? Also, since we don't know about this "medical claim" until this year, can we also claim other eligible medical expenses incurred in 2022, in addition to 2023? Thanks for your informative video and help. Appreciate it.🙏

[@ZoeySiu]

Hi, thank you for your questions. In Wealthsimple Tax, under the “Medical Expenses” section, the first row in the table is for travel expenses, which are calculated based on the additional questions below the table. You should be able to enter other types of expense (e.g. regular) in the second row and subsequent rows. For tax year 2023, generally, you can claim eligible medical expenses if you or your spouse or common-law partner paid for the medical expenses in any 12-month period ending in 2023 and did not claim them in 2022. For details regarding the claim period and eligible expenses, please refer to the CRA website: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html#mdcl_xpns (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.)

[@jnewman1718]

@@ZoeySiu Hi Zoey, thanks for taking your precious time to reply. Really appreciate it. I have one more question about the medical expense claim. Since I didn't claim the 2022 medical expenses, I would like to set the 12-month claim period from Jan 2, 2022 to Jan 2, 2023. Where do I enter this in the form? I could not find a place/field to indicate it. I hope to get an answer from you soon, as I plan to file it early next week.😜TIA.

[@ZoeySiu]

Hi, thank you for your question. You can claim eligible medical expenses paid in any 12-month period ending in 2023 and not claimed for 2022. In Wealthsimple Tax, there is no field to enter the chosen claim period. It is your responsibility to keep track of your claim period and ensure you do not claim the same eligible expenses twice. Please ensure you have receipts for these expenses. Please keep your receipts/ supporting documents for at least 6 years, just in case the CRA asks to see it later. Please note that your total eligible medical expenses must exceed the lesser of the threshold amount and 3% of net income in order to reduce your taxes. You can consider this rule in determining your claim period. Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html (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.)

[@jnewman1718]

@@ZoeySiu Thanks again for the clarification. One follow-up question: If I set the 12-month period from, say, "July of 2022 to June of 2023" this time, does that mean that the next time I file my tax return (or in the future), I must always start from "July 2023 to June 2024", and so on? I might as well ask one more question so I won't keep asking you again after this. Note that I'm not asking for an advice, but just an explanation so I (or others who read this) can learn something. Why is it that whether I put all the medical expense claims under my name (retired, primarily pension income), OR under my wife's name (working full-time), the final refund amount remains the same? I thought that if you put the claims under the lower income earner, it would be better and make some difference. But it does not.🤔

[@ZoeySiu]

Hello, thank you for your question. Generally, you can choose any 12-month period, as long as the period ends in the current tax year. The 12-month period doe not have to start where your previous 12-month period ended. It is your responsibility to keep track of your claim period and ensure you do not claim the same eligible expenses twice. Please keep your receipts/ supporting documents for at least 6 years, in case the CRA asks to see it. Please note that your total eligible medical expenses must exceed the lesser of the threshold amount and 3% of net income in order to reduce your taxes. In Wealthsimple Tax, when you link your return to your partner's, the software allocates medical expenses to the person who benefits the most from claiming them. While you are correct that it is generally more beneficial for the spouse with the lower income to claim the eligible medical expenses. There may be exceptions. For instance, if the lower income individual has no taxes payable, the medical expense tax credit (non-refundable credit) may not have any uses. Therefore, in a situation where one spouse has little to no taxes payable, it may be beneficial to claim the medical expenses via the higher income earner. The tax software generally automatically optimizes this for you. Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return.html (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.)

[@JungleJim156]

Hi Zoey, how would I report ' Other employment income ' box 10400 using Wealthsimple ? This is for occasional earnings where no T4 or any tax slip is created. Thanks in advance.

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, you can enter an amount via the following steps: 1) In the add tax forms section, search for Occasional Earnings 2) Go to the “Tips, Royalties, Occasional Earnings, Etc.” section 3) Enter the relevant information in this section (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.)

[@JungleJim156]

@@ZoeySiu Thank You so much for all your help. This worked wonderfully. I just completed and submitted 4 returns. Cheers !

[@lahirurajapaksha9906]

Thanks, How can we claim BC renters tx credit through Wealthsimple?

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, you can go to “Manage your tax forms” and type British Columbia Renter's Tax Credit in the search box. Go to “British Columbia Renter's Tax Credit” and answer all the questions. Here’s the eligibility criteria for the B.C. renter's tax credit: www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@user-ux8vc2dm3p]

I have filed my taxes from 1st march on wealthsimple without a my cra account and this is my first time filling is this gonna be an issue for me?

