Get ready to file your 2022 tax return

This guide is designed to help you get ready to file your 2022 taxes. Below, you’ll find the most important information you need to know heading into tax season.

Note: If you use Wealthsimple for investing or trading, we recommend using Wealthsimple Tax to file your taxes. Wealthsimple Tax automatically imports your documents and trading activity from your self-directed trading & crypto and managed investing Wealthsimple accounts, so you don’t need to worry about gathering all your information.

Available tax slips and when to expect them

Tax slips are released at different times during the first few months of the year. You can read about when to expect your tax slips from Wealthsimple or what tax slips to expect for each account type. 

Common tax slips that most people need are listed below:

 

You will likely receive this form if...

Who will you receive this form from?

When to expect the form

T3/RL-16

You had income from a mutual fund in a non-registered account, or from a trust. 

The institution where you hold your funds in a mutual fund or trust.

Institutions must send this out no later than 90 days after the end of the tax year. 

T4/RL-1

If you earned income from an employer.

Your employer

Employers must provide this form by Feb 28, 2023. 

T4A/RL-2

If you earned other income, such as from a pension, a retirement fund, a scholarship etc.

The company or institution where the income came from. 

Companies and institutions must provide this form by Feb 28, 2023. 

T5/RL-3

If you have income from investments or interest earned in a savings account.

The institution where you hold your accounts.

Institutions must provide this form by Feb 28, 2023. 

T5007/RL-5

If you received benefits or social assistance. 

The institution that paid out the benefits or social assistance. 

Institutions must provide this form by Feb 28, 2023. 

T5008/RL-18

If you earned capital gains on securities you own.

The institution where you hold your securities.

Institutions must provide this form by Feb 28, 2023. 
Note: Residents of Québec will receive both T slips and RL slips. 

Downloading your tax slips from Wealthsimple

Follow the links below to download your tax slips from Wealthsimple. 

Automatically import your tax information

When starting your tax return, you can save time by automatically importing your tax information from the CRA, Revenu Québec, and Wealthsimple.

CRA Auto-fill my return
The CRA’s Auto-fill my return feature lets you automatically import your tax slips into tax software like Wealthsimple Tax. 

How it works: For almost every tax slip that gets sent to taxpayers, a copy also gets sent to CRA. The CRA processes these tax slips and makes the data available for you to import into your tax software.

The result: You can automatically fill out the information in your tax return, such as tax slips, contribution information, and capital gains or losses, without needing to manually enter lots of numbers.

Wealthsimple import
It can take the CRA a little while to process everyone’s tax slips, so we let you import all your tax information from your Wealthsimple accounts a little earlier. 

If you use Wealthsimple Tax and have investment accounts with Wealthsimple, you can use Wealthsimple import. This feature allows you to directly transfer certain information from your Wealthsimple accounts into Wealthsimple Tax. You can import your tax slips as soon as they become available in your Wealthsimple account, so you do not need to wait for this information to become available from the CRA. 

Revenu Québec
Wealthsimple Tax also allows you to connect your account to Revenu Québec. This is a way for residents of Québec to have part of their return automatically filled out based on information directly from Revenu Québec

Tip: You can use both Wealthsimple’s import and the Auto-fill feature. If there is duplicate information, you will be asked whether you wish to keep both. You can also choose to use the import features multiple times. If you do this, we’ll automatically check to make sure your return has the most up-to-date information.

Contributions to registered accounts

Each year you can contribute to registered accounts tax-free as long as you stay within your contribution limit. Any income made in these accounts is not taxed. 

Registered Retirement Savings Plan (RRSP)
You'll need to report your RRSP contributions as detailed below. This can lower your total taxable income for the year.

You may receive two contribution receipts from your RRSP provider. One for March-December 2022 and one for January-March 2023, depending on when you made the contributions. You need these receipts to report your contributions on your tax return. 

You must report your contributions from January-March 2023 on your 2022 return. You will have the option to claim your contributions on your 2022 return, or carry any or all forward to your 2023 return if they provide no benefit on your 2022 tax return.

If you still have available contribution room, you can use this calculator to see how further contributions will impact your return. 

Other Wealthsimple Tax resources:

Note: If you have a Spousal RRSP, the contributor of the account will claim the RRSP contributions on their tax return. 

Tax-Free Savings Account (TFSA)
You do not need to report your TFSA contributions on your tax return. Your financial institution will send your contribution information to the CRA or Revenu Québec once a year to make sure you have not gone over your limit. 

Reporting gains or losses from trading and investment activity

If you have invested funds or earned interest in a non-registered account, you will need to report your gains, losses and any other income earned. Non-registered accounts include:

  • Personal accounts
  • Joint accounts
  • Save or Joint Save accounts
  • Crypto accounts
  • Save for business accounts
  • Invest for business accounts

For information and assistance about reporting your gains or losses in a non-registered account through Wealthsimple Tax, check out the articles in the Reporting income and capital gains section of our Help Centre. 

Capital gains
When you sell a security for a profit, you make a capital gain. In a non-registered account, 50% of realized capital gains are taxed at your applicable marginal tax rate. This means that half of your total gains are yours to keep, while the other half is added to your total income for the year and taxed accordingly. You will receive a T5008/RL-18 to report your capital gains.

To report your capital gains, you will need to report your ACB (adjusted cost base), which you can calculate based on the information given to you on your T5008. 

Investment income
Investment income includes interest earned or dividends received in a non-registered account. If you have over $50 in investment income in an account, you will receive a T5 (and RL-3 if in Québec). If you have under $50, you will not receive a T5/RL-3. Either way, you are required to report this on your return. 

Resources for reporting Crypto gains and losses
If you used Wealthsimple Crypto to trade cryptocurrencies, and you’re using Wealthsimple Tax to file your taxes, then your Crypto information can be automatically imported into Tax.

If you plan to use Wealthsimple Tax, but do not use Wealthsimple Crypto, or have cryptocurrency activity elsewhere, check out this article.

Finally, check out this article for more general information on reporting your cryptocurrency gains and losses.

Resources by province or territory

We have collected information specific to each province or territory below:

Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Northwest Territories

Nova Scotia

Nunavut

Ontario

Prince Edward Island

Québec

Saskatchewan

Yukon

 

Was this article helpful?

Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.

Begin your 2022 tax return

Want to talk to a human?

Our Client Success team is here to help.