When you link your tax profile with your partner's in Wealthsimple Tax, you'll notice some sections appear in both profiles. Here's why this happens and how it works:
Why sections are shared:
- To maximize tax benefits for both partners
- Allows the optimizer to allocate credits and deductions efficiently
How shared sections work:
- Initially, most claims are allocated to the higher-income partner
- Some claims (e.g., medical expenses) are allocated to the lower-income partner
- The optimizer runs when both profiles are error-free
- Wealthsimple Tax determines the most beneficial allocation of credits and deductions
What you need to do:
- Complete all relevant sections in your profile
- Ensure your partner does the same in their profile
- Review the optimizer's suggestions before submitting your returns
- Make changes to the suggested allocations if needed
Important notes:
- Shared sections appear in both profiles but are only claimed on one
- The final allocation aims to maximize overall tax benefits for both partners
Remember:
- Both profiles must be error-free for optimal allocation
- You can always adjust the optimizer's suggestions
For assistance using the linked profiles and optimization feature in Wealthsimple Tax, please contact Wealthsimple support.
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