How To Do Your Tax Return For Free - How Taxes Actually Work In Canada & Wealthsimple Tax Review
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- čas přidán 16. 06. 2024
- Tax season, already?! Yes, pretty much! Taxes are due in Canada in a few months, and the earlier you prepare, the better. Today we're going to break down everything you need to know about taxes, including how you can file - specifically using Wealthsimple Tax. We use the Wealthsimple Invest & Trade platforms, and this year we're using Wealthsimple Tax, too. We'll walk you through exactly how it works!
Wealthsimple Tax ($15 for signing up + a chance to win $5,000!) ▸ wealthsimple.sjv.io/MXzXMM
0:00 Tax Season, Explained
0:57 How do taxes work in Canada?
1:42 What are tax brackets?
2:57 How to use an income tax calculator
3:58 What are tax deductions?
5:10 How to file taxes yourself with Wealthsimple Tax
6:15 Wealthsimple Tax walk through & review
10:49 How are my crypto investments taxed?
Wealthsimple Tax Season & Crypto Articles 🚀
▸ Crypto tax myths that aren't true - www.wealthsimple.com/en-ca/ma...
▸ Guide to crypto taxation in Canada - www.wealthsimple.com/en-ca/le...
▸ What you need to know about crypto and taxes - www.wealthsimple.com/en-ca/ma...
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
Check out Wealthsimple Tax here ($15 for signing up + a chance to win $5,000!) - wealthsimple.sjv.io/5bmP1D
Thanks for this really helpful video!! I have been filing my own taxes since Forever lol mostly because I’m still a student and don’t work a lot so my taxes are pretty simple to claim! I love the whole auto-fill option and how WS calculates our capital gains and losses :) thanks again Steph and Den!!
One of your best videos! Great work, Steph & Den! 👏🏽👏🏽👏🏽
Thanks, Devi! 😊
Loving the videos. I keep showing them to my financial coaching clients in addition to my blogposts.
Thanks, Ruthy! That's great to hear 😊
Love you guys, thanks for the video I am new here in Canada and this was really helpful
So glad it was helpful! 😊
Super well done. Thank you for these videos
Since I moved to Canada for school on my own 5 years ago, I’ve been doing my own taxes via Ufile. I’ve had a wealthsimple account for a while but was also a little nervous of trying it for my taxes. I guess I’ll try it with them this year, thanks so much for this video! You two always help me feel so financially empowered
We love to hear that! Thanks so much, we're glad we can be a part of your financial empowerment 🙌🏿🙌🏻
I’m going to give this a try. Thanks guys😊
Of course! Let us know how it goes 😊
I wish I was that confident to complete my own taxes… but I think I’ll stick with my accountant she’s been great! Great video as always guys! 🙌🏾
Thanks, Daniel! 😊
I was a bit intimidated by filing my tax on WS and worried I'd forget a deduction or something, this video (especially the NETFILE import section) makes me want to give it a try!
Yay, so glad it was helpful! 😊
I always found taxes overwhelming and have been paying someone else to do them. I'm going to try to follow this video this year and do them on my own.
Amazing, Angie! You've got this 😊
You guys are awesome. How can I link to you guys?
Thank you Steph & Den for very helpful video. I try to do my own tax, however, I struggle at some points; if you work for someone - the employer does not provide you a T4, but they just tell the total amount that you worked or for Uber eats and driver which they also provide the total amount, not a T4, how do you file that with Wealthsimple? Thank you!
I have watched few of your videos and I think transparency is very helpful and effective and at cost of ur privacy thank you so much.
So glad you think so 😊
Hi! I am planning to use wealthsimple to fill my taxes. My question is: I was hoping not to put money in my RRSP this year (because through the years I put a lot) but I don't want to pay money to the government either and my contributions has helped me not to pay taxes through the years.
Can I fill my taxes with this application and will it calculate if I owe money without RRSP contributions and if I do I can go to my bank purchase RRSP and then complete my taxes with my RRSP contributions? Silly question but it will be the first time filing my taxes without an accountant.
What if we don't get T4 from employer? Can we manually calculate T4 number according to paycheque or how can we self-reort that income ?
Thank you for making these videos - they’re very helpful and informative 🙏🏽 Also, the link for the Neo Financial Cashback Credit Card doesn’t work 👎 pls help!
