How to file taxes for 2023 in canada
How To File Your Taxes For FREE Online in Canada 2023 (Max Refund) - Griffin Milks
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well it's that time of year that you
either love or hate depending on whether
or not you'll be getting a nice tax
return or if you have a tax balance
owing based on your income from last
year of course I'm speaking about tax
season here that in Canada opens as of
February 21st so actually a couple of
days ago by the time you see this video
up until generally April 30th but this
year you get one extra day to file your
taxes because April 30th falls on a
Sunday so you have up until May 1st now
overall when most people think of tax
time they think complicated and I need
an accountant to help me out so I don't
make any mistakes but in reality based
on most people's Financial situations
you're probably more than able to do
this yourself from your home computer in
like less than an hour and usually even
for free as we'll be discussing in
today's video This is actually the
fourth consecutive year that I make
content on the channel going over how I
use well simple trade to file my
personal tax return pretty much for free
really just because of how simple and
intuitive the platform is and how over
time as my own personal finances and
return have evolved and grown bigger
they still have all of the options
available to make in a streamlined
process right so in my particular
situation I've had t4s T5 income
investment income capital gains rental
properties and so forth all of which are
easily accounted for in a tax return on
well simple trade that's really why I
use it and in no way am I associated
with well simple for today's video this
is really just a platform that I've
enjoyed using over the years and so I
thought why not make pizza content
that's updated for 2023 to walk you
through the process yourself so with
that said let's get into it alright so
when you go to well simple's website and
you create an account for yourself this
is what you're going to be presenting
with once you actually log in so in this
case I have accounts with the Civil
trade well simple invest which is their
managed investing and then also well
well simple tax and now you can actually
access it since tax season is open so
we'll click on this right here and this
is what you'll be presented with in my
case I've done many different tax
returns over the years so we can see
2020 2021 I can go and consult those if
I want in this case though we're going
going to click on 2022 return because
well this is what 99 of you are looking
for right now so when you first come
into the well simple tax screen here if
it's going to load you will have uh
multiple different personal information
fields that you need to fill in and this
is completely normal of course they need
your social insurance number and things
of that nature so that they can
communicate effectively with the CRA and
be in tune with your personal tax return
uh when you're seeing this right here
all this is going to be blurred out of
course because this is my personal
information and I've actually gone ahead
and done the entire process myself ahead
of time so that we can expedite the
process and save you time in this video
so going down you're gonna have to put
more information about your Canadian
mailing address about your residency you
and your family all of this stuff is
pretty standard for a tax return more
information for Revenue come back in
this case because I'm a Quebec resident
this may be the case if you're Ontario
BC whatever Province you're in you might
have to put some specific information as
well
if we keep going down here we will now
get to the actual tax return section
where you're going to be adding forms to
your return now what's interesting about
well symbol tax is that they do have
this section called auto fill your
return if you have a job and you have T4
income for example with T4 income is
from a job specifically as well as other
things such as investment income most of
the time there's actually already going
to be a T4 uh you know tax returns for
as well as other forms for Investments
already within CRA that your employer or
other investment brokerages have created
on your behalf and sent to CRA so in
this case well you still need to file
your own tax return that's how it works
at least here in Canada but in some
instances there will already be tax
forms that are in your CRA account so
what you can do with well simple tax
here is that you can connect say to your
CRA account you can connect to revenue
Quebec or even to wealth symbols other
platforms right to import those slips if
you have Investments with well symbols
other services essentially this is just
going to save time you connect and it's
going to import all of those files into
your tax return within well simple tax
it's actually a really awesome system
and can save you a ton of time I don't
personally do this because I don't have
t4s I don't have things like that
because I am a self-employed person so I
just have to go ahead and import
everything myself that being said even
if you do have those files waiting for
you in CRA or whatever other provincial
platform it is still very important that
you go over all of these files and
double check everything so that you're
not in a position where there's a box or
two that is inaccurate and then there's
inaccuracies on your tax return okay now
moving down further this is the section
called manage your tax forms where it's
really simple they have a search bar
here where you can either filter by
category because in Canada there are
dozens if not hundreds of different tax
forms honestly I don't even know how
many there are but there's got to be
dozens based on this list right here so
most of the time people are going to
have t4s right a T4 is reporting income
from an employer from a job so you can
simply say search T4 and then you can
select this right here employment income
T4 rl1 the rl1 is the Quebec equivalent
of a T4 and it'll give you a little
description you know if you had a job
and you were employed so we'll click on
that right here it's going to add that
new section into my tax return in this
case I don't again have a T4 because I
don't have a job that's giving me in
that manner so I can just skip this I'll
delete it however if you do have a T4
you would put for example government of
Canada here and just go through
everything else as described on your T4
so I'm going to go ahead and delete that
yes I'm sure I want to delete it and we
can look at a couple other things right
so in my case well I have rental
properties so we can search rental
property well we have rental income
that's going to come up here I've
already gone ahead and imported
absolutely everything because I have
many different rental properties but
this is just a really good system for
reporting everything whether or not you
have co-owners Capital cost allowance
income and expenses it's really just a
simple platform that allows you to input
all of this information and what's great
is that it updates in real time that's
one of the features I really like so if
I add something let's say we go back to
let's say we go back to a T4 here
well this would update everything in
real time I'm pretty sure box 14 is the
employment so let's say I made sixty
thousand dollars well that's all going
to update in real time based on how much
money I've declared and so every new box
and form that you add is going to
contribute to these updating amounts for
your federal as well as provincial tax
owing and there are many many others
right for example if you made a donation
you can declare that here donation and
Gifts other things such as pension
income that is also available basically
anything that you want to be declaring
on your tax return is available through
well symbol tax and it's really easy to
use search and go format alright and
finally when you're confident that
you've correctly input all of your
documents relative to your 2022 tax
return the last section here is called
review and optimize so well symboltax
has this really great system where it's
built in you click review and optimize
at the end and it's going to give you a
list of errors as well as certain
warnings that you should be accounting
for within your personal tax return and
so in this case I have what is it four
errors and then probably like five
warnings so it's going to tell you
exactly what the errors are and how you
can fix them in this case well I didn't
input the premium for the Quebec
prescription drug insurance plan that
really sucks so we'll go add section
here and while I can go and input the
information required for that all right
going back here we also have a bunch of
other warnings I'm not going to go
through all of them they're going to be
relative to you but that is a step that
you're going to have to go through
within well simple talks and finally
once all of those have been accounted
for well then it's time to actually
submit your tax return for the federal
tax return as well as your provincial
tax return at the bottom of this page
now I'm not going to go through doing
this right now because while I still
have a bunch of things to fix and add
however that is how simple it is and
once your returns have been submitted
you'll be prompted with a pop-up that
essentially is asking you to donate a
certain amount of money to well symbol
tags you don't have to it is completely
free as I mentioned in the title and
thumbnail however if you do pay I'm
pretty sure it's 30 that's what it was
last year if you pay 30 you'll have
assistance essentially with other more
detailed questions you might have as
well as if the CRA does choose to audit
you then they will assist you in that
manner if you choose to go with the zero
you don't have to pay any money however
you won't have any assistance and so
that just about covers it well simple
tax is really just a simple platform to
you so that you can file your personal
taxes this year at a very low cost and
on your own without the need of a
professional assisting you along the way
I really hope you enjoyed today's video
and you found value if you did please
take a second drop a like subscribe to
the channel if you want to see more
content about personal finance investing
and so forth and if you have any
questions about filing your tax return
leave a comment down below I'll try to
answer as best as I can so thanks a lot
for watching and on that note I'll see
you in the next one
foreign
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