Wealthsimple Tax is a Canadian tax filing software that allows individuals to prepare and submit their personal income tax returns to the Canada Revenue Agency (CRA) and Revenu Québec. The platform offers a do-it-yourself approach with tools to search for applicable credits and deductions, import tax slips directly from the CRA, and file returns electronically via NETFILE. Canadians can use the service for free through its Basic plan, which supports filing up to two tax returns with no restrictions on income types or forms. Additional paid plans provide features like audit support and access to live tax experts for more complex situations.
How Wealthsimple Tax Works
Wealthsimple Tax is a digital platform designed for Canadians to complete their personal tax returns. The software operates on a do-it-yourself model where users enter their financial information, and the system automatically applies relevant tax rules. It searches over 400 possible tax credits and deductions to identify those that apply to the user's specific situation. The platform can import tax slips such as T4s, T5s, and T3s directly from the CRA's My Account service, which streamlines data entry. For couples filing together, the software can analyze and suggest which spouse should claim specific credits or deductions to optimize the overall refund. All plans provide unlimited access to every tax form required for a personal return, including those for donations, medical expenses, and investment income.
Available Filing Plans and Costs
Wealthsimple Tax offers three primary service tiers to accommodate different needs and levels of assistance. The Basic plan is marketed as 'Pay What You Want', meaning users can file for free or choose to pay an amount they select. This plan allows for the filing of up to two tax returns and includes all necessary forms without any paywalls restricting access to specific schedules. The Plus plan includes all Basic features but increases the filing limit to eight returns per account and adds audit protection support for interactions with the CRA or Revenu Québec. The Pro plan provides the highest level of service, supporting up to 20 returns, which aligns with the CRA's NETFILE limit, and includes a one-on-one 30-minute live consultation with a tax expert. It is important to note that the Pro plan's live consultation service is not available for residents of Québec or in the French language.
The platform backs its service with a maximum refund guarantee. If a user re-files their taxes before December 31, 2026, using a competitor's tax software and finds a larger refund or smaller payment due when entering identical information, Wealthsimple will provide compensation. The compensation is the greater of two values: the purchase price or license fee paid for the competitor's software up to a maximum of 50 dollars, or any optional payment the user made to Wealthsimple Tax for that tax year. This guarantee is designed to provide confidence in the software's optimization capabilities. Furthermore, clients who bring all their investments to Wealthsimple and qualify as Premium or Generation clients may receive free upgrades to the Plus or Pro plans.
Key Features and Supported Income Types
The software is built to handle a wide array of common Canadian tax situations. A core feature is the automatic optimization of credits and deductions, which calculates the optimal amount to claim for each eligible item. Users can report employment income, self-employed income, and investment income from interest, dividends, and capital gains. The platform manages the tax implications of rental property income and expenses, allowing for the reporting of both revenue and deductible costs. For individuals with international financial activities, it supports reporting all foreign income and claiming the appropriate foreign tax credits on the Canadian return.
Wealthsimple Tax also facilitates the claiming of specific personal deductions. This includes tax deductions for any qualifying charitable donations made in the previous tax year. Similarly, users can claim deductions for qualifying medical expenses incurred during the previous year for themselves, their spouse, or dependants. The interface guides users through