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It’s that time of year again, the Ides of March come calling as you sort through your paperwork and prepare to file your taxes.

Whether you’re expecting a return or a bill, preparing early lets you stay on top of your finances. An efficient return means you can get your tax credits faster. Or, if you end up owing, you’ll know how much debt you’re dealing with.

Choosing the right tax software is important, especially if you’re filing your taxes for the first time or have minimum experience. This is where we can help. Keep reading for our Wealthsimple Tax review to help decide if it’s the right option for you.

What Is Wealthsimple Tax?

Originally a DIY investing company, Wealthsimple quickly gained popularity for its low fees and lack of account minimums — two features that deterred many investors. The business uses diverse international investments via cost-effective index funds to help consumers earn while mitigating the resulting tax bill. 

The company always offered services like dividend reinvestment, automated rebalancing, and tax loss harvesting so that everyday investors can save while they earn. With the success of these features, Wealthsimple expanded by developing a new product: Wealthsimple Tax. It’s a free platform where consumers can file taxes using cutting-edge smart tech that is secure, accurate; and, per the namesake, simple to use. 

Want to know how much you’ll be taxed this year? Check out the tax rates.

How Does Wealthsimple Tax Work? 

Straightforward by design, Wealthsimple Tax lets you complete your tax filing in just a few simple steps. The service meets all of Revenue Canada’s requirements for security; and, since the system is set up for businesses, individuals, and self-employed people, anyone can benefit. All you have to do in order to complete your return is:

Create An Account

Navigate to the Wealthsimple Tax website and follow the prompts to start your return. Make an account by providing your personal information (name, date of birth, marital status, address, and CRA registration). If you are an existing Wealthsimple customer, the process is easier, requiring you to log onto your account and navigate to the ‘Taxes’ section on the menu. 

Auto-Fill Your Return

This is where the magic comes to life. Once you have linked your CRA account, the software imports all of your tax documents. It then automatically fills out your tax information. Not only does this save you a lot of time, but it also limits the risk of making an error when inputting your financial details. 

Learn how your T4 and T4A slip plays a role in filing your taxes.

Enter Tax Details

Next, you will be issued a series of simple questions involving things like whether you got married this year or purchased a home. This is to learn about your investment earnings, income, and personal situation. Based on this information, the software becomes aware of the deductions for which you qualify. On the side of the screen, you can see your progress and track your estimated refund in real-time. 

If you end up owing the government money instead of getting a refund, you can use a personal loan to help cover the debt. It’s always a good idea to check your credit score before applying for any type of loan. This is because your credit score is one of the many factors used during the loan approval process.

Review Before Submission

Once all of your details are in place and you have claimed every possible deduction, you will be prompted to review your information prior to submission. Should there be any flags on your account, or if the software thinks you may be eligible for further deductions, you can handle those matters at this time. 

Send Off Your Tax Return

So long as all the facts and figures are in order, you can then submit your taxes directly through the site. It is compatible with the Canada Revenue Agency’s Netfile function, meaning there are no extra steps to take. So long as you have a direct deposit arrangement with Revenue Canada (and you are expecting a return), you can expect your return in a matter of weeks. It’s that simple. 

Find out if you have any unclaimed cheques from the CRA.

Wealthsimple Tax Features

In addition to the personal autonomy the software offers during tax filing, it also comes with a host of other advantages. These include: 

Pay-What-You-Want Fee Structure

It may sound like a thing of fiction, but Wealthsimple Tax technically lets you file your taxes for free. The idea is premised on a pay-what-you-can model, almost like a donation to the company. While it is both appreciated and recommended that you make a payment when filing your taxes, it is in no way an obligation. Should you choose to issue a payment, the site accepts cheques, eTransfers, PayPal transfers, and credit cards. 

Autofill Features

There is a massive difference between $100 and $1,000, though when filling out a form it takes only the slip of a finger to make that (potentially costly) mistake. The autofill component of the software pulls your information directly from your Revenue Canada file, helping you avoid issues with typos and the confusion which could result. Because the system works with the CRA’s auto-filling technology, there is much less risk of error. 

Here’s what you should do if you owe money to the CRA.

Accuracy Guarantee

Taxes are not the right place for estimates, they are a matter of financial precision. Thanks to the guaranteed accuracy feature on this software, if there is an error on your taxes that results in a fee for the consumer, Wealthsimple Tax will offer reimbursement. This reduces the risk associated with filing since, though an error is unlikely, it helps to know that you won’t face any financial risk associated with a mistake. 

Maximum Refund

No one wants to miss out on the chance to optimize their return, which is what makes the maximum refund feature of Wealthsimple Tax so desirable. With a whole host of hidden deductions unknown to most who didn’t attend accounting school, it’s important to opt to file your taxes somewhere that won’t have you missing out.  Often, the opportunity to maximize a refund is why many opt to get a professional to do their taxes. However, this means that you have to book an appointment, take time off work, and attend an office in person. The convenience factor paired with the maximum refund feature makes it so that you can get the most out of your taxes from the comfort of your home. 

