How to file your own taxes with Wealthsimple's Tax Expert, Caroline Corbeil

Wealthsimple tax expert, Caroline Corbeil and Ratehub.ca's VP of finance and Operations, Jen Pollock, quickly answer your top tax questions to put you at ease and set you up to file your own taxes online. We promise it’s much easier than you think. We’re going to eliminate whatever fears you may have about filing income tax in Canada.

For more info, visit https://www.ratehub.ca

[0:00 - 1:24] INTRO

[1:25 - 4:30] Money mistakes special edition - Tax mistakes made by tax experts (and Tyler’s tax mistake)

[4:31 - 4:55] When are taxes due in Canada?

[4:56 - 5:17] Are due dates different if you’re self-employed.

[5:18 - 5:44] Can I file my own tax returns?

[5:45 - 5:55] How long does it take for me to file my own tax return?

[5:56 - 6:11] How long will it take CRA to process my return?

[6:12 - 6:49] What happens if I don’t file my tax return?

[6:50 - 7:29] How does the CRA know if I have income or owe taxes?

[7:30 - 7:50] If the CRA knows my information, does it automatically populate if I file my taxes online?

[7:51 - 8:52] How do I know how much taxes I have to pay? Is there an easy way to guess how much taxes I have to pay?

[8:53 - 9:33] How do marginal tax rates work? Is all my money taxed at a higher rate?

[9:34 - 11:57] Filing taxes in 2021 for the 2020 tax year are very different. What changes do we need to consider with working from home? What if you own or rent your home?

[11:58 - 13:01] What about people who were laid off? What about the people that applied for CERB?

[13:02 - 14:27] Is there anything people should be thinking about if they’ve been self-employed this year? Like side hustles? Driving for Uber? How do I report self-employment income?

[14:28 - 15:33] What are standard tax credits? What can I claim? Medical expenses? Charitable deductions? How do those tax credits and deductions work?

[15:34 - 16:19] Are there any tax credits that aren’t well known? Anything new this year?

[16:20 - 17:01] Any other ways to reduce the taxes you owe? How do RRSP deductions work?

[17:02 - 18:14] Could I deduct household expenses in future years?

[18:15 - 18:51] What about provincial differences? Will I mess that up?

[18:52 - 19:26] Are there changes to the capital gains tax? Can you tell us what capital gains tax is and how it works?

[19:27 - 19:59] WIll capital gains tax change? Will they increase taxes on principal residences?

[20:00 - 22:14] What about if I rent out my basement? What are the tax implications of renting out my basement to a tenant?

[22:15 - 22:26] What about if I Airbnb my apartment?

[22:27 - 23:59] Can married couples file taxes separately in Canada? Can we share deductions and tax credits?

[24:00 - 29:06] Rapid Fire Questions - What’s in your wallet? A book everyone should read? What was your first job and what did you learn from it? What is a commonly held belief about your industry you passionately disagree with? If you had one tweet that everyone in the world would read, what would it say? What’s your number to retire? Where can people find you if they have more questions?

[29:07-29:58] OUTRO