If you live in a prescribed northern or intermediate zone, you may be eligible for the northern residents deduction. Here's how to claim it in Wealthsimple Tax:
- Add the Northern Residents Deduction section to your profile
- Fill out the deduction details:
- Enter the requested information based on whether you lived in Zone A or Zone B
- You don't need to include your name, address, or period of residence
- This deduction applies whether you're renting or owning a home
- Claim travel benefits (if applicable):
- Complete each column in the travel benefits section for every trip
- To add multiple trips, click "Add another Row"
- Ensure the total in the "Taxable travel benefits" column doesn't exceed the amounts from:
- Box 32 or 33 of your T4 slip, or
- Box 28 or 116 of your T4A slip
Your travel benefits deduction will be the lowest of:
- The taxable benefit you received (from your T4 or T4A slip)
- Your actual travel expenses for the trip
- The lowest return airfare available on your travel date
Remember:
- Keep all receipts and documentation to support your claim
- If you didn't fly, still include the lowest return airfare available on your travel date
- For detailed information on eligible expenses and calculation methods, refer to the CRA's website
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