3 ways Sharesight helps Canadians at tax time
For Canadians filing their taxes for the 2023 tax year we've put together the below with important tax dates, as well as some helpful Sharesight features that can save Canadian investors both time and money this tax season.
Important Canadian tax filing deadlines
MARCH 1, 2024 – RRSP contribution deadline
The final date for your RRSP contributions to be eligible for the 2022 tax year.
APRIL 30, 2024 – Income tax filing AND payment deadline
Last day for individuals to file and pay their income taxes for the 2022 financial year.
JUNE 15, 2024 – Tax deadline (self-employed)
The deadline to file your 2022 taxes if you're self-employed.
Canadian tax features within Sharesight
With all your dividends automatically captured and in one place, Sharesight makes tax time a breeze. You can save yourself potentially thousands of dollars in accounting fees (including hundreds spent on CGT reports alone) by running your own tax reports and sharing them with your accountant. Here's how:
1. Canadian tax settings
Investors with a Sharesight portfolio tax residency set to “Canada” have a choice of the following tax settings which conform to Canada Revenue Agency (CRA) tax reporting rules:
| Tax Entity Type | Notes |
|---|---|
| Non-registered | Standard tax rules apply. |
| Registered Retirement Savings Plan (RRSP) | Non-resident withholding tax does not apply for US stocks. |
| Registered Retirement Income Fund (RRIF) | Non-resident withholding tax does not apply for US stocks. |
| Tax-Free Savings Account (TFSA) | Income from Canadian investments will be treated as non-taxable by default and not appear on the Taxable Income Report. Non-resident withholding tax still applies. |
Simply click into the Portfolio Settings tab, choose 'Tax Settings' and then select the relevant tax entity for your portfolio.
2. Canadian capital gains tax report
The Canadian capital gains tax report, available on our Investor and Expert plans, calculates capital gains made on shares using the 'Adjusted Cost Base' sale allocation method as per CRA rules. It breaks down short and long term capital gains and capital losses, and allows you to customise your discount rate and sale allocation method. It even lets you “carry forward” losses from the previous reporting period:
3. Taxable income report
The Taxable income report takes it a step further by breaking down all dividends over any time period, organised by local/overseas income, as well as non-trust/trust income (such as ETFs).
BONUS: Portfolio sharing
Another essential tax time feature is the ability to share your portfolio. Rather than printing-out and forwarding your Sharesight tax reports, you can securely share portfolio access directly with your accountant and/or financial advisor. With all your portfolio data in one place, they’ll have everything they need to prepare your tax documents. Available on all Sharesight plans, portfolio sharing ensures everyone’s on the same page and focusing on what really matters – not just at tax-time but throughout the year.
Simply the best portfolio tracker for Canadian investors
Thousands of investors like you are using Sharesight to simplify their tax reporting and discover the true performance of their investments. What are you waiting for? Sign up today and:
- Track all of your investments in one place, including stocks, mutual funds, property and even cryptocurrency
- Automatically track your dividend and distribution income from stocks, ETFs and mutual funds
- Run powerful reports built for investors, such as performance, portfolio diversity, contribution analysis and future income (upcoming dividends)
- Easily share access of your portfolio with family members, your accountant or other financial professionals so they can see the same picture of your investments as you do
Sign up for a FREE Sharesight account and get started tracking your investment performance (and tax) today.
Disclaimer: The above article is for informational purposes only and does not constitute a specific product recommendation, or taxation or financial advice and should not be relied upon as such. While we use reasonable endeavours to keep the information up-to-date, we make no representation that any information is accurate or up-to-date. If you choose to make use of the content in this article, you do so at your own risk. To the extent permitted by law, we do not assume any responsibility or liability arising from or connected with your use or reliance on the content on our site. Please check with your adviser or accountant to obtain the correct advice for your situation.
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