Wealthsimple Tax Review (Previously SimpleTax)

Are you tired of sifting through piles of paperwork and struggling to make sense of complicated tax laws? Filing taxes can be an overwhelming process, but with the help of online tax preparation software, it can be much simpler. In this blog post, we’ll take a closer look at one of the newest players in the Canadian tax software space: Wealthsimple Tax.

Wealthsimple Tax is an online tax preparation software launched by Wealthsimple, a Canadian financial services company, in 2021. The software is designed to simplify the tax filing process for individuals and small business owners in Canada.

Wealthsimple Tax offers a user-friendly interface that guides users through the tax preparation process step-by-step. The software is built to be intuitive and easy to use, with features such as automatic import of tax data from the Canada Revenue Agency (CRA) website and error-checking tools to help ensure accuracy.

In this blog post, we’ll explore the key features of Wealthsimple Tax, how it works, and why it might be a good choice for you. Whether you’re a first-time tax filer or a seasoned pro, Wealthsimple Tax has something to offer. We’ll also compare Wealthsimple Tax to other popular tax preparation software options to help you make an informed decision about which one is right for you. So, let’s dive in and find out more about this innovative tool for preparing your taxes.

About Wealthsimple Tax

Wealthsimple Tax is a Canadian online tax preparation software that was launched in 2021. The software is designed to simplify the tax preparation process for individuals and small business owners in Canada. Wealthsimple Tax offers a user-friendly interface that guides users through the tax preparation process step-by-step.

One of the key features of Wealthsimple Tax is its ability to automatically import tax data from the Canada Revenue Agency (CRA) website. This feature, called “Auto-fill my return,” allows users to quickly and easily import their tax information into Wealthsimple Tax, saving them time and reducing the risk of errors.

Another important feature of Wealthsimple Tax is its ability to perform error checks throughout the tax preparation process. This helps to ensure that users complete their tax returns accurately and avoid costly mistakes.

Wealthsimple Tax offers a free version of its software for most users, as well as a paid version for more complex tax situations. The software is mobile-friendly, allowing users to prepare and file their taxes using their smartphone or tablet.

Overall, Wealthsimple Tax has become a popular choice for Canadians who are looking for a simple and affordable way to prepare and file their taxes online. The software has received positive reviews for its ease of use, helpful guidance, and error-checking features. Additionally, Wealthsimple Tax is integrated with other Wealthsimple products, such as its investment platform, making it a convenient option for individuals who use multiple Wealthsimple services.

Wealthsimple History

Wealthsimple is a Canadian financial technology company that was founded in 2014. The company offers a variety of financial products and services, including online investment management, savings accounts, and, most recently, online tax preparation software with the launch of Wealthsimple Tax in 2021.

Since its founding, Wealthsimple has quickly grown to become one of the most popular fintech companies in Canada. The company has expanded its offerings beyond Canada, launching its investment management services in the United States and the United Kingdom.

Wealthsimple has also been recognized for its innovative approach to investing and financial planning. The company’s investment management services are built on a portfolio of low-cost index funds, and its robo-advisor platform uses artificial intelligence and machine learning to personalize investment advice for its clients.

In addition to its financial products and services, Wealthsimple is also known for its commitment to social responsibility. The company has implemented a range of sustainability initiatives, including offering socially responsible investment options and partnering with organizations such as 350.org and the David Suzuki Foundation.

Overall, Wealthsimple has quickly become a major player in the Canadian financial services industry, offering innovative products and services that are designed to make investing and financial planning more accessible and affordable for everyone.

Wealthsimple Tax Features

Wealthsimple Tax is an online tax preparation software designed to make filing taxes easier for individuals and small business owners in Canada. Here are some of the key features of Wealthsimple Tax:

Automatic data import: Wealthsimple Tax allows users to automatically import their tax data from the Canada Revenue Agency (CRA) website. This can save users time and reduce the risk of errors.

User-friendly interface: Wealthsimple Tax is designed to be intuitive and user-friendly, with step-by-step guidance to help users through the tax preparation process.

Error-checking: Wealthsimple Tax has built-in error-checking tools to help ensure accuracy and completeness, which can be particularly helpful for first-time tax filers.

