SimpleTax/Wealthsimple Tax Review

SimpleTax/Wealthsimple Tax is an online tax preparation software that allows Canadians to file their taxes for free. That’s right, free. This software was known as SimpleTax, but the company was purchased in 2019.

The buyer, Wealthsimple, is one of the most popular robo-advisors in Canada. Still, the company has a broad portfolio of financial products, and now they have tax filing software too.

SimpleTax/Wealthsimple Tax is an excellent choice for Canadians with uncomplicated tax situations who have a good grasp of how the tax filing process works in Canada.

The software is streamlined and informative enough to handle most tax situations, but it does have a few drawbacks that we’ll explore below.

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SimpleTax/Wealthsimple Tax is an online tax filing software, which means you can file your taxes from home using your personal computer. There is no need to visit a physical location, making it an excellent option to file your taxes in 2023.

You don’t have to be a Wealthsimple customer to use SimpleTax/Wealthsimple Tax, and you can start filing by simply visiting their website and creating an account.

Once you’ve created an account, you’ll have the option to link your CRA My Account. This feature allows SimpleTax/Wealthsimple Tax to import tax documents like your employment slips, RRSP slips, and more.

Once you’ve linked your account, SimpleTax/Wealthsimple Tax will ask you a series of questions about your tax situation to determine which tax forms and slips will apply to you.

Whether you are a student, a small business owner, or a landlord, SimpleTax/Wealthsimple Tax can adjust to meet your needs and help you file with ease.

Once you’ve entered your tax information, SimpleTax/Wealthsimple Tax will offer you several options to optimize your return and maximize your refund or minimize your taxes owing.

These options include suggestions to optimize your RRSP to reduce your tax burden, splitting your charitable contributions or pension with your spouse, and suggesting relevant federal and provincial deductions and credits.

As you complete your return, you’ll be able to watch your refund calculate dynamically instead of waiting for a “magic number” at the end. This feature is helpful in the event you make a mistake causing your refund amount to go haywire.

Once you’ve finished entering your information, reviewed your available deductions and optimizations, and are satisfied that your refund is ready to submit, you can move on to submitting your return.

When you are ready to file, SimpleTax/Wealthsimple Tax will prompt you to donate to use the software. SimpleTax/Wealthsimple Tax operates on a “pay what you can” model, which means you do not have to pay anything.

This payment model makes SimpleTax/Wealthsimple Tax one of the few genuinely free online tax filing software programs in Canada. That said, if you can afford to donate, the company suggests $20 as a fair amount.

Once you’ve made your donation or opted out, you can proceed to the NETFILE function to file your return directly with the CRA.

When you use NETFILE, you’ll dramatically cut down on the time it takes to receive your refund.

If you have direct deposit enabled, you’ll receive your refund in about eight days. You’ll also receive an express Notice of Assessment when you use NETFILE.

Once you’ve completed your return, the only thing left to do is wait for your income taxes to be refunded. If you’ve configured direct deposit through the CRA, you’ll receive your refund promptly. Otherwise, you’ll have to wait for a cheque to arrive in the mail.

SimpleTax/Wealthsimple Tax is an excellent free software for Canadians who have a good grasp on their tax situation and whose taxes are not overly complicated.

We love the streamlined interface and how easy it is to find the right deductions and file your taxes with ease.

That said, SimpleTax/Wealthsimple Tax has a bare-bones customer service team and no premium option to have an expert review your return.

For these reasons, it may not be the best choice if you have never filed your taxes online or have a complex tax situation.