[@ZoeySiu]

Hello, thank you for your question. Even if you don’t have a CRA My Account, you can still file your tax return electronically. 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. (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 or benefits.)

[@rjmapili9654]

Hi thank you for the informative video. After submission to Wealthsimple tax do we need to send the signed return to CRA by post? If yes, How? Thank you.

[@ZoeySiu]

Hi, thank you for your question. After you use NETFILE to send your tax return electronically to the CRA, you will get a confirmation number. You DO NOT need to send the paper return by mail. Please keep your supporting documents for at least 6 years, just in case the CRA asks to see it later. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@rjmapili9654]

@@ZoeySiu thank you for your respond. What is netfile?

[@ZoeySiu]

NETFILE is the electronic tax-filing service that lets you send your income tax return via the certified software (e.g. Wealthsimple Tax) to the Canada Revenue Agency (CRA). Reference: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview.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 or reporting.)

[@rjmapili9654]

@@ZoeySiu it means that after my submission to CRA via netfile thru simpletax I'm done and just wait for the Notice of Assessment. Thank you so much

[@user-ce4he5qu8j]

Hi it's my first time filing my taxes I used Wealth Simple as well but I can't proceed they asked me to mail my documents to their office. I just want to ask how long it will take to get me back so I can go through to make my CRA account and continue filling out my tax return. Thank you

[@ZoeySiu]

Hello, you can check the CRA standard processing times via the CRA website: www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/service-standards-cra/service-standards-2023-24.html You can also contact the CRA if you have any questions about your tax return. (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.)

[@user-ce4he5qu8j]

Thank you so much! ❤

[@Tech085]

Hi, I made a mistake while filing my taxes. Do you live outside of one of these census metropolitan areas: Winnipeg and expect to continue to do so on April 1, 2024? I picked ‘yes’ instead of ‘No’ and I already submitted. What do I do? I tried changing it and resubmitting it but I got an error and I already received my express notice of assessment.

[@ZoeySiu]

Hello, you can contact the CRA. The phone number for CRA benefits and credits is 1-800-387-1193. Reference: www.canada.ca/en/revenue-agency/services/child-family-benefits/cai-payment/how-get-payments.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/ benefits.

[@Mike-rz5zi]

Hello! I rent from my landlord. Where do I put my rental expenses on UFile? Thank you!

[@ZoeySiu]

Hello, 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.gov.mb.ca/finance/personal/pcredits.html#hsta) Please refer to the CRA website for the tax credits available in your province/ territory. If you are asking about the home office expenses using the detailed method, I have discussed this in this video. 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!

[@user-io1xf1rw9d]

Hi Zoey, After filing the tax refund on wealthsimple tax..what is the next step?

[@ZoeySiu]

Hello, thank you for your question. For individual income tax returns filed electronically, the CRA processing time is generally approximately two weeks. Reference: www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/service-standards-cra/service-standards-2023-24.html If you have questions about your tax return, please contact the CRA. (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.)

[@Janeniiee]

How about B.C. renter's tax credit which will give us $400? Could you please teach us where to submit on Wealth Simple.

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, you can go to “Manage your tax forms” and type British Columbia Renter's Tax Credit in the search box. Go to “British Columbia Renter's Tax Credit” and answer all the questions. Here’s the eligibility criteria for the B.C. renter's tax credit: www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit (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.)

[@recybalanquit9574]

Can I submit my tax return online even if its my first time to file tax return or I need to print it manually and what form should I print.Thank you

[@ZoeySiu]

Hello, thank you for your question! First-time filers can file tax return electronically, except when the CRA doesn't have the complete information on file. When filing a tax return electronically, the CRA validates the information such as Social Insurance Number, etc. The system rejects a return if personal information doesn’t match what they have on record. (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)

[@johndoee3992]

Hi I followed your steps and filled but didn’t get a number from CRA..Should I be worried? ?

[@ZoeySiu]

Hello, thank you for your question! In Wealthsimple Tax, if you successfully submitted your tax return to the CRA, it would show a message stating you submitted your tax return to the CRA, and it would show a confirmation number. If you have questions about your tax return, please contact the CRA. (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.)

[@mh-ul2on]

hi , is the procedure the same for a newcomer who landed in the middle of 2023 and is filling their first ever tax return in canada?

