If you've made tax instalment payments throughout the year, you'll need to report them on your tax return. Here's how to add them in Wealthsimple Tax:
- Open your tax return in Wealthsimple Tax
- Look for the search box under "Manage your tax forms"
- Type "instalment payments" or "line 47600" in the search box
- Click on the Instalment Payments section that appears in the search results
- Enter the total amount of instalment payments you made for the tax year
Remember:
- Only include payments made for the current tax year
- Double-check the amount against your CRA records to ensure accuracy
If you're unsure about your instalment payments, you can verify the amount by logging into your CRA My Account or calling the CRA directly.
For a Québec return:
The instalment payments section will also allow you to report the total of your instalment payments on line 451 of your Québec income tax return (form TP-1).
Don't forget to verify the amount with your Revenu Québec statements to ensure its accuracy.
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