My dad handled my taxes, but I have a tiny amount of stocks I need to report. Does it really matter? I’m in Canada, by the way. I typically invest all my funds in my TFSA and aim to max it out, but I also withdrew some money from a non-registered account at Wealthsimple.
On my T5, boxes 24, 25, and 26 all show dividends of $2 or less, and there’s just 1 cent in box 15, which is kind of funny. My T5008 shows $49 in realized gains.
Honestly, it’s not much—I’m a student and my TFSA has been a lifesaver for covering my university expenses since I invested in Shopify and Nvidia during COVID.
I did put some money into a non-registered account, but it’s minimal based on what I’ve shared. My dad has already filed my taxes, though. Is this a big issue or is it fine since it’s such a small amount? I’m 19 and I know this sounds silly, but I can’t help but worry that the CRA will come after me!
It feels even more ridiculous to bring this up since I just got a tax internship, haha. Could I just wait until I start working and file this myself in May?
One response
First off, don’t worry too much! It’s great that you’re being proactive about your taxes, especially at your age. In Canada, you need to report all income, but given the amounts you mentioned are very small, they likely won’t have a significant impact on your overall tax situation.
Since your dad has already filed your taxes, you can actually file an adjustment if you realize there’s missing information. You can use the CRA’s My Account service to access and amend your tax return. If the amounts are as small as you mentioned, it’s possible that they won’t change your tax situation much, if at all.
Regarding your concerns about the CRA, as long as you’re honest and report everything accurately, there’s no need to fear repercussions. Many students find themselves in similar situations, and you’re doing the right thing by seeking to understand your obligations.
If you decide to wait until you start your internship and file yourself, just make sure to do it within the deadline for the previous tax year, which is typically April 30th. You’ve got this! And good luck with your internship!