Wealthsimple Tax Review 2024: Maximizing Your Tax Refund

Alice CarlileMarch 12, 2021

Wealthsimple Tax, formerly known as SimpleTax, offers Canadians to file their taxes faster and more affordable. The software has made filing taxes simple and quick.

Overall rating

Reviews

Features

HQ	241 Spadina Avenue, 3rd Floor Toronto, ON M5T 2E2
Price	Free (with optional donation)
Autofill Tax	Yes
Audit Defense	N/A
Online Filing	Website & mobile app (iOS)
Tax Optimization	Yes, maximum refund

In depth review on Wealthsimple Tax

The idea behind Wealthsimple Tax is to offer Canadians an inexpensive platform to help them file their taxes easily. Even when filing multiple tax returns, the app is entirely free but prompts the ‘pay what you want’ for those who wish to donate. Initially known as SimpleTax, the software was rebranded to Wealthsimple Tax in 2019 after being acquired by Wealthsimple.

Wealthsimple Tax is best for

• Guaranteeing tax filing accuracy: Depending on software can sometimes be worrisome, but the software’s accuracy guarantee can provide you with some reassurance. If you provided complete and accurate information and were charged a penalty because of a calculation error, Wealthsimple Tax will reimburse you.
• Optimizing tax refund: As you fill out your return, the optimizer runs multiple calculations in real-time to maximize your tax return to provide you with the best tax credit, such as medical expenses, previous year losses, interest on student loans, RRSP contribution and etc. You can see your refund as you fill out your return. If you get another software that offers you a larger refund than Wealthsimple Tax, they refund the optional payments you made within that year.
• Re-filing taxes: If you need to make adjustments to tax returns that you’ve already filed, you can easily re-file with Wealthsimple tax.
• Handling complex tax situations: The software can handle more complex tax situations: multiple income streams, self-employment, or rental income. If your tax structure is more complex (i.e., corporation income), it’s better to deal with a tax professional.

Wealthsimple Tax benefits

• Fast and easy tax returns: There is a step-by-step guide on finishing your tax return, so it is easier to quickly understand and complete the tax filing process. You can expect to finish in less than 15 minutes (unless you have a more complicated tax situation).
• NETFILE certified: Easily transfer your tax return to CRA directly from the software.
• Auto-fill tax return: With the “auto-fill my return,” more than half of your tax information can automatically be filled by Wealthsimple Tax. This helps you save time since you’re not manually uploading your data from the multiple tax slips. 
• Smart search: This allows you to search for the right information and with ease — no more hunting for the proper forms, deductions, or credit. The smart search box will find what you’re looking for and add it to your return.

Wealthsimple Tax drawbacks

• Support contacted via email only: In case you have concerns regarding your taxes, you can only contact the support staff via email. Wealthsimple Tax does not offer the option of speaking directly to the support staff.
• No tax audit package: Welathsimple Tax lacks the tax audit package and a tax review service

Factors contributing to the overall rating

Plans and price

5

Unlike other online tax platforms, Wealthsimple Tax’s pricing structure is absolutely free. However, you can ‘pay want you want’ to donate to the software. The default donation for Wealthsimple Tax is $19 but you can pay any amount that you feel comfortable.

Income and deductions 

5

Wealthsimple tax helps you to file your returns on the following types of income and deductions:

Employed income	Available
Self-employed income	Available
Unemployment income	Available
Retirement income	Available
Rental income	Available
Interest income	Available
Dividend income	Available
Tuition and fees deduction	Available
Student loan interest deduction	Available
Child tax credit	Available

Filing taxes

5

Filing your tax returns via Wealthsimple Tax is easy and straightforward. You only have to open an account and enter your details, including CRA membership. 

Those who have a CRA MyAccount option can use the ‘Autofill my Returns’ feature to populate their income tax returns. You can use the search box to find specific forms for your returns. 

After entering all the required data, WealthSimple Tax analyzes your returns to check for errors or opportunities to maximize your refunds. You are now set to submit your returns. You can also download the PDF file for your returns and save it or future reference.

Customer service

3.5

Wealthsimple Tax offers reliable customer support through their email. If you have any inquiries regarding your taxes or the platform, you can email them and get replies in good time.  

Although the platform does not offer an option to speak directly to support staff, it provides a broad knowledge base for specific concerns. In case you get stuck while filing your taxes, you can visit the help section.

Safe and secure

5

Wealthsimple Tax is CRA approved and uses the NETFILE electronic system to pass your information. This electronic filing system is popular for its security features that protect your data. 

When you access the site, your traffic is end to end encrypted to ensure no one else can access your data. For additional security measures, Wealthsimple Tax allows you to enable 2-factor authentication.

Is Wealthsimple Tax right for you?

Wealthsimple Tax helps you file your returns directly with CRA easily for free. The software handles multiple tax scenarios, including self-employment, investment, rental, and others. With a straightforward filing process, any Canadian who has difficulties filing returns should consider Wealthsimple Tax.