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New Member
posted Feb 27, 2023 3:49:55 PM

I have about 10,000 in wealthsimple. How can I get tax breaks on it

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1 Replies
Level 4
Mar 1, 2023 7:06:21 PM

There are a few ways to potentially get tax breaks on the money you have invested in Wealthsimple, depending on your specific situation and investment goals. Here are a few options:

  1. Contribute to a Registered Retirement Savings Plan (RRSP): Contributions made to an RRSP can be deducted from your taxable income, which can result in a reduction of the amount of tax you owe. Depending on your income level and other factors, you may be able to contribute up to a certain amount each year to your RRSP.

  2. Invest in a Tax-Free Savings Account (TFSA): While contributions to a TFSA are not tax-deductible, any earnings you make on your investments within the account are tax-free. This means that you can withdraw money from your TFSA without having to pay taxes on it.

  3. Consider donating to charity: Depending on where you live, you may be eligible for tax credits or deductions for charitable donations.

For more information, please see our TurboTax webpage.  Taxes on Investments

 

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