Overview

In Wealthsimple Tax, a negative number in the Amounts table (within the Summary section) means you owe money to the CRA. You can pay what you owe through Wealthsimple, or use another CRA payment method.

Understand your balance

Here’s how to interpret the number you see:

• Positive number: You are getting a refund
• Negative number: You owe money (balance owing)
• Zero: You do not owe money and you are not getting a refund

If you have a balance owing

To stay on track, follow these steps:

1. Note the amount you owe
2. Check the payment deadline (usually April 30 for most taxpayers)
3. Choose how you want to pay

Pay your tax balance

If you want to pay your CRA balance owing through Wealthsimple, you can do it through your chequing account using bill payments.

To pay by bill payment:

1. Add the CRA as a payee on your chequing account
2. Make a bill payment to the CRA from your chequing account

For detailed steps, follow: Set up a payee and pay your bills with your chequing account.

If you want to use another payment method, use the CRA instructions: Payments to the CRA.

Important notes

Keep the following in mind:

• Pay by the deadline to avoid interest charges
• Keep a record of your payment confirmation
• If you can’t pay in full, you can set up a payment arrangement with the CRA
• File your return on time, even if you can’t pay the full amount right away
• Interest starts to accrue after the filing deadline on any unpaid balance

If you need help understanding your tax balance in Wealthsimple Tax, please contact our support team. For questions about payment options or to set up a payment arrangement, contact the CRA.