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3 ways Sharesight helps Canadians at tax time

by Angela Thompson, Senior Digital Marketing Manager, Sharesight | Feb 11th 2024

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.

3 ways Sharesight helps Canadians at tax time 2 (1)

Important Canadian tax filing deadlines

FEBRUARY 29, 2024 – RRSP contribution deadline
The final date for your RRSP contributions to be eligible for the 2023 tax year.

APRIL 30, 2024 – Income tax filing AND payment deadline
Last day for individuals to file and pay their income taxes for the 2023 financial year.

JUNE 15, 2024 – Tax deadline (self-employed)
The deadline to file your 2023 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
  2. Canadian capital gains tax report
  3. Taxable income report

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 according to CRA rules. It breaks down capital gains and capital losses, with a summary of your taxable and non-taxable gains, and even allows you to carry forward losses from the previous reporting period.

Canadian capital gains tax report Sharesight

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 Canada3

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:

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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