More and more Canadians are using online tax software to do their taxes. But with so many options, it can be hard to know which platform is the best for your situation. In this Wealthsimple Tax review, I introduce you to a free tax software app with a lot to offer. I show you how to get started, cover the key features, and discuss the pros and cons. I even share some Wealthsimple Tax alternatives.

Wealthsimple Tax At-A-Glance

• Free to use (donations accepted) 
• NETFILE-certified 
• Get your refund in as little as eight days 
• Can handle most returns (e.g., self-employed, investments, incl. crypto)
• Includes Auto-fill your return 
• Link crypto wallets for automatic capital gain/loss reporting
• Optimize your return 
• Maximum refund guarantee
• Import the previous year’s return
• Instant Refund Tracking
• Re-File capability

Click Here to Get Started with Wealthsimple Tax

What Is Wealthsimple Tax? 

Wealthsimple Tax (formerly SimpleTax) is a free online tax software program from Wealthsimple, Canada’s largest robo-advisor. Wealtsimple acquired and rebranded the business in 2019. Many top Canadian tax return apps offer a free version of their software, but they’re usually limited to basic tax returns. For example, they aren’t built to handle multiple income sources, including investment and self-employment income. 

Getting Started with Wealthsimple Tax 

The process for getting started with Wealthsimple Tax differs based on your history with Wealthsimple. Here’s what you need to do if you’re new to Wealthsimple and have never used SimpleTax previously: 

1. Head to Wealthsimple and select “Sign Up”.

2. Enter your email and create a password. 

3. Select Tax from the different product options. 

4. Select “I’m New To Filing Taxes With You”.

5. Follow the onscreen prompts to set up your account. 

Here are the instructions for the Wealthsimple Tax Mobile app: 

1. Download the Wealthsimple Tax mobile app. 

2. Under the Login button, select “Sign Up.” 

3. Select “I’m New To Filing Taxes With You.” 

4. Login using your email and a unique password. 

5. Start filing your return. 

Note that the instructions differ slightly if you are already a Wealthsimple user or you have previously used SimpleTax. 

Click Here to Get Started with Wealthsimple Tax

Key Features of Wealthsimple Tax 

Free Income Tax Filing 

Wealtsimple Tax’s best feature is that their service is free. When you’ve completed your return, you will be given the option to leave a donation, but it’s not required. Other tax software programs, like TurboTax and H&R Block, have free versions, but they can only handle basic returns and lack advanced features. 

Can Handle Multiple Tax Situations

Wealthsimple Tax is a free app, but it’s built to handle most tax returns, including the following situations: 

• Worked from home 
• Self-employed 
• Traded stocks or crypto 
• Changed jobs 
• New to Canada 

Link Your Crypto Accounts

Wealthsimple Tax can sync with several cryptocurrency exchanges and automatically calculate any capital gains and losses for you, a huge time saver. 

NETFILE-Certified

Wealthsimple Tax allows you to send your tax return to the Canada Revenue Agency using NETFILE, the CRAs secure transfer service. Being able to use NETFILE means that the CRA receives your return immediately, so you can get your refund faster. 

Auto-Fill My Return

Auto-Fill allows you to import most of your tax slips directly from the CRA into your tax return, saving you from having to input the data from each slip manually. Note that you will need to have an active CRA My Account to use Auto-Fill. 

Wealthsimple Tax Pros and Cons

Wealthsimple continues to improve the Wealthsimple Tax program every year. No other free tax software offers what Tax does. But it’s not perfect. Here’s my list of Wealthsimple Tax pros and cons: 

Pros 

• Free tax software 
• Can handle most tax returns 
• NETFILE-Certified 
• Easy to use 
• Link your crypto accounts
• Auto-Fill My Return 

Cons

• Customer support is limited 
• Not designed to handle complex tax situations (corporations, foreign properties, etc.) 

Click Here to Get Started with Wealthsimple Tax

Wealthsimple Tax Alternatives

Wealthsimple Tax is an excellent choice for most Canadians who have to file a tax return. Their platform is free and easy to use and can handle most tax situations. That said, if you’re looking for support and guidance from tax experts, other platforms may be more suitable. Here are a couple of Wealthsimple Tax alternatives worth considering.

TurboTax 

Pricing: Free to $279.99

TurboTax is Canada’s most popular online tax software and our pick for best overall at RetireHappy. Users can choose from nine tax return packages (including a free version), and TurboTax’s support is second to none. Self-employed users can file on their own (DIY), have a TurboTax expert review their return before submission (Assis & Review), or hire TurboTax to complete their entire return (Full-Service).

The main drawback of TurboTax is that the free version has limited functionality. You can report employment, unemployment, and pension income, but you can’t claim medical expenses or charitable donations. 

If you don’t mind paying for the extra bells and whistles, including expert support, then TurboTax is worth considering. If price is your main consideration and you want to file your return for free, avoid TurboTax and sign up with Wealthsimple Tax. 

For more information, check out our full TurboTax Review.

CloudTax

Pricing: Free or $29.99 for CloudTax Plus

CloudTax offers free and paid versions of its tax software. The free version is more capable than TurboTax Free, as it can handle investment, self-employment, and rental income. However, it’s not available to residents of the Yukon, Northwest Territories, Nunavut, or Quebec. 

CloudTax Plus ($29.99) offers more support than Wealthsimple Tax, including a live chat feature, but whether it’s worth paying $29.99 is up to you. If you can get by with limited support, stick with Wealthsimple Tax. Note that CloudTax does offer optional Audit Protection for $2.99 per month. 

Is Wealthsimple Safe for Filing Taxes? 

Yes, Wealthsimple Tax is safe to use. They employ two-factor authentication, and their platform is protected with 256-bit SSL encryption for maximum security. In addition, CRA’s NETFILE is a secure transfer service, so you can rest assured knowing that your information is kept safe.

FAQs 

Is Wealthsimple Tax accurate?

Yes, Wealthsimple Tax’s calculations are accurate. In fact, they offer a 100% Accuracy Guarantee. If a Wealthsimple Tax error results in you paying a penalty or interest to the CRA, you will be reimbursed by Wealthsimple.

How many tax returns can I file with Wealthsimple Tax?

Wealthsimple Tax allows you to file twenty returns per year, which is the maximum number of NETFILE returns.

How long does a Wealthsimple Tax return take to process?

When you file your return online with Wealthsimple Tax, you can expect it to take two weeks for your return to be processed. However, if you are signed up for direct deposit, you may receive your tax refund within eight days. Without direct deposit, your refund can take up to six weeks to arrive via cheque.

Is there a downside to TurboTax?

The biggest downside to TurboTax is how limited their free software is. You can’t use it to claim medical expenses or charitable donations. If you have either of those, you must opt for a paid version.

Click Here to Get Started with Wealthsimple Tax

Wealthsimple Tax Review: Final Thoughts 

Wealthsimple Tax is Canada’s best free tax software, hands down. No other free platform combines ease of use, the ability to handle multiple tax situations, and other unique features, like Wealthsimple Tax. If you are self-employed and want the most powerful tax software, I recommend that you take a look at TurboTax; otherwise, Wealthsimple Tax may be your best bet.