[@ZoeySiu]

Hello, thank you for your question. 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. 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 you become a resident of Canada for income tax purposes in 2023, you need to report additional information, such as your date of entry, and your income earned while you were a non-resident. The income earned as a non-resident before moving to Canada is non-taxable, except for income you received from Canadian sources. Income earned as a non-resident is required to calculate certain benefits and credits. For Canadian residents who own foreign property, there may be additional reporting requirements (e.g. T1135), if they own specified foreign property costing more than $100,000. Per the information on the CRA website, “An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident's Form T1135 filing requirement in future years.” If your situation is very complex, please consult with a professional or contact the CRA. 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

[@notebookrelaxation7437]

Hi Zoey, I just submitted, used basic version. How long will it take in progress? Thanks

[@ZoeySiu]

Hello, thank you for your question. For individual income tax returns filed electronically, the CRA processing time is generally approximately two weeks. Reference: www.canada.ca/en/revenue-agency/services/about-canada-revenue-agency-cra/service-standards-cra/service-standards-2023-24.html If you have questions about your tax return, please contact the CRA. (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)

[@notebookrelaxation7437]

@@ZoeySiuWe have to pay 25$ for through

[@ZoeySiu]

Hello, thank you for your comment! I was able to click into the $25 box and manually changed it to $0! Could you please give it a try? Here's how I did it: kzbin.info/www/bejne/nGKmemmkbriseMU

[@oliaklimenko468]

I'm sorry, please tell me what to click in the question were you a Canadian resident for all of 2023? if I arrived in Canada only in the spring of 2023

[@ZoeySiu]

Hello, thank you for your question. The question “Were you a Canadian resident for all of 2023?” is related to residency status for income tax purposes. First of all, you need to determine your residency status for Canadian income tax purposes. 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 you become a Canadian resident for income tax purposes in 2023 (i.e. not a Canadian resident for all of 2023), then you would answer no to the question “Were you a Canadian resident for all of 2023?” If you become a resident of Canada for income tax purposes in 2023, you need to report your date of entry, and your income earned while you were a non-resident. The income earned as a non-resident before moving to Canada is generally NON-TAXABLE (except for income you received from Canadian sources.) Income earned as a non-resident is required to calculate certain benefits and credits. If your situation is very complex, please consult with a professional or contact the CRA. 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

[@rodelyngana-gregorio1478]

Hi, What if the spouse is non resident of Canada. And the husband was Canadian resident and still married. They just live on different country. How do I file that if the wife has no SIN?

[@ZoeySiu]

Hello, thank you for your question. Wealthsimple Tax has an article that contains instructions for entering information for non-resident spouse: help.wealthsimple.com/hc/en-ca/articles/4409573378587-My-spouse-is-not-a-resident-of-Canada-what-do-I-do (Disclaimer - Please note that my comments are provided for general informational purposes only. I do not have sufficient information to comment on your/ your spouse’s residency status for Canadian income tax purposes. Also, I have no liability or responsibility over your tax returns.)

[@AvinoorChatha]

Hi Zoey, To claim rent credit of 400$, one eligibility says, you have to atleast occupy the space for at least 6 months. My Ques is, I arrive here in Aug 2023, making it 5 months, but I had paid my rent for july as well,to have a occupancy of the Basement. Actually, My cousin was living there, So, I paid the rent of july. Can you please help me?

[@ZoeySiu]

Hi, thank you for your question. If you are referring to the B.C. renter's tax credit, here’s the eligibility criteria: www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit If you have questions about the tax credit, you can call the phone number in the contact information section. For liability purposes, I cannot comment on your specific situation via KZbin.

[@loveleenkaur1189]

It is important to connect my cra account with wealthsimple tax?

[@ZoeySiu]

Hello, thank you for your question. The CRA Auto-fill my return is an OPTIONAL function. If you have a CRA MyAccount, this optional function allows you to download the information that the CRA has available, so that you don't have to enter all the information manually. If you are using this function, it is still important to check the information with your supporting documents, just to make sure that all the information is downloaded properly and completely. Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@biggtimber2736]

Hi Zoey! Is wealthsimple free? aim beaing asked to pay Basic for $25. Thanks!

[@ZoeySiu]

Wealthsimple tax has different versions. The basic version is free. They call this the “pay what you want” version, but you can enter $0 to use this for free. Regarding the $25 (default amount in the basic version), I was able to click into the $25 box and manually changed it to $0! Here's how I did it: kzbin.info/www/bejne/nGKmemmkbriseMU (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.)

