Review: Wealthsimple Tax
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Wealthsimple Tax is online tax software designed for Canadian taxpayers who want to file their tax returns simply. It is NETFILE-certified by the Canada Revenue Agency and Revenu Quebec. You can use it to submit your current year’s tax return directly online.
In this comprehensive review of Wealthsimple Tax, we analyze its pricing, plans, functionality, advantages, and disadvantages. We also compare it to TurboTax and other tax software in Canada.
What is Wealthsimple Tax?
Wealthsimple Tax is the tax software developed by Wealthsimple, a Canadian company specializing in online investing.
The platform also offers Wealthsimple Trade accounts (formerly Self-directed Investments), managed portfolios, registered accounts such as RRSPs and TFSAs, as well as savings accounts.
Wealthsimple Tax therefore allows users to file their tax returns in the same place as their investments. The software is approved by the Canada Revenue Agency (CRA) and Revenu Quebec as a NETFILE-certified solution.
Thus, you can submit your return electronically, without printing or mailing documents.
How much does Wealthsimple Tax cost?
Wealthsimple Tax offers three plans tailored to different tax profiles.
First, the Basic plan allows you to prepare a simple return and submit it via NETFILE. You choose the amount you wish to pay, including $0.
Next, the Plus plan, costing $40 plus taxes, includes:
- Up to eight returns
- All the benefits of the Basic plan
- Priority email support
- Audit protection
It is free for Advantage clients.
Finally, the Pro plan, costing $80 plus taxes, includes:
- Nine or more returns
- All the benefits of the Plus plan
- Tax expert advice
It is free for Generation clients. However, this plan is not offered to Quebec residents and is not available in French.
So, if you’re wondering if Wealthsimple Tax is free, the answer depends on the chosen plan and your premium status.
How to file your return with Wealthsimple Tax?
If you are already a Wealthsimple client, you simply use your existing account. Otherwise, you must create an online account.
Then, the software asks you questions tailored to your situation. It can automatically import your tax slips via the CRA, which simplifies filing your return for the tax year.
Next, Wealthsimple automatically optimizes your tax return. Eligible credits and deductions are applied.
Finally, you submit your return to the CRA and Revenu Quebec via NETFILE in a few clicks.
If you are looking for how to file your taxes online in Canada, the process is simple and guided.
Wealthsimple Tax vs. TurboTax
TurboTax operates with a fixed pricing structure based on the complexity of the return.
Conversely, Wealthsimple Tax offers greater pricing flexibility for simple returns.
However, TurboTax offers more integrated support and more developed phone support.
Comparison with other tax software
Other solutions exist, such as UFile or H&R Block.
These platforms sometimes offer human assistance or specialized plans for self-employed individuals.
Thus, the choice mainly depends on the complexity of your tax situation.
For a complete comparison of tax software in Canada, consult our detailed guide on the best tax software.
Advantages and Disadvantages
The Benefits
First, the interface is intuitive and suitable for simple to intermediate returns.
Next, automatic import of tax slips simplifies tax filing.
Moreover, simultaneous submission to the CRA and Revenu Quebec is fast.
Finally, integration with Wealthsimple investment accounts simplifies tax management for investors.
The disadvantages
However, customer support remains primarily digital.
Furthermore, the Pro plan is not offered to Quebec residents.
Lastly, very complex or incorporated tax situations may require more specialized assistance.
Who is Wealthsimple Tax ideal for?
Wealthsimple Tax is particularly suitable for employees, students, and retirees with a simple situation. It is also beneficial for investors already using Wealthsimple.
If you invest with this platform, consult our complete Wealthsimple analysis.
Conversely, self-employed individuals with complex structures might prefer more specialized software.
How to pay less tax with Wealthsimple Tax?
Tax software applies available credits, but tax planning remains essential.
For example, RRSP contributions reduce taxable income. Charitable donations and certain medical expenses qualify for credits.
Wealthsimple Tax automatically optimizes your return based on the entered data.
However, to further reduce your tax bill, consult our complete guide on strategies for paying less tax in Canada.
Conclusion
In summary, Wealthsimple Tax is reliable tax software, NETFILE-certified by the CRA and Revenu Quebec.
Its flexible model, tailored plans, and intuitive interface make it a relevant solution for many Canadian taxpayers.
However, for complex tax situations, always compare with TurboTax and other tax software before choosing.
Wealthsimple Tax – FAQ
How much does it cost to file taxes with Wealthsimple?
The Basic plan can be free. The Plus and Pro plans cost $40 and $80 respectively, plus taxes.
Is Wealthsimple a legitimate site for filing taxes?
Yes. The software is NETFILE-certified by the CRA and Revenu Quebec.
What are the disadvantages of Wealthsimple?
Support is primarily digital, and the Pro plan is not available in Quebec.
How to file your taxes with Wealthsimple?
Log in, import your slips, verify credits, and submit your return online.
Can I get my tax documents via Wealthsimple?
Yes. You can import slips via the CRA or download your tax documents from your account.
Is Wealthsimple Tax free?
The Basic plan allows you to prepare and submit a simple return for free. The Plus and Pro plans are paid and offer additional services.
Is Wealthsimple Tax a good choice for filing taxes?
Yes, for simple to intermediate returns, the interface is intuitive and the software is NETFILE-certified. For complex situations, compare with other tax software.
