In Wealthsimple Tax, a negative number in the Summary > Amounts table indicates that you have a balance owing to the CRA. Here's what you need to know:
Interpreting your balance:
- Positive number: You're receiving a refund
- Negative number: You owe money (balance due)
- Zero: No refund or balance owing
If you have a balance owing:
- Note the amount you owe
- Be aware of the payment deadline (usually April 30th for most taxpayers)
- Choose a payment method
Payment options:
- Online banking
- Credit card
- Debit card
- Pre-authorized debit
- Wire transfer
- In person at a bank or Canada Post outlet
Steps to make a payment:
- Visit the CRA's payment page
- Select your preferred payment method
- Follow the instructions for your chosen method
Important notes:
- Ensure payments are made by the deadline to avoid interest charges
- Keep records of all payments made to the CRA
- If you can't pay in full, consider setting up a payment arrangement with the CRA
Remember:
- File your return on time, even if you can't pay the full amount immediately
- Interest on unpaid balances starts accruing after the filing deadline
If you need assistance understanding your tax balance in Wealthsimple Tax, please contact Wealthsimple support. For questions about payment options or to set up a payment arrangement, contact the CRA directly.
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