[@biggtimber2736]

@@ZoeySiu You are awesome! Did not know you can change the amount!

[@alihadi4390]

Hello Zoey, how do we add the FHSA contribution done in 2023 ?

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, there is a question “New for 2023! Did you open a First Home Savings Account (FHSA) in 2023?” Then, you can go to “Manage your tax forms” and type FHSA in the search box. You can then enter the information as per your T4FHSA 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.

[@alihadi4390]

@@ZoeySiu Thank You, Much Appreciated ☺️

[@ZoeySiu]

Np! Have a great day!

[@pntlam2515]

CRA has confirmed to me they will only consider my income in calculating GST/HST credit, so I do not need to report my spouse income. When I select not to report my spouse income, Wealthsimple omits to generate the form of application for 2024 Ontario Trillium Benefit. I downloaded the application form from the CRA website and completed it, how can I submit the completed application form? or, do I need to provide my annual rental to CRA for OTB? Can I submit the document online?

[@ZoeySiu]

Hello, thank you for your question! I can only provide general comments, since I don’t have sufficient information to comment on your specific situation. If you have questions about your specific situation, please contact the CRA. Generally, Form ON‑BEN is attached to the tax return and filed to the CRA with the tax return (electronically or by mail.) Based on the information in the tax return, the CRA will determine the eligibility for the benefit. If you choose to file your tax return by mail, you can attach form ON-BEN to your tax return and send it to your tax centre. If you already filed your tax return and did not attach form ON-BEN, you can send the required information to your tax centre to apply for the benefit. Please see the information on the CRA website for details: www.canada.ca/en/revenue-agency/services/child-family-benefits/provincial-territorial-programs/ontario-trillium-benefit-questions-answers.html (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/ benefits.)

[@jclim8493]

Do I need to upload receipts of medical bus etc

[@ZoeySiu]

Hi, thank you for your question. After entering eligible expenses into the software, you do not need to upload/ send receipts to the CRA. However, you should keep your receipts/ supporting documents for at least 6 years, just in case the CRA asks to see it later. 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.

[@doidolev734]

I'm trying to submit online, but it's my first time because I'm a newcomer to Canada and I don't have a NETFILE. How can I submit this?

[@ZoeySiu]

Hello, thank you for your question. First-time filers can also file tax return electronically, except when the CRA doesn't have the complete information on file. When filing a tax return electronically, the CRA validates the information such as Social Insurance Number, name, etc. The system rejects a return if personal information doesn’t match what they have on record. The NETFILE Access Code is optional. It is intended to be used as an extra level of security. This code does not apply to you if you are filing your tax return for the first time. Reference: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview.html (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.)

[@doidolev734]

@@ZoeySiu thanks for your answer Zoey. I fixed rhe problem. The Service Canada Agent that made my SIN number put my name in the wrong way. He put my middle and last name all together in the last name, so I was putting my middle name in the middle name field of Wealthsimple, when I needed to put it all together in the last name field. I submitted it yesterday already. Thanks for your answer and also for your help here!!!

[@ZoeySiu]

Hello, thank you for letting me know. I am sorry to hear that Service Canada got your name wrong. Please contact Service Canada to update it.

[@deepanshumahajan8974]

i want to know that i also file tax for 2022 as a student. So, in my residency status i have to put Yes because i was in Canada in 2023 even though i was a student

[@ZoeySiu]

Hi, thank you for your question. If you are referring to the question “Were you a Canadian resident for all of 2023?”, this question is related to residency status for income tax purposes. This question is NOT related to residency status for immigration purposes. If you were a Canadian resident for income tax purposes for all of 2023, then you would answer yes to this question. 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

[@tongkaifu]

Hello Zoey, I'm a new immigrant landed in dec 2022, didn't file tax for year 2022. For year 2023, it s my first time to file income tax. For t1135, i can do it by 2025 April? Thanks.

