Issuance of T3's
Q: When will T3 statements be published to Wealthsimple?
A: You can expect to receive an email from us by the end of March regarding the issuance of T3's.
Q: Should I be receiving a T3?
A: You should only expect to receive a T3 if you held a non-registered account (Personal, Joint, etc.) that earned more than $50 in income in 2016.
Capital Gains and T5008
Q: Is the amount I see on the T5008 the capital gains?
A: If you received a T5008, the amounts shown are the Proceeds of Disposition, and not the capital gains. In order to calculate your capital gain/loss for 2016, you'll need the Adjusted Cost Base (ACB). You can find all the details in your Annual Performance Report, which is located in the 'My Documents' page of your Wealthsimple account. From there, you should see a page included in the performance report that shows your 'Proceeds of Disposition', 'Cost of Disposition', and 'Realized Gains/Loss''.
First 60 Days RRSP Contribution Slips
Q: I realized I over-contributed in my RRSP! Is there anything I can do to correct this?
A: If you made any contributions to your RRSP within the first 60 days of 2016, they can be applied to either the 2016 or 2017 tax year. The slip is used for record keeping in the case that CRA requests to audit your tax file. This allows you to properly allocate your 2016 RRSP contributions when filing your taxes.
Q: I noticed that the amounts aren't correct in my tax slip. How can I have this corrected?
A: In the case your tax slips look incorrect, feel free to email us at firstname.lastname@example.org with the subject reading 'Tax Corrections', and we'll investigate further and get back to you within 2 business days!
Tax Statements with Registered accounts
Q: I haven't received any T5's, T3's, or T5008! When should I expect to receive these statements?
A: In the case that you're invested in a registered account, namely the RRSP or TFSA, then you should not expect to receive these tax statements.
Reporting TFSA Contributions
Q: I noticed that Wealthsimple has not updated my TFSA contributions on CRA. When will this be done?
A: Our broker, Canadian ShareOwner Investments Inc., will have this information logged with the CRA before the end of April 2017.
For any specific tax questions, we recommend reaching out to your accountant or tax consultant!
Wealthsimple is not a tax authority and all filings should be approved by your accountant for accuracy.