Wealthsimple Tax (SimpleTax) Review: File Your Tax Return For Free in Canada

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by Enoch Omololu

Updated

Advertiser Disclosure

Wealthsimple Tax (formerly SimpleTax) is one of a number of tax return software that has made filing your taxes easier than ever.

You no longer need to leaf through the pages of a paper tax document wondering what each section means, and waiting for weeks to get your tax refund.

With electronic tax software like WealthsimpleTax, everything is completed online, there are quick tips guides along the way, and your refund typically takes days, not weeks.

Not only that, but cheap or free tax software can save you a fair bit of money compared to using an accountant.

There is a misconception that you only need to file a tax return if you have income to report. Not true.

The financially savvy thing to do is to file whether or not you have earned income in the previous year. This is because the government uses your return to assess your eligibility for various benefits including the:

This Wealthsimple Tax review covers its top features, benefits, downsides, whether it is safe, how it compares to TurboTax, and the help or support you can expect.

What is Wealthsimple Tax?

SimpleTax was founded in 2012 by Jonathan Suter, Allison Suter, and Justin Reynan. It was recently acquired by Wealthsimple, one of Canada’s top robo-advisors, and was rebranded as Wealthsimple Tax in 2021.

Wealthsimple Tax is certified by the Canada Revenue Agency (CRA) to use its NETFILE transmission service so users can submit their tax returns securely over the internet. It is also approved by Revenu Quebec.

This tax software works for both simple and not-so-simple tax situations and is available to residents of all provinces and territories in Canada, including Quebec.

Unlike many other tax preparation software, Wealthsimple Tax has a simple pricing model. It is free to use and you can make a donation to support the platform if you so wish.

Related: Wealthsimple Robo-Advisor Review.

How To File Your Taxes Using Wealthsimple Tax (SimpleTax)

Completing your tax return online is really not that challenging. To get started, open a Wealthsimple Tax account here.

You will need to enter your name, social insurance number, date of birth, and other details that identify you to the CRA.

SimpleTax Tax Return Filing

If you have a CRA MyAccount, you can use the Auto-fill my return option to populate portions of your income tax and benefit return using the information on your tax slips that have already been sent to the CRA.

This is a super-easy way to enter the numbers on your T4, T3, T5, or T4A.

Fill out each section of the form that is applicable to you, and SimpleTax will help you find the deductions and credits you qualify for.

SimpleTax tax credits and deductions

If you are looking for specific forms, you can easily find them by using the search box.

When you have entered all the required information, Wealthsimple Tax reviews your return for errors, omissions, and opportunities to optimize your tax refund.

Some of the credits and deductions you can optimize with a partner to increase your refund include donations, medical expenses, child amount, pension splitting, adoption expenses, and the first-time home buyers’ amount.

Once completed, you can securely submit your tax return in a few clicks. The PDF documents show up on your dashboard as well and you can download, print, or save them for your records.

If you have questions, you can check the Wealthsimple Tax help section for answers, or email support at [email protected]

If you are registered for online mail from the CRA, you should get your Notice of Assessment (NOA) soon after submitting your return.

Also, if you have signed up for a direct deposit, your tax refund could hit your chequing account within 8 business days.

Related: Alberta Tax Brackets and Tax Rates

Features and Benefits of Wealthsimple Tax

Some of the reasons why Wealthsimple Tax (formerly SimpleTax) is considered one of the top tax software in Canada include:

100% Accuracy Guarantee: If you pay a penalty or interest to CRA due to an error caused by the software, they will reimburse you.

Maximum Refund Guarantee: Wealthsimple Tax guarantees that you will get the maximum refund possible for your circumstances when you file your return using the platform. If another software gets you a larger refund, they will refund any optional payments you made for the year.

CRA NETFILE Certified: Wealthsimple Tax is on the list of tax software certified by the CRA to submit returns using its NETFILE program.

Fast and Easy Returns: The step-by-step form structure is simple to understand. If you are in doubt, you can answer a few questions and SimpleTax shows you what’s needed to complete your return.