Don’t forget these tax credits and deductions for students.

Human Support

Though it is handy to be able to do your taxes from the comfort of your home office (or couch), getting a professional consultant can also be reassuring. While this support is only available through email communication, it still gives you the chance to ask questions. If you are confused about any part of the process or need a bit of help to finish the tax filing, there is support available through Wealthsimple (and it doesn’t cost nearly as much as a CPA’s time). 

Need help applying for the disability tax credit? Consider reaching out to a disability tax credit consultant.

NETFILE Approved

The system by which Revenue Canada accepts tax filings is called Netfile. It is a transmission service that lets users submit tax returns online without compromising security. Also available through Revenu Quebec, the ability to access Netfile often comes with a cost (depending on the software you use). With Wealthsimple Tax, you can use the service without overspending. 

How Much Does Wealthsimple Tax Cost?

Best Suited ForBoth simple and more complex tax situations.
(including those that include income from a business, rental, and investments)
Key Features– Pay what you want
– Fast refund
– Privacy and security
– Certified software
– No installations needed
– 100% accuracy guarantee

Wealthsimple Tax Benefits

  • Streamlined design. Your entire tax return is visible on one page so there’s no need to wait, refresh, or hit the back button. Plus, your tax refund (if you’re entitled to one) is calculated instantly as you go through the process.
  • Reimbursement for penalties and interest. If there are any computational errors made that end up costing you in interest and penalties, will fully reimburse you.
  • Real-time use. The Wealthsimple Tax software calculates the information in real-time and makes the necessary changes to the system on the spot. The program is constantly updating itself to keep things accurate.
  • Simplicity in layout. Wealthsimple Tax layout is designed in such a way that it makes filing your taxes easy. 
  • Import previous years’ tax filings. Simplify and speed up the process of filing this year’s taxes by importing prior tax year’s data.
  • Handles simple and complex situations. Wealthsimple Tax is not just for simple tax filings. Instead, it can handle more complex tax situations, such as rental, investment, and business income. 
  • Step-by-step guidance. Just answer some simple questions and you’ll get all you need to file your return. 
  • RRSP calculator. You can quickly see how any changes to your RRSP contribution can affect your tax refund or taxes you owe.
  • Smart search box. Type in a search term to instantly add it to your tax return.

What If Wealthsimple Tax Makes a Mistake On Your Tax Return? 

Wealthsimple Tax offers a 100% accuracy guarantee. That means if any errors in calculations are made when you file your taxes with this software and you are either charged interest or a penalty, you will be fully reimbursed. Plus, Wealthsimple Tax makes every effort to make sure you get the highest refund possible. If you can find a larger refund elsewhere, Wealthsimple Tax promises to give back any money you paid them. 

How Do You Create An Account?

Creating an account with Wealthsimple Tax is easy. Simply enter and confirm your email address, choose a password, and Wealthsimple Tax will create an account along with a two-factor authorization for login. Once your account is created, you can begin filing your tax return. 

Wealthsimple Tax FAQs

Is Wealthsimple Tax available in Canada?

Yes, Canadians can use the Wealthsimple Tax service regardless of where they reside. You can also use it if you must file taxes through Revenu Quebec since it is compatible across the nation. 

How much does Wealthsimple tax cost?

The Wealthsimple Tax service is technically free of charge since it uses a pay-what-you-want structure. You can file your taxes at no cost, though you have the option of sending a payment to the company. If you choose to pay, you can send money via PayPal, credit card, cheque, or Interac eTransfer. 

Can Welathsimple handle complicated finances? 

Though Wealthsimple is able to tackle self-employed individuals’ taxes and small business returns, it may not be nuanced enough for more detailed filings. Income property owners, those residing outside of Canada, or recent immigrants may require a more detailed approach. 

Is Wealthsimple Tax safe to use?

The software is certified through Revenue Canada and Revenu Quebec, giving it access to the Netfile service. Wealthsimple tests its software and encrypts information to the highest standard of excellence. Multiple steps are taken to make certain that it is accurate and secure for tax filers. However, if there is an issue, Wealthsimple guarantees the best refund. This means that if you end up getting dinged with a fee or get a substandard return, Wealthsimple will return anything you pay and reimburse you for any fees.

Final Thoughts

Tax time is, by its own nature, a stressful period. Whether you are hoping for a refund or trying to limit what you need to pay, it can be time-consuming and expensive. The Wealthsimple Tax software is designed to make the whole process easier. With well-vetted technology and the proven track record of success of the original Wealthsimple brand, it can take a lot of the pressure off of consumers. 

The service is accessible, cost-effective, and convenient, making it a very desirable way to file your taxes. While more nuanced filing demands may require an accountant, simpler returns can be completed more efficiently by using this software. Given the benefits of autofill tech, virtual assistance, and intuitive function, this tax filing software is worth looking into. 

Corrina Murdoch avatar on Loans Canada
Corrina Murdoch

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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