Thanks for watching, Sophia! 😊 It looks like it works for us - can you try one more time?
@@stephandden Yes, it worked! Thank you 😊
Am I supposed to count the Dividends from my Wealthsimple TFSA?
I have a small question, when will I get my return If I file my taxes right now through wealth simple? I think it's different for different platforms isnt it? Wealthsimple says its june 2022 is when you will start getting your returns.
Can you print your return rather than submitting it electronically?
What advice could you give me if I worked half of the 2021 in Montreal and the other half in Ottawa, How can I do my taxes ? May I use WealthSimple as well ??
Hey Jorge! If you worked in multiple provinces or for multiple companies, you'll have additional tax documents to include, but yes you will still be able to use Wealthsimple Tax to get them done 😊
Does Wealthsimple automatically tax half crypto capital gain at the marginal rate or its 100% as income?
Should I be concerned that it's a paid promotion lol. I have used intuit turbo tax for 20 years now. But wealthsimple dos look very similar. Some people are able to do their own taxes and I find that others just get so overwhelmed by it. Great video thanks for sharing how you all do you taxes.
With the amount they use wealth simple on their own (outside of sponsorship) I don’t think they’d steer us wrong! I know I will be using the platform for my taxes this year 😊
Ha - thanks, Nate! Very true, it's nice to see DIY and low cost services available 😊
Thanks, Leah! 😊
@@leahmary1 Oh I agree, that wasn't a knock, that's why I put lol My personality doesn't come across through text all that well I suppose. They are doing an amazing job and I appreciate that.
@@stephandden Forsure, also dont take my comment as a knock, I was trying to be funny. . There are many creators that promote products they don't use. I know you are not amongst them. Thank you for the amazing content!
Did you guys upload this one a third time?
It's been re-uploaded, yes. 😊
@@stephandden Ah, I thought my comment was deleted! I wanted to know what you guys used in previous years since I think I'm finally making the jump myself. WS Tax being free is a huge plus. How have other options you guys tried before compare to WS? For me, I used an accountant the past few years but I think it's time to save some money and do it myself!
I have never done taxes before myself so can I do all of my family members taxes on one account or is it one person taxes per account?!
Hey Saad! It's one person's taxes per account 😊
Good
🙌🏿🙌🏻
I already have wealth simple. I want to do my 16 yo taxes, can I do it under my account, or do I need to make her an account?
omg this looks like a dream but i have so many questions lol. i am using ws already but i also use alot of other crypto platforms. im assuming it supports metamask, so if i stake on a platform that ws doesn't have. for example (zombie inu website) that wont impact my taxes? im assuming until i either sell or transfer? my next question is when i first got into crypto for like a few weeks i bought and sold and traded quite a bit now im just holding after learning the ropes. so will i be classified as a business now or capital gains? i didnt make much, probable broke even at best because i was just testing the water. my last important question would be, i have an rrsp through my work and i have one at my bank. do i have to calculate the 2 or is there a way i just put the info separately. thanks, i think i might try this. ps how much does this cost?
Hey Darren! Great questions - we'd recommend reaching out to the Wealthsimple support team - you should be able to hop on a chat or call with them and get all of these questions answered in detail and in relation to their product, too! To answer your last question, it's 'pay what you want' which means it's free, or you can voluntarily pay whatever amount you want for the service 😊
The federal tax rate is 15%, yet it says $4380 for 50k income? 15% of 50k is over 7k. I'm confused here.
my income was around 30k, only 100 bux refund? help
Hey! Everyone's tax situation is different - I would look into trying to maximize the number of deductions available to you when completing your return. This is a list of potential deductions from the Government of Canada website - www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses.html 😊
Why not show people how to do them, instead of going them through
We did go through it! 😊
Like u guys should actually fill out the forms for us to more understanding , for example during the rrsp part u just said fill this out. It’s my first time filling taxes and I don’t even know the questions that they are asking for the rrsp form. U guys should go over more details on filling out each form. I don’t even mind watch a long video
Guys. Tax returns are serious matter. Please ask help from the professional. Otherwise you will miss something and CRA will screwed you up.
Hey! They are a serious matter, but luckily there are services that make it cheaper and easier for people to do themselves (as many do every year!) 😊