The Auto-fill my return option accurately fills part of your return with information obtained directly from the CRA. This step is fast and straightforward.

Available Nationwide: All residents of Canada can use Wealthsimple Tax, including those living in Quebec.

Supports Multiple Platforms: You can use Wealthsimple Tax directly from your web browser and on your smartphone via an iOS app. If you’d rather not download and install anything, it works just fine using a web interface.

One-Stop Solution: Individuals filing a personal tax return will find that Wealthsimple Tax caters to both straightforward and complicated tax scenarios. For example, it can handle rental, business, and investment income.

Useful Calculators: You can use their tax calculator to estimate how much you owe in taxes, or use their RRSP calculator to gauge how your contributions impact your taxes.

Downsides of Wealthsimple Tax

If you have questions regarding your tax filing, you can email support for help. For individuals who prefer to speak with someone to help them sort out a tax difficulty, this option may not be palatable or efficient.

Wealthsimple Tax does not support the AgriStability and AgriInvest programs and may not be suitable for farmers using these programs.

If you are looking to file corporate T2 returns, the software only supports personal income tax and benefit returns at this time.

Lastly, Wealthsimple Tax does not offer a tax audit service or the option for a personalized tax review by an expert.

File Your Taxes Using Wealthsimple Tax

How Much Does Wealthsimple Tax Cost?

While it is recommended that you make a payment after submitting your return using SimpleTax i.e. via a “pay what you want” model, it is not mandatory. You can file your taxes for free.

If you choose to make a payment, you can use a credit card, PayPal, cheque, or Interac eTransfer.

Is Wealthsimple Tax (SimpleTax) Safe?

Wealthsimple Tax is approved by the CRA and uses the secure NETFILE electronic filing system to transmit your data.

When you visit the platform, your traffic is encrypted and you can also enable 2-factor authentication to provide an extra layer of security.

Free Tax Software in Canada

In addition to Wealthsimple Tax, the following tax software are CRA-approved and offer free versions. Note that features available through the free versions may or may not be limited.

Related: Ontario Tax Brackets and Tax Rates

WealthsimpleTax vs. TurboTax

FeaturesWealthsimple TaxTurboTax
PriceFree; “Pay-what-you-want model”Free option; paid online software cost $19.99 – $44.99
NETFILE-approvedYesYes
Supports CRA’s Auto-fillYesYes
Support availableFree email supportPaid users can access live support; online forum
Guarantees offeredMaximum refund and 100% accuracyMaximum refund and 100% accuracy
Mobile appYes (on iOS devices)Yes (iOS and Android devices)
AvailabilityCanada-wideCanada-wide
Optional add-ons and servicesN/AAssist and Review; personal tax filing by an expert;
corporate tax filing; desktop app available
Learn moreApplyLearn more

Is WealthsimpleTax For You?

Wealthsimple Tax can help you file your tax return on time and for a low cost (assuming you pay a voluntary fee).

Unlike some free tax software services, the Wealthsimple Tax platform can also handle a bit more complicated tax filings that involve rental, investment, or self-employment income.

If you’d rather have someone else prepare your taxes or feel you might need a lot of assistance, you can try the paid TurboTax Live service.

Wealthsimple Tax (SimpleTax) Review
4.8

Summary

Wealthsimple Tax is a free online tax software in Canada. Learn about its features, benefits, downsides, cost, how it compares to TurboTax, and how to file your 2020 tax return.

Pros

  • 100% accuracy guarantee
  • Maximum refund guarantee
  • CRA approved
  • Available throughout Canada
  • Supports multiple devices
  • Free service (donations recommended)

Cons

  • Support only available via email
  • Does not offer corporate tax returns
  • Does not offer a tax audit service
Wealthsimple Tax (SimpleTax) Review: File Your Tax Return For Free in Canada
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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Wealthsimple Tax (SimpleTax) Review: File Your Tax Return For Free in Canada”

  1. Does your program allow for joint filing with my spouse

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