This article applies to partners with linked profiles in Wealthsimple Tax.
If you live in New Brunswick, Newfoundland & Labrador, Prince Edward Island, or Nova Scotia, you may be eligible for a low-income tax reduction. Here's what you need to know:
When the low-income tax reduction appears:
- This credit is added after you review and optimize your profile
- It won't show up until you complete the optimization process
How to see if the credit has been applied:
- Navigate to the Review & Optimize section near the bottom of your profile
- Click the Review & Optimize button
- Check the Credits & Deductions table in the Summary > Optimizations section
Optimization for couples:
- Wealthsimple Tax automatically determines which partner should claim this credit
- The goal is to maximize your combined refund or minimize your combined balance owing
Important notes:
- Eligibility is based on your combined family income
- The credit amount may vary depending on your specific tax situation
If you don't see the low-income tax reduction after optimization:
- Double-check that you've entered your province of residence correctly
- Verify that all income information is accurate for both partners
- Ensure you've completed all sections of your profile
- You can review how tax credits are applied by checking the provincial tax form in the Documents section of your profile.
If you need help locating or understanding the low-income tax reduction in Wealthsimple Tax, please contact Wealthsimple support.
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