Free version: Wealthsimple Tax offers a free version of its software for most users, which includes all of the basic features needed to file a simple tax return.

Paid version: Wealthsimple Tax also offers a paid version of its software for users with more complex tax situations, such as those with self-employment income or investment income.

Mobile-friendly: Wealthsimple Tax is mobile-friendly, allowing users to prepare and file their taxes from their smartphone or tablet.

Integration with other Wealthsimple products: Wealthsimple Tax is integrated with other Wealthsimple products, such as its investment platform, which can be a convenient option for individuals who use multiple Wealthsimple services.

Customer support: Wealthsimple Tax offers customer support via phone, email, and chat, with extended hours during tax season.

Overall, Wealthsimple Tax offers a range of features that can make tax preparation easier and more convenient for Canadians. From its automatic data import and error-checking tools to its user-friendly interface and mobile accessibility, Wealthsimple Tax is a comprehensive tax preparation software option.

Free Vs. Paid Verison

Wealthsimple Tax offers both a free and a paid version of its tax preparation software. Here are some of the key differences between the two versions:

Cost: The free version of Wealthsimple Tax is, as the name suggests, completely free to use. The paid version, on the other hand, charges a fee based on the complexity of the user’s tax situation.

Features: The free version of Wealthsimple Tax is designed for individuals with simple tax situations, such as those who earn income from employment and don’t have any additional deductions or credits. The paid version, on the other hand, is designed for individuals with more complex tax situations, such as those who are self-employed or have investment income.

Support: While both versions of Wealthsimple Tax offer customer support, users of the paid version have access to more extensive support options, including phone support and assistance from tax professionals.

Audit protection: The paid version of Wealthsimple Tax also includes audit protection, which can help users in the event that they are audited by the Canada Revenue Agency (CRA).

Priority processing: Finally, users of the paid version of Wealthsimple Tax also receive priority processing, which means their tax returns are processed faster than those of users of the free version.

Overall, the choice between the free and paid versions of Wealthsimple Tax will depend on the complexity of your tax situation and your individual needs. If you have a simple tax situation, the free version may be sufficient. However, if you have a more complex tax situation or would like additional support and protection, the paid version may be a better option.

Recent Wealthsimple Tax Updates

Wealthsimple Tax is continually updated to provide users with the best possible experience. Here are some of the recent updates to Wealthsimple Tax:

CRA data import: Wealthsimple Tax now allows users to automatically import their tax data from the Canada Revenue Agency (CRA) website, making the tax preparation process even easier and more convenient.

Improved error-checking: Wealthsimple Tax has improved its error-checking tools to help users identify and correct errors before submitting their tax returns to the CRA.

New deductions and credits: Wealthsimple Tax has added new deductions and credits to its software, including the Canada training credit and the digital news subscription tax credit.

Enhanced security: Wealthsimple Tax has implemented additional security measures to protect users’ personal and financial information, including two-factor authentication and SSL encryption.

Mobile app: Wealthsimple Tax has launched a mobile app for iOS and Android devices, allowing users to prepare and file their taxes from their smartphones or tablets.

Enhanced customer support: Wealthsimple Tax has expanded its customer support team and extended its support hours to help users with any questions or issues they may have during the tax preparation process.

Overall, these updates demonstrate Wealthsimple Tax’s commitment to providing users with a user-friendly, secure, and comprehensive tax preparation experience. With features like automatic data import, improved error-checking, and enhanced customer support, Wealthsimple Tax continues to be a popular choice for Canadians looking to simplify the tax preparation process.

Pros and Cons Of Wealthsimple Tax

Sure! Here are some pros and cons of using Wealthsimple Tax:

Pros:

User-friendly interface: Wealthsimple Tax is designed to be simple and easy to use, with a clean and intuitive interface that guides users through the tax preparation process step-by-step.

Free option: Wealthsimple Tax offers a free version of its software for most users, which can be a good option for those with simple tax situations.

Integration with other Wealthsimple products: Wealthsimple Tax is integrated with other Wealthsimple products, such as its investment platform, making it easy for users to manage their finances in one place.

