The last product update was about Wealthica being free, teaming up with Finance Montréal and Wealthscope scorecard. This month, it’s all about tax season!
Tax season is coming up, and it’s important for investors to have a simple way to declare taxable gains and transactions. For TFSAs and registered accounts such as RRSPs or RESPs, there isn’t much you have to do, but for unregistered accounts, there are some obligations that investors must fulfill. These include declaring taxable dividend income, capital gains and any foreign interest.
The deadline to file your taxes is April 30, 2020. That’s where Wealthica can help! ?
In Canada, 50% of the value of any capital gains are taxable.
This means that 50% of the capital gain you’ve made last year has to be added to your 2019 income.
If you have both capital gains and capital losses, you can offset the capital gains with capital losses. If you only have capital losses, the CRA enables you to use the capital loss to offset a capital gain you originally declared in the previous 3 years, or you are allowed to carry forward the capital loss into the future.
It’s never been more simple to export realized gains and loss data using the Realized Gains and ACB reports you can read our article on this here.
Don’t forget to maximize your RRSP contributions by verifying your contributions using the transactions feature. You can use various filters to see the contributions you’ve made this past year. You have until March 2, 2020 to contribute to your RRSP for the 2019 tax year. Be sure to make your contributions before then to maximize your tax deductions.
This is an opportunity that will end with the RRSP season.
Step into the new year by getting an objective second opinion on your portfolio health. Right now, Wealthica users can benefit from a 15% off discount on Wealthscope, the Portfolio Analysis tool that provides a portfolio Scorecard. For a limited time only.
The add-on will give you a comprehensive analysis of your global portfolio to help you better understand and manage your investments. We have a detailed post on portfolio analysis with Wealthscope that you can read here.
You can see how your assets are allocated, whether they are well diversified, and any correlation risk that you might have missed. The award-winning software will help you be confident in your investment decisions going into a seemingly volatile year.
Passiv recently launched the free Passiv Lite add-on for Wealthica which will help you rebalance your portfolio easily or implement your Canadian Coach Potato Investing strategy. Try Passiv Lite free in the add-on section on Wealthica.