[@ZoeySiu]

Hi, thank you for your question. You need to determine when you become a resident of Canada for income tax purposes, in order 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. Per the information in Income Tax Folio S5-F1-C1 (Determining an Individual’s Residence Status), here’s an excerpt: “In addition, the CRA considers that where an individual entering Canada applies for and obtains landed immigrant status and provincial health coverage, these ties will usually constitute significant residential ties with Canada. Thus, except in exceptional circumstances, where landed immigrant status and provincial health coverage have been acquired, the individual will be determined to be resident in Canada.” Per the CRA, “An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident's Form T1135 filing requirement in future years.” If your situation is very complex, please consult with a professional or contact the CRA. 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.) References: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-1-residency/income-tax-folio-s5-f1-c1-determining-individual-s-residence-status.html

[@nimasherpa3621]

This is my first year of income tax filing. I filed my income tax through wealthsimple. How can I get my refund in my bank account. I have just created my CRA account but not yet received security code.

[@ZoeySiu]

Hello, 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

[@nimasherpa3621]

@@ZoeySiu thank you for your response. One more question. How can amend the mistake online in income tax return already submitted. One of my friend forgot to fill up tuition fee details.

[@ZoeySiu]

Hello, thank you for your question! There are multiple ways to make adjustments to tax return, including ReFILE (via certified NETFILE software and EFILE software), Change my return (via CRA My Account), etc. Here’s the link to the CRA website for details: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change-your-return.html Here’s the link to the Wealthsimple website regarding ReFILE: www.wealthsimple.com/en-ca/learn/how-to-change-your-tax-return Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@gobikanaveenan7523]

I tried to enter my spouse details but I couldn’t.. can I know the reason? Or should I create new tax filing for my spouse?

[@ZoeySiu]

Hi, thank you for your question. Have you completed all the required fields in the basic information sections? It is possible the software might not let you proceed until all the basic questions are answered. In the “You and Your Family” section, enter your marital status, and specify whether you want to prepare your tax returns together if you have a spouse or common-law partner. If you have answered the questions accurately and it is a software issue, you can try logging out and logging in to see if this resolves the issue. 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.

[@mcpokernguyen9155]

how to fill the sale of a principal residence

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, under the general questions section “Property and things you may have invested in”, there is a question “Did you dispose of your principal residence in 2023?” If you answer “Yes” to this question, this will add a section “Sale of Principal Residence.” Per the information on CRA website, “If you sold or if you were considered to have sold your property in 2023 and it was your principal residence, you have to report the sale and designate the property on Schedule 3, Capital Gains (or Losses). In addition, you also have to complete Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust). Complete only page 1 of Form T2091(IND) if the property you sold was your principal residence for all the years you owned it, or for all years except one year, being the year in which you replaced your principal residence.” Reference: 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/principal-residence-other-real-estate/sale-your-principal-residence.html If your situation is very complex, please consult with a professional or contact the CRA. (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.)

[@mcpokernguyen9155]

Thank you, it's helpful.

[@Sandeep-pv1kg]

Pls advise....an international student, staying in University hostel. Can The amount of fee paid for hostel.....how it can be used as rental or other expenses in income tax filing?

[@ZoeySiu]

Hello, the 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. Reference: www.ontario.ca/page/ontario-trillium-benefit#section-3 Please refer to the CRA website for the tax credits available in your province/ territory. 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.

[@Sandeep-pv1kg]

@@ZoeySiu for British Columbia, can hostel fee paid to university be considered as rent expenses? Which form is to be used? Tx

[@ZoeySiu]

Hello, please refer to the information about the B.C. renter's tax credit here: www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit 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.

[@user-jx4rb1pb2t]

Why is it asking to connect my CRA account?

[@ZoeySiu]

Hello, thank you for your question. Are you referring to the CRA Auto-fill my return function? If you have a CRA MyAccount, the CRA Auto-fill my return service (OPTIONAL) allows you to download into Wealthsimple Tax the information that the CRA has available, so that you don't have to enter all the information manually. If you are using this function, it is still important to check the information with your supporting documents, just to make sure that all the information is downloaded properly and completely. The CRA does not have all the information, such as donation receipts, medical expenses, home office expenses, etc. You will still need to enter these manually. (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)

[@user-jm2np2jg5n]

How to add child adoption expense

[@ZoeySiu]

Hello, thank you for your question. Here’s the link to the CRA website for adoption expenses: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31300-adoption-expenses.html If you meet the eligibility criteria, you can claim eligible adoption expenses. In Wealthsimple Tax, you can go to “Manage your tax forms” and type adoption in the search box. Go to “Your dependants.” There is a question “Did you have any adoption expenses for Adoption?” Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.

[@Yoo-Mi]

This is my second year to file an income tax. Should I use wealthsimple again?

