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3 ways Sharesight helps Canadians at tax time

by Angela Thompson, Sharesight

With the April 30 tax deadline fast approaching in Canada, now’s the perfect time to review your portfolio tax obligations and ease your burdens a couple months from now. To help you along, we’ve outlined some important tax dates, as well as some helpful Sharesight features that can save you 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

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Important tax deadlines

MARCH 1 – RRSP contribution deadline
The final date for your RRSP contributions to be eligible for the 2018 tax year.

APRIL 15 – Tax slip correction deadline
Last day to request a Tax Slip correction.

APRIL 30 – Tax deadline
The deadline to file your 2018 taxes, unless you’re self-employed.

JUNE 17 – Tax deadline (self-employed)
The deadline to file your 2018 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:

Sharesight CGT Report Canada 2018 - tabletClick on image to enlarge

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).

Sharesight Taxable Income Report Canada 2018

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 Canadians

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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