If you haven’t used Wealthsimple’s tax services in the past, don’t stress. All you will need is a few key numbers from your previous return and you’ll be able to get started. Each year you continue to use the service will be a piece of cake, as all previous information will be...
you can check the status of your refund, check for benefit amounts, see previous years’ tax information and notices of assessment and make payments to your tax account. If you'd rather go the “old school” route, you can also call CRA at 1-800-267-6999...
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Eligibility18+18-71 years old Annual contribution limit$7,000 for 202418% of previous year's income, up to $31,560 Tax impact on contributionsNoneDeducted from taxable income Tax impact on withdrawalsGrowth and withdrawals are tax-freeTaxed as income (with some exceptions) ...
counting solely on a pension cheque to retire is really not wise. You are probably going to live much longer than your parents did, and you want to be able to enjoy your golden years without having to worry about money. Some publications lately showed that having a million saved up for ...
Wealthsimple Tax will look for mistakes and opportunities. For example, it may suggest that you defer some of your RRSP contribution to the next year. That’s a good idea, if you think you’ll have higher income the following year or years. By doing so, you’ll eventually get a ...
Eligibility 18-71 years old 18+ Annual contribution limit 18% of previous year's income, up to $31,560 $7,000 for 2024 Tax impact on contributions Deducted from taxable income None Tax impact on withdrawals Taxed as income (with some exceptions) Growth and withdrawals are tax-free Contributi...
Once you retire orturn 72, you must convert your GRSP into anRRIF, another type of tax-sheltered account, and pay yourself an annual, scheduled amount based on the value of the account and your age. You can also take out lump-sum orbuy an annuity. At this point you’ll pay tax at...
. Wealthsimple Trade is regulated by IIROC (Investment Industry Regulatory Organization of Canada) and has industry backing to the tune of $380 million from some of the world’s biggest banks. Their majority owner is Power Corporation of Canada, which has been around for more than 100 years....
it increased to $31,560.There are exceptions, of course. If you have not maxed out contributions in previous years, you are allowed to catch up. So if you have $10,000 of extra contribution space that you didn’t use in previous tax years, you can take advantage of that this year....