{"id":16893,"date":"2020-02-17T15:06:21","date_gmt":"2020-02-17T20:06:21","guid":{"rendered":"https:\/\/wealthica.com\/blog\/?p=16893"},"modified":"2021-07-26T11:53:47","modified_gmt":"2021-07-26T15:53:47","slug":"tax-season","status":"publish","type":"post","link":"https:\/\/wealthica.com\/blog\/tax-season\/","title":{"rendered":"It&#8217;s Tax Season! Here&#8217;s how Wealthica can help"},"content":{"rendered":"<p>The last product update was about <a href=\"https:\/\/wealthica.com\/blog\/why-is-wealthica-free\/\">Wealthica being free<\/a>, teaming up with Finance Montr\u00e9al and Wealthscope scorecard.  This month, it&#8217;s all about tax season!<\/p>\n<div id=\"rtoc-mokuji-wrapper\" class=\"rtoc-mokuji-content frame2 preset1 animation-fade rtoc_open default\" data-id=\"16893\" data-theme=\"Kicker Child\">\n\t\t\t<div id=\"rtoc-mokuji-title\" class=\" rtoc_left\">\n\t\t\t<button class=\"rtoc_open_close rtoc_open\"><\/button>\n\t\t\t<span>Contents<\/span>\n\t\t\t<\/div><ol class=\"rtoc-mokuji decimal_ol level-1\"><li class=\"rtoc-item\"><a href=\"#rtoc-1\">Tax Season<\/a><\/li><li class=\"rtoc-item\"><a href=\"#rtoc-2\">Realized Gains and ACB<\/a><\/li><li class=\"rtoc-item\"><a href=\"#rtoc-3\">RRSP<\/a><\/li><li class=\"rtoc-item\"><a href=\"#rtoc-4\">2 more weeks of Wealthscope discount<\/a><\/li><li class=\"rtoc-item\"><a href=\"#rtoc-5\">New Passiv Add-on<\/a><\/li><\/ol><\/div><h2 id=\"rtoc-1\" >Tax Season<\/h2>\n<p>Tax season is coming up, and it\u2019s 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\u2019t 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. <\/p>\n<p>The deadline to file your taxes is April 30, 2020. That\u2019s where Wealthica can help! ?<\/p>\n<h2 id=\"rtoc-2\" >Realized Gains and ACB<\/h2>\n<p>In Canada, 50% of the value of any capital gains are taxable. <\/p>\n<p>This means that 50% of the capital gain you\u2019ve made last year has to be added to your 2019 income. <\/p>\n<p>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.<\/p>\n<p>It\u2019s never been more simple to export realized gains and loss data using the <a href=\"https:\/\/wealthica.com\/blog\/new-realized-gains-reports-power-adjusted-cost-base-acb\/>Realized Gains add-on<\/a>. <\/p>\n<p>Once you\u2019ve added the add-on to your Wealthica account, simply click on Download and you\u2019ll have a spreadsheet of all your confirmed trades, transaction dates, and amounts. You can also use the Income add-on to see dividend and distribution income that you\u2019ve received during a specific timeframe.   Make sure you double check your transactions, Wealthica makes it easier to calculate your gains, but you still have to make sure it&#8217;s complete and accurate.<\/p>\n<p>To learn more about the <a href=\"https:\/\/wealthica.com\/blog\/new-realized-gains-reports-power-adjusted-cost-base-acb\/>Realized Gains and ACB<\/a> reports you can read our article on this <a href=\"https:\/\/wealthica.com\/blog\/new-realized-gains-reports-power-adjusted-cost-base-acb\/\">here<\/a>.<\/p>\n<h2 id=\"rtoc-3\" >RRSP<\/h2>\n<p>Don\u2019t forget to maximize your RRSP contributions by verifying your contributions using the transactions feature. You can use various filters to see the contributions you\u2019ve 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. <\/p>\n<h2 id=\"rtoc-4\" >2 more weeks of Wealthscope discount<\/h2>\n<p><a href=\"https:\/\/wealthica.com\/blog\/portfolio-analysis-investments\/\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/wealthica.com\/blog\/wp-content\/uploads\/2020\/01\/wealthscope-limited-time-discount.png\" alt=\"\" width=\"850\" height=\"265\" class=\"responsive\" \/><\/a><\/p>\n<p>This is an opportunity that will end with the RRSP season. <\/p>\n<p>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 <a href=\"https:\/\/wealthica.com\/blog\/portfolio-analysis-investments\/\">Portfolio Analysis<\/a> tool that provides a portfolio Scorecard. For a limited time only.<\/p>\n<p>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 <a href=\"https:\/\/wealthica.com\/blog\/portfolio-analysis-investments\/\">portfolio analysis with Wealthscope<\/a> that you can read <a href=\"https:\/\/wealthica.com\/blog\/portfolio-analysis-investments\/\">here<\/a>.<\/p>\n<p>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. <\/p>\n<p>You\u2019ll <a href=\"https:\/\/wealthica.com\/blog\/portfolio-analysis-investments\/\">save 15%<\/a> when you subscribe to a yearly plan right using PROMO CODE : WSCOPE2020. <a href=\"https:\/\/app.wealthica.com\/addons\">Add Wealthscope scorecard to Wealthica<\/a> now.<\/p>\n<h2 id=\"rtoc-5\" >New Passiv Add-on<\/h2>\n<p>Passiv recently launched the free Passiv Lite add-on for Wealthica which will help you <a href=\"https:\/\/wealthica.com\/blog\/automated-portfolio-rebalancing-coming-to-wealthica-thanks-to-passiv\/\">rebalance your portfolio easily<\/a> or implement your <a href=\"https:\/\/wealthica.com\/blog\/canadian-couch-potato-investing\/\">Canadian Coach Potato Investing<\/a> strategy.   Try Passiv Lite free in the add-on section on Wealthica.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last product update was about Wealthica being free, teaming up with Finance Montr\u00e9al and Wealthscope scorecard. This month, it&#8217;s all about tax season! Contents Tax SeasonRealized Gains and ACBRRSP2 more weeks of Wealthscope discountNew Passiv Add-onTax Season Tax season is coming up, and it\u2019s important for investors to have a simple way to declare&hellip;<\/p>\n","protected":false},"author":1,"featured_media":16910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[2346,2344,2342],"class_list":["post-16893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-journey-updates","tag-acb","tag-rrsp","tag-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/posts\/16893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/comments?post=16893"}],"version-history":[{"count":18,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/posts\/16893\/revisions"}],"predecessor-version":[{"id":16935,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/posts\/16893\/revisions\/16935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/media\/16910"}],"wp:attachment":[{"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/media?parent=16893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/categories?post=16893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wealthica.com\/blog\/wp-json\/wp\/v2\/tags?post=16893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}