New for 2024 tax year:
- Charitable donations made up until February 28, 2025, can count towards the 2024 tax year
- This extension is based on proposed legislation; the CRA will act as if changes are in effect
To claim charitable donations in Wealthsimple Tax, follow these steps:
- Add the Donations and Gifts section to your Wealthsimple Tax profile
- Enter your donation information:
- You can enter the total of all donations or each receipt individually
- Group donations by type (e.g., cash, goods, securities)
- Include donations made this year
- Report carried forward donations:
- Answer "Yes" to the question "Do you have any unused donations and gifts to carry forward from prior years?"
- Enter amounts carried forward from prior years in the Unused donations to table
- Include unclaimed donations made in the previous 5 years
- For couples with linked profiles:
- Wealthsimple Tax will allocate credits to maximize tax benefits
- You can adjust allocations in the Summary > Optimizations in the Credits and deductions table
Important notes:
- The CRA only receives your total donation amount by type, not individual receipts
- Keep all individual donation receipts and an itemized list for your records
- Store records for at least 6 years after the tax year
- The CRA may request detailed information in the future
Simplifying your entry:
- You don't need to enter each individual receipt into Wealthsimple Tax
- You can combine multiple donations to the same charity
- Group similar types of donations together
Remember:
- Ensure your total entered matches the sum of your individual receipts
- Only claim eligible donations made to qualified donees
If you need assistance entering donation information in Wealthsimple Tax, please contact Wealthsimple support. For questions about the eligibility of specific donations or complex donation situations, consider consulting with a tax expert.
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