[@ZoeySiu]

Hi, thank you for your question! Choosing which software to use is a personal choice. There are many CRA certified tax software. The result would be the same as long as the information is entered correctly. Some of the tax software are free, while some software are free only if certain criteria are met (e.g. students, low income, etc.) It is just a personal choice. Here is the link to the CRA website for the list of CRA certified software: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview/certified-software-netfile-program.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.

[@destinycoach5]

This link ... Along with every attempt I have made to use Netfile takes me to that same page ... Understand net file. But no where does there seem to be a way to begin using it. Every link brings me back to understand Netfile. Am I missing something??

[@destinycoach5]

I do not have an access code. It appears there is no way to file without that. .. Is this correct?

[@ZoeySiu]

Hello, thank you for your question.The NETFILE Access Code is optional. It is intended to be used as an extra level of security. Here’s the information per the CRA website: “While this Access code is not mandatory, if you do not enter your Access code, you will not be able to use any information from your 2023 tax return when confirming your identity with the Canada Revenue Agency. You will have to rely on other information for authentication purposes. This code does not apply to you if you are filing your tax return for the first time.” Reference: www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/netfile-overview.html (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.)

[@destinycoach5]

@@ZoeySiu thank you. It's funny... I've gotten the same info ... The access code isn't mandatory but the file won't work without it. That means it's mandatory. Lol.

[@vishshik]

Where is FHSA contribution?

[@ZoeySiu]

Hello, thank you for your question. In Wealthsimple Tax, there is a question “New for 2023! Did you open a First Home Savings Account (FHSA) in 2023?” Then, you can go to “Manage your tax forms” and type FHSA in the search box. You can then enter the information as per your T4FHSA 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.

[@Peppermint1]

It's free for two years only. Third year it costs $25/year to have them sent it online.

[@ZoeySiu]

Hello, the “pay what you want” probably set the $25 as default. Can you please try changing it to $0 and then proceed? They call this the “pay what you want” version, but you can enter $0 to use this for free. For the basic version, you can file up to 2 tax returns for free. Reference: www.wealthsimple.com/en-ca/tax Disclaimer - I do NOT work for Wealthsimple and I do NOT earn commissions.

[@Peppermint1]

@@ZoeySiu Correction, I'm now at year 4 with them. The first three years I got the "pay what you want" option. This 4th year that message no longer showed up, instead when I did click "Send" blue button, site redirects me to a page with three payment options: 25, 40 and $80. Must select either, or nothing is being send to govt. Can still download the complete PDF for free.

[@Peppermint1]

@@ZoeySiu I made a video showing this, going to link it in a comment below, if it doesn't appear may look into the blocked comments to unblock it

[@Peppermint1]

@@ZoeySiu Video showing payment being required kzbin.info/www/bejne/Z56siWeCoKZ3a5Y

[@ZoeySiu]

@@Peppermint1 Hello, thank you for your comment! I was able to click into the $25 box and manually changed it to $0! Could you please give it a try? Here's how I did it: kzbin.info/www/bejne/nGKmemmkbriseMU

[@donnabradshaw5809]

Hi Zoey, Question: how do I transfer the Canada Carbon Rebate to spouse ?

[@ZoeySiu]

Hello, thank you for your question. If you have a spouse or common-law partner, only one of you will get the total payment for the family. The payment will generally be paid to the person whose tax return is filed/ assessed first. No matter which one of you receives the payment for the family, the amount will be the same. Reference: www.canada.ca/en/revenue-agency/services/child-family-benefits/cai-payment/how-get-payments.html (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 or benefits.)

[@thenaturevlogger9816]

Why don’t you tell that wealthsimple also charges for submitting return it is not free

[@ZoeySiu]

Wealthsimple tax has different versions. The basic version is free. They call this the “pay what you want” version, but you can enter $0 to use this for free. For the basic version, you can file up to 2 tax returns for free. Reference: www.wealthsimple.com/en-ca/tax

[@mgl985]

You did not show where to enter the child care expenses

[@ZoeySiu]

Hello, thank you for your comment. If you meet the eligibility criteria, you can claim eligible child care expenses. In Wealthsimple Tax, you can go to “Manage your tax forms” and type child care in the search box. Go to “Your dependants.” Answer all the basic questions. Then, there is a question “Did you have child care expenses for your dependant?” If you answer yes to this question, additional fields will appear for you to enter eligible child care expenses. Here’s the link to the CRA website for child care expenses: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21400-child-care-expenses.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.