What Does Wealthsimple Tax Do?
Wealthsimple Tax is an online tax filing platform that really takes the pain out of personal taxes. It’s the first tax preparation software I’ve used that is straightforward and actually kind of fun to use.
“Simpletax” was created by a small Canadian team and then purchased by Wealthsimple back in 2019, but the friendly service and excellent software has remained.
The software uses a smart questionnaire to help you make sure that you’ve included all of your income and claimed all of the deductions and tax credits available to you.
You can import your information from CRA using your CRA My Account. This removes a bunch of data entry and imports prior year info so you don’t miss any carry forward balances.
Check out our article on how to file your tax return using Simpletax.
Why We Love Wealthsimple Tax
Wealthsimple Tax really is dead simple to use and does a great job of prompting you for information in bite-sized chunks.
It makes filing taxes for employed individuals and sole proprietors as easy as is possible in Canada. And, the software is free to use so you don’t feel like you’re paying money just so you can calculate how much more money you have to pay the government!
Use Cases for Wealthsimple Tax
Simpletax is great for filing personal tax returns for a single person or an entire family.
It doesn’t matter if you’re self employed, employed or even do a bunch of crypto day-trading, Simpletax will work great to file your tax return.
There is a significant library of helpful information in the event that you get stuck or have questions about what to do. Plus, they also have real live humans that you can reach out to for help.
It’s pretty amazing for a free piece of software.
They also offer a free tax calculator that we use quite frequently in demonstrations.
Wealthsimple Tax Pricing
Wealthsimple Tax is free to use. No hidden or surprise fees at all.
Wealthsimple offers this free software in hopes that you will sign up for some of their other services where they earn revenue.
They offer an excellent platform for both personal investing and running group RRSP benefits, so it may be worth checking out their other services while you’re at it.