Transitioning to Wealthsimple Tax is straightforward. Most users only need a few key numbers from their previous year's return. Here's what you need to know:
Finding last year's information:
You can locate the necessary details in one of these places:
- Your Notice of Assessment
- CRA My Account
- Summary from your previous tax software
Adding information in Wealthsimple Tax:
To input your carry-forward amounts and other relevant information:
- Use the search box in Wealthsimple Tax to find the appropriate section for each item
- Enter the information in the corresponding fields
Remember, not all items will apply to everyone. The following sections outline the most common carry-forward items and how to enter them in Wealthsimple Tax.
| Last year's | Add | Auto-fill |
|---|---|---|
| RRSP information | RRSP Contributions & Deduction | Yes |
| Unused tuition amount | Tuition and Education Amounts | Yes |
| Unused losses |
Unused Losses |
Yes |
| Unused donation amounts | Donations and Gifts | No |
| Unused student loan amounts | Interest Paid on Student Loans | No |
| CCA (for contractors, landlords, or small business owners) |
Enter last year's closing UCC in this year's opening UCC column for each class |
No |
| Unused use-of-home claim (for contractors or small business owners) |
Enter the unused amount in the Use-of-home tab in the relevant section(s) |
No |
| CNIL (if you had investment losses in prior years) | Calculation of Cumulative Net Investment Loss
Enter the last two rows (lines 16 and 19 of last year's T936) |
No |
Less common carry-forward items:
- Unused employment expenses
- Certain provincial credits
- Mining credits
- Capital gains deduction amounts
- Alternative minimum tax carryforward
Remember:
- Not all items will apply to everyone
- Use the search box in Wealthsimple Tax to find specific sections
- If you can't find what you're looking for, contact Wealthsimple support
If you have questions about specific carry-forward amounts or how they affect your tax situation, consider consulting with a tax expert.
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