This guide helps you get ready for the 2024 tax season. Here's what you need to know:
- Tax slip availability and timing
- Automatic tax information import
- Registered account contributions
- Reporting investment gains or losses
- Provincial and territorial resources
- Start your journey with confidence
Tax slip timing
Common tax slips and their release dates:
- T3/RL-16: By March 31, 2025
- T4/RL-1: By February 28, 2025
- T4A/RL-2: By February 28, 2025
- T5/RL-3: By February 28, 2025
- T5007/RL-5: By February 28, 2025
- T5008/RL-18: By February 28, 2025
Québec residents receive both T and RL slips.
Automatic tax information import
Save time by importing information from:
- CRA Auto-fill
- Revenu Québec (for Québec residents)
Registered account contributions
Report contributions for:
Registered Retirement Savings Plan (RRSP)
Report RRSP contributions to potentially lower your taxable income.
You may receive two contribution receipts:
- For March-December of the tax year
- For January-March of the following year
Report contributions made in the first 60 days of the current year on the previous year's tax return. You can claim these on the previous year's return or carry them forward to the current year.
Learn about RRSP contributions
Remember to report:
Learn how to carry forward RRSP contributions
Note: For Spousal RRSPs, the contributor claims the contributions.
First Home Savings Account (FHSA)
Report FHSA contributions to potentially lower your taxable income. You can claim contributions as a deduction or carry them forward.
Tax-Free Savings Account (TFSA)
TFSA contributions are not reported on your tax return. Your financial institution reports to the CRA or Revenu Québec annually.
Learn about TFSA contributions
Reporting investment activity
For non-registered accounts, report your gains, losses, and 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
Download your tax slips from Wealthsimple
When you sell a security for profit:
- 50% of realized capital gains are taxed at your marginal tax rate
- You'll receive a T5008/RL-18 to report capital gains
- Report your ACB (adjusted cost base) using T5008 information
Report interest earned or dividends received in non-registered accounts:
- Over $50: You'll receive a T5 (and RL-3 in Québec)
- Under $50: No slip issued, but you still need to report it on your return
Crypto gains and losses
Learn how to report cryptocurrency activity
Understand cryptocurrency gains and losses reporting
Provincial and territorial resources
We have collected information specific to each province or territory below:
British Columbia
Manitoba
New Brunswick
Newfoundland and Labrador
Northwest Territories
Nova Scotia
Nunavut
Prince Edward Island
Start your tax journey with confidence
Wealthsimple Tax is here to simplify your tax filing experience. Our user-friendly platform and automatic import features save you time and help maximize your refund.
Ready to take control of your taxes?
- Get started with Wealthsimple Tax and file with ease
- Explore our comprehensive tax help centre articles for in-depth information
- Book a session with our tax experts for personalized advice
Remember, our support team is always here to help you navigate your tax journey. Let's make this tax season your best one yet!
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