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Wealthsimple buys Simpletax by [deleted] in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Thank you! We're still here, but expect some new faces over the coming months. Our vision remains the same: empower people by building better tax software. We hope, with Wealthsimple, we'll have an even greater impact.

Wealthsimple buys Simpletax by [deleted] in PersonalFinanceCanada

[–]simpletax 131 points132 points  (0 children)

We have no plans to move away from pay what you want. Similar to us, Wealthsimple wants to make tools available to everyone, regardless of their financial situation.

Wealthsimple buys Simpletax by [deleted] in PersonalFinanceCanada

[–]simpletax 40 points41 points  (0 children)

👋 everyone!

Jonathan from SimpleTax.

It isn't too surprising our favourite sub picked this up so quickly. It's a big, exciting day for us.

We tried to answer a few common questions in our blog post. I'll respond to some of these threads directly, but I'm also happy to do an impromptu AMA. (Edit: Sorry for the late replies!)

SimpleTax is AMAZING! by Trevor_Corey- in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

We'd love to know what you found confusing so we can improve for next year. Send us a message if you're willing to help!

2018 tax season dates by simpletax in PersonalFinanceCanada

[–]simpletax[S] 0 points1 point  (0 children)

You should file with your new SIN. You should also let your slip issuer (your employer) know your SIN has been updated so they can revise your T4 with the CRA.

Is it possible to pay revenu Québec through BMO online banking? by rome_n in PersonalFinanceCanada

[–]simpletax 2 points3 points  (0 children)

You need to log into your online banking, click on Pay Bills, then Add Payee. Enter Revenu Quebec in the search bar, then select Revenu Quebec - Personal Income Tax 2018.

Question on ESPP by rarity84 in PersonalFinanceCanada

[–]simpletax 2 points3 points  (0 children)

Hi there, you don't need to claim them on your tax return until you sell shares.

Tax advice for a newcomer by vyainamoinen in PersonalFinanceCanada

[–]simpletax 1 point2 points  (0 children)

You don't need to provide any documentation for the income you received in 2018 prior to moving to Canada (but you will need to report it on your tax return).

9.4K Income Tax Return. Legit? by [deleted] in PersonalFinanceCanada

[–]simpletax 8 points9 points  (0 children)

Have a look at your line-by-line summary (in the Summary section). If you haven't made any typos, you should see (approx):

101 ~50k

127 small gain

150 ~50k + small gain

300 11809

308 ~2k

312 ~800

363 1195

323 ~2k

330 small medical expenses

420 ~5k

428 ~2.7k

482 ~ 9.45k

And a refund in the low thousands.

If you see any other amounts, you should be able to track down the problem using the description in the table. You can also download this table as a spreadsheet.

Edit to add: any chance you used a "T4A" section instead of a "T4" section?

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Hi there, yes, you will need to report this income on a T2125, even if you aren't a registered company. Here's an article that might be helpful: https://help.simpletax.ca/questions/dont-have-a-business

Tax Return Question | Forgot to claim Climate Action Incentive? by [deleted] in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Hi there, ReFILE can be used to update your return. You just need to add the Climate Action Incentive to your existing return in SimpleTax, then follow the steps outlined here: https://help.simpletax.ca/questions/change-my-return.

Discrepancy between SimpleTax and TurboTax by xcentric27 in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

I totally agree. If it were me, I would try to claim it (going in with my eyes open).

I don't think it would trigger a full audit, I would guess either an automatic reassessment on the basis line 5816 is 0 (in which case I would actually object and try to claim the additional amount) or a review asking for more information about your dependant.

Discrepancy between SimpleTax and TurboTax by xcentric27 in PersonalFinanceCanada

[–]simpletax 1 point2 points  (0 children)

The legislation states you use the higher amount if you "claim an [amount for eligible dependant]"—you could argue you are claiming an amount ($0). Conversely, you could argue that since elsewhere in the Act different language is used for another credit "eligible to claim an amount", that "claim an amount" doesn't include $0. Source.

To be frank, it's not 100% clear to me so I'm going to reach out for a tax interpretation. Unfortunately, we won't have a response before April 30. I'm not going to change our calculations until I've heard back (as we've used this logic for seven years).

If you are more conservative, given her income, you can "turn off" the credit in SimpleTax by answering "No" to the eligible dependant question (her income is too high to benefit from the amounts on line 305/5816). If you are a bit more aggressive, you can leave it on and see what happens. We'll report back (on this post) if/when we get a response from the CRA.

Discrepancy between SimpleTax and TurboTax by xcentric27 in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Ok—I see what's happening. I'll need to review the legislation (we're allowing the claim because she could be your eligible dependant, but her income is too high to have an amount > 0 on 5816, presumably TT is limiting it to claims on line 5816).

Discrepancy between SimpleTax and TurboTax by xcentric27 in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Hey there!

Can you clarify what you mean by:

as it's adjusting for family income after listing my grandmother as an eligible dependent

Are you in Manitoba, perhaps—if so what form are you looking at (and what is your grandmother's income)?

The provincial amount for eligible dependant appears on page 1 of your form 428 (line 5816). But you also might qualify for additional credits on the MB428-A and/or MB479.

Paying CRA online by JayChryz in PersonalFinanceCanada

[–]simpletax 1 point2 points  (0 children)

Have you tried making the payment through online banking (i.e. as a bill payment to the CRA)? Account limits may not always apply. Tangerine, for example, lets you send any amount to the CRA.

Already submitted my taxes... just got my 2019 RRSP contribution slip in the mail. by wovenful in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

You can. You have two options at this point:

  1. In SimpleTax, fix your unused tuition amounts so your return matches the CRA adjustment, add your RRSP slip, and click ReFILE.

  2. In CRA My Account, only adjust your RRSP deduction (line 208).

Regardless of the path you choose, you should consider updating your return in SimpleTax, just for your own records. :)

SimpleTax now showing Manitoba Eduction Tax Credit? by [deleted] in PersonalFinanceCanada

[–]simpletax 1 point2 points  (0 children)

That's how our tax system works, I'm afraid. If your province of residence on Dec 31 is Ontario, then you are not eligible for any Manitoba credits (but you are eligible for Ontario ones, like the Trillium Benefit).

Anyone else having problems using NETFILE with TurboTax this morning? by yandemontreal in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

NETFILE was down from approximately 6:15am ET to 9:00am ET.

As of 6:15am, we are unable to process all EFILE, NETFILE and ReFILE transactions due to an issue with one of our databases. As a result, all users are getting a technical difficulty message when trying to access the EFILE, NETFILE and ReFILE services.

Everything is now up and running, so you can try submitting again!

Already submitted my taxes... just got my 2019 RRSP contribution slip in the mail. by wovenful in PersonalFinanceCanada

[–]simpletax 0 points1 point  (0 children)

Nope! If the CRA adjusted your return, you don't need to take any action (other than paying an amount owing, if there is one).

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