3 ways Sharesight helps Canadians at tax time

Disclaimer: The below article is for informational purposes only and does not constitute a product recommendation, or taxation or financial advice and should not be relied upon as such. Please consult with your financial adviser or accountant to obtain the correct advice for your situation.

For Canadians filing their taxes for the 2019 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.

Canadian tax features within Sharesight

Important tax deadlines

MARCH 1, 2020 – RRSP contribution deadline

The final date for your RRSP contributions to be eligible for the 2019 tax year.

APRIL 15, 2020 – Tax slip correction deadline

Last day to request a Tax Slip correction.

APRIL 30, 2020 – Tax deadline (Extended to June 1st for Individuals)

The deadline to file your 2019 taxes, unless you’re self-employed.

JUNE 15, 2020– Tax deadline (self-employed)

The deadline to file your 2019 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.

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:

For $25 per month I was given back about 15 hours of my life usually devoted to manually calculating CGT.

STEPHEN COLMAN, SHARESIGHT CLIENT

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

Join thousands of Canadian investors already using Sharesight to manage their investment portfolios. To get started for FREE, simply sign-up and import your stocks and mutual funds. Then watch as corporate actions such as dividends and stock splits are automatically incorporated. And there’s even a handy mobile app that lets you track your portfolio on the go!

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