Personal Finance

Wealth Simple Tax - Software wrong calculation?

  • Last Updated:
  • Mar 10th, 2021 12:08 am
Member
Mar 11, 2011
485 posts
235 upvotes
GTA

Wealth Simple Tax - Software wrong calculation?

Has anyone used Wealth Simple Tax to file their taxes this year?

I choose to file for Work from home due to COVID19 using the Flat Rate.

When I typed in that I worked from home for 150 days, I expected the return to come back with +$300 ($2x150 days).

However, the calculations shows I would get back +$89. This does not make sense. Anyone else in the same boat?
3 replies
Deal Addict
Apr 16, 2015
1473 posts
1888 upvotes
$300 x 29.65% combined federal/Ontario tax rate = $88.95
Deal Addict
Nov 6, 2015
1354 posts
1022 upvotes
Guelph, ON
Your $300 expenses reduced your income, which means you pay tax on $300 less than you otherwise would have. The government doesn't reimburse your expenses, they simply tax your income.
Jr. Member
Dec 19, 2015
188 posts
278 upvotes
Toronto, ON
In addition to what catsoncoffee said, it's a tax deduction, not a tax credit. A tax deduction reduces your taxable income. A tax credit reduces your tax owing.

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