Customer support: Wealthsimple Tax offers customer support via email, chat, and phone, which can be helpful for users who have questions or need assistance.

Cons:

Limited features: Wealthsimple Tax’s free version has limited features compared to other tax preparation software, such as TurboTax Canada. Users with more complex tax situations may find that they need to upgrade to the paid version of Wealthsimple Tax or another software to access the features they need.

Not available in Quebec: Wealthsimple Tax’s free version is not available to Quebec residents, who must use the paid version of the software.

Limited customer support during peak season: Some users have reported longer than expected wait times for customer support during peak tax season, which can be frustrating for those who need assistance.

Overall, Wealthsimple Tax is a good option for users with simple tax situations who are looking for a free and user-friendly software. However, users with more complex tax situations may need to consider other software options with more advanced features and support services.

NETFILE Approved

Yes, Wealthsimple Tax is NETFILE-approved. This means that users can use the software to prepare and file their taxes online and then submit their return to the Canada Revenue Agency (CRA) using the NETFILE system.

The NETFILE system allows users to securely transmit their tax return to the CRA electronically, without the need to mail a paper copy. This can be a faster and more convenient option for many users, especially those who are expecting a refund and want to receive it quickly.

Wealthsimple Tax is designed to be compatible with the NETFILE system, so users can be confident that their tax return will be accepted by the CRA. Additionally, Wealthsimple Tax automatically checks for errors and omissions, which can help to reduce the risk of errors or rejections when submitting your return.

It’s worth noting that not all tax preparation software is NETFILE-approved, so it’s important to check before choosing a software option. Using a NETFILE-approved software can make the tax filing process faster and easier, and can also help to ensure that your return is processed accurately and efficiently.

Wealthsimple Tax Vs. Ufile Canada

Wealthsimple Tax and Ufile Canada are both tax preparation software options available in Canada. Here are some key differences between the two:

Pricing:

Wealthsimple Tax offers a free version of its software for most users, while Ufile Canada charges a fee for all versions of its software.

Ufile Canada’s prices start at $19.95 for a basic return, while Wealthsimple Tax’s paid version starts at $44.99 for a standard return.

Features:

Wealthsimple Tax’s free version has more limited features than Ufile Canada’s free version, which may make Ufile Canada a better option for users with more complex tax situations.

Ufile Canada offers more advanced features, such as the ability to file for multiple family members in one account, as well as a wider range of tax forms and schedules.

User Interface:

Wealthsimple Tax is known for its clean and user-friendly interface, which can make the tax preparation process more straightforward for users.

Ufile Canada’s interface can be less intuitive, and some users have reported difficulty navigating the software.

Customer support:

Wealthsimple Tax offers customer support via email, chat, and phone, while Ufile Canada primarily offers support via email and phone.

Wealthsimple Tax’s customer support has generally received positive reviews, while some users have reported longer wait times and less helpful support from Ufile Canada.

Ultimately, the best tax preparation software for you will depend on your individual needs and preferences.

Wealthsimple Tax may be a good option if you have a simple tax situation and are looking for a free and easy-to-use software, while Ufile Canada may be a better option if you have a more complex tax situation and require more advanced features and support. It’s worth exploring different options and comparing their features and pricing structures to find the one that works best for you.

Wealthsimple Tax Vs. Turbo Tax Canada

Wealthsimple Tax and TurboTax Canada are two popular tax preparation software options in Canada. Here are some key differences between the two:

Wealthsimple Tax:

Wealthsimple Tax is a relatively new tax preparation software, having launched in 2019. It is designed to be simple and user-friendly, with a clean and intuitive interface that guides users through the tax preparation process step-by-step.

The free version of Wealthsimple Tax is available to most Canadians, with the exception of Quebec residents, who must use the paid version. The paid version of Wealthsimple Tax is priced based on the complexity of the user’s tax situation, with prices ranging from $69 to $119.

Wealthsimple Tax is integrated with other Wealthsimple products, such as its investment platform, making it easy for users to manage their finances in one place.

Customer support for Wealthsimple Tax is available via email, chat, and phone. However, some users have reported longer than expected wait times for customer support during peak tax season.

