Wealthsimple Tax's optimizer suggests carrying forward donations when there's no immediate tax benefit from claiming them in the current year. However, if you prefer to claim your donations this year, you can override the optimization results. Here's how:
- Navigate to the Summary > Optimizations section in your profile
- Find the "Donations to registered charities" line in the Credits & Deductions table
- Enter the amount of donations you want to claim this year
- Click Lock amounts next to the entry to prevent further automatic adjustments
Important notes:
- The optimizer suggests carrying forward donations to maximize your tax benefits over time
- Claiming donations without a tax benefit this year may result in a lower refund or higher balance owing
- You can carry forward unclaimed donations for up to 5 years
Remember:
- Keep all donation receipts for your records, even if you're not claiming them this year
- Consider the long-term tax implications before overriding the optimizer's suggestions
If you're unsure about the best strategy for claiming your donations, consider consulting with a tax expert.
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