BlogSharesight Features & Tips

3 ways Sharesight helps Canadians at tax time

by Angela Thompson, Sharesight
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 2020 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

  1. Canadian tax settings
  2. Canadian Capital Gains Tax Report
  3. Taxable Income Report

Sharesight Canada Tax Stocks

Important Canadian tax filing deadlines

MARCH 1, 2021 – RRSP contribution deadline
The final date for your RRSP contributions to be eligible for the 2020 tax year.

APRIL 30, 2021 – Income tax filing AND payment deadline
Last day for individuals to file and pay their income taxes for the 2020 financial year.

JUNE 15, 2021– Tax deadline (self-employed)
The deadline to file your 2020 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 TypeNotes
Non-registeredStandard 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:

cgt report - canada 2019

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).

taxable income report - canada 2019

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

Over 200,000 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:

Sign up for a FREE Sharesight account and get started tracking your investment performance (and tax) today.

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