Wealthsimple Tax Review

Wealthsimple Tax is an easy, free way to file your taxes. This intuitive tax software is designed to autofill your personal details and investment information by linking to your Wealthsimple equity and cryptocurrency assets as well as other crypto wallets and exchanges. It then finds you the best split on your deductibles so that you get the maximum refund.

Is Wealthsimple Tax free?

Wealthsimple Tax is completely free to use no matter what your tax situation is. You can file your return from start to finish without paying any fees – but you may be prompted to leave a tip if you appreciate the service.

How do I get my tax refund?

Once you’ve filed your return with Wealthsimple, you can request your tax refund by cheque or direct deposit through the Canada Revenue Agency (CRA):

Tax refund type	How it works	Turnaround time	More information
Direct deposit	Sign up via your CRA My Account or by calling into the CRA.	Around 8 days	More information about signing up for direct deposit with CRA
Cheque	Receive a paper cheque to the address you have on file if you don’t sign up for direct deposit.	Usually 4 – 6 weeks	More information about getting your tax refund via cheque

How do I open a Wealthsimple Tax account?

Signing up for Wealthsimple Tax online takes just a few minutes:

1. Open the Wealthsimple Tax main page and click the “Get started” button.
2. Sign up with an email address and password (or log in if you’re already registered).
3. Input your personal information as required and provide verification documents if you’re signing up with Wealthsimple for the first time.

Who can open a Wealthsimple Tax account?

You will have to meet the following eligibility criteria to open a Wealthsimple Tax account:

• Reside in Canada and be a Canadian citizen or have a valid Canadian Visa
• Have a valid Social Insurance Number
• Satisfy identity verification requirements

How do I file a return with Wealthsimple Tax?

Follow the steps below to file a return with Wealthsimple Tax:

• Fill out personal information. Input your personal details into the “About you” section. This includes contact information and details about your marital and citizenship status, and previous tax returns.

• Build your return. Select your tax documents (such as T4s, RRSPs, EI or disability benefits) from a drop-down list and fill them out as needed. Autofill information about Wealthsimple crypto tax and other investments by linking your Wealthsimple accounts and other crypto wallets and exchanges.

• Find credits and deductions. You can use this same drop-down menu to find your credits and deductions. These include categories such as interest paid on student loans, donations, medical expenses, work-from-home deductions and transit fees.

• Review and optimize. Check through your return and get errors where information is missing and suggestions for credits or deductions you may have missed. You can also review your Wealthsimple crypto tax and investments before you file.

• Submit your return. Submit your return when you’re ready and sign up for a premium Wealthsimple Tax Account to get additional features such as priority email support and audit support.

Pros

You’ll get the following benefits with Wealthsimple Tax:

• Free. You won’t pay to use the software unless you want to leave a tip for good service.
• Easy to use. The process to sign up and input your tax information is straightforward and there’s a well-developed FAQ section if you need help.
• Autofill features. Import tax slips and investment info from the CRA, Revenu Québec and Wealthsimple crypto tax and investment accounts.
• Maximum refund. Find your deductions and credits quickly and easily and get customized recommendations to help optimize your return.
• Refund updates as you go. Your refund is calculated in real time as you enter your tax details so you can see which entries maximize or lower your benefits.
• NETFILE approved. Wealthsimple Tax is approved by the CRA as a service that can offer direct tax filing through the NETFILE system.
• Customer support. Access Wealthsimple’s knowledgeable customer support team by phone, chat or email (7 days a week).

Cons

If you plan on filing with Wealthsimple Tax, watch out for these potential drawbacks:

• Ideal for more basic taxes. Wealthsimple Tax can handle most claims, but you may need to get additional support for complex tax situations.
• No on-the-spot guidance. You’ll need to call in or email to get support with your claim, which can slow down the process of troubleshooting.
• Need a Wealthsimple account. You’ll have to create a Wealthsimple account and input your information (including your Social Insurance Number) to be able to use this software.

Is Wealthsimple Tax safe?

Wealthsimple Tax is just as safe as any other filing software. The platform is certified by the CRA and Revenu Québec, and the company – across all of its services – has more than 2 million clients across Canada. Wealthsimple offers bank-level protection and encryption for its online products and has to meet regulatory requirements to be a NETFILE provider with the CRA.

Wealthsimple Tax customer support

There are 3 ways to contact Wealthsimple Tax customer support:

• Call the customer service hotline
• Use the chatbot on its website
• Email customer support

Frequently asked questions

• Is Wealthsimple Tax free?

  It sure is. The service is completely free to use no matter what your tax situation is. That said, you will have the option to leave a tip if you’re impressed with the service to help Wealthsimple Tax run smoothly and keep its platform costs low in the future.

• Is Wealthsimple Tax good?

  We think so! It is a really solid free platform that has an intuitive design and a decent level of customer support. Most tax platforms that offer this type of service charge money for it so the fact that it’s free and offers an autofill function that populates your crypto and equity investments automatically makes it a winner in our books.

• How can I get help once I've started my return?

  You can call Wealthsimple or send a message via chat or email to ask any questions you might have. Wealthsimple also maintains a fairly comprehensive frequently asked questions section on its website, which can help to answer any of your more immediate questions.

• Can Wealthsimple track and manage my capital gains and losses?

  As long as you hold your investments with Wealthsimple, you can automatically generate information about your investments into your return. All you need to do is link your Wealthsimple crypto tax and investment accounts and use the autofill function. You can also link to many outside crypto wallets and exchanges.

• Does Wealthsimple pay out my return, and how long does it take?

  No, Wealthsimple is the platform that helps you to file your return but your refund (if you’re entitled to one) will come directly from the CRA. You can sign up to receive your tax refund by cheque or direct deposit.

• Is there a maximum refund guarantee?

  Sort of, yes. Wealthsimple Tax offers to pay up to $50 of any fee you pay to file a tax return with another company if you end up getting a better return with that company.

• Can I use Wealthsimple Tax to file my business taxes?

  Yes! You can use Wealthsimple Tax to file your taxes if you’re self-employed or own a small business. Just make sure you keep all your receipts and claim your deductions. You may want to see a tax professional if you have a large business or complicated taxes.

• Can I visit a Wealthsimple office in person?

  You can only access Wealthsimple support by phone or by chat or email. You may want to file your taxes with a tax advisor in person if you expect that you’ll need a significant amount of support with your tax return.