TurboTax Canada:

TurboTax Canada is a popular tax preparation software that has been around for over 20 years. It is known for its advanced features, such as expert review and audit defense services, which can be helpful for users with more complex tax situations.

TurboTax Canada does not offer a free version of its software for most users. Instead, it offers a range of paid options, with prices ranging from $19.99 to $139.99 depending on the user’s tax situation and needs.

TurboTax Canada is not integrated with other financial products, but it does offer a range of other tools and resources to help users manage their finances, including a personal finance blog and a credit score monitoring service.

Customer support for TurboTax Canada is available via email, chat, phone, and even in-person at select locations. TurboTax Canada also offers extended support hours during peak tax season, making it a good option for users who may need extra help.

Most popular tax software in Canada

The most popular tax software in Canada is TurboTax. According to a 2021 survey by Statista, TurboTax is the most widely used tax preparation software in Canada, with a 42% market share. The next most popular software is H&R Block, with a 24% market share, followed by SimpleTax at 10%.

TurboTax’s popularity can be attributed to its brand recognition, extensive marketing efforts, and range of features and support services. TurboTax has been available in Canada for over 20 years and has built a reputation as a reliable and trustworthy tax preparation software. Additionally, TurboTax offers a wide range of features and support services, such as expert review and audit defense services, which can be attractive to users with more complex tax situations.

That said, there are other tax preparation software options available in Canada, such as Wealthsimple Tax, H&R Block, and UFile, each with its own set of features and pricing structures. It’s worth exploring different options to find the one that best fits your needs and budget.

Is Wealthsimple tax better than turbo tax for simple tax returns?

Both Wealthsimple Tax and TurboTax Canada are popular options for simple tax returns in Canada, and which one is better for you will depend on your individual needs and preferences. Here are some key differences to consider:

Pricing:

Wealthsimple Tax offers a free version for most users, while TurboTax Canada charges a fee for all versions of its software.

TurboTax Canada’s prices start at $19.99 for a basic return, while Wealthsimple Tax’s paid version starts at $44.99 for a standard return.

Features:

Wealthsimple Tax’s free version has more limited features than TurboTax Canada’s free version, which may make TurboTax Canada a better option for users with more complex tax situations.

TurboTax Canada offers more advanced features, such as the ability to import data from investment accounts and other financial institutions, as well as a wider range of tax forms and schedules.

User interface:

Wealthsimple Tax is known for its clean and user-friendly interface, which can make the tax preparation process more straightforward for users.

TurboTax Canada’s interface can be more complex, but may be better for users who want more control over the tax preparation process and access to more detailed information.

Customer support:

Wealthsimple Tax offers customer support via email, chat, and phone, while TurboTax Canada primarily offers support via chat and phone.

Wealthsimple Tax’s customer support has generally received positive reviews, while some users have reported difficulty getting help from TurboTax Canada’s support team.

Ultimately, whether Wealthsimple Tax or TurboTax Canada is better for you will depend on your individual needs and preferences. If you have a simple tax situation and are looking for a free and easy-to-use software, Wealthsimple Tax may be a good option. If you have a more complex tax situation or want more advanced features and control over the tax preparation process, TurboTax Canada may be a better option.

Final Words

In conclusion, Wealthsimple Tax is a relatively new but promising addition to the tax preparation software market in Canada. It offers a user-friendly interface, a free version for most users, and helpful customer support. It may be a good option for individuals with simple tax situations who are looking for a straightforward and affordable way to file their taxes.

However, Wealthsimple Tax may not be the best choice for everyone. Its free version has more limited features than some other tax software options, and users with more complex tax situations may require more advanced features and support. Additionally, Wealthsimple Tax’s paid version is more expensive than some other paid options, which may be a consideration for budget-conscious individuals.

Overall, it’s important to do your research and compare different tax software options to find the one that works best for your individual needs and preferences. Consider factors such as pricing, features, user interface, and customer support when making your decision.

Ultimately, whether you choose Wealthsimple Tax, TurboTax Canada, Ufile Canada, or another tax software option, filing your taxes online can be a convenient and efficient way to manage your finances. With the right software and a little bit of planning, you can file your taxes quickly and accurately, and get back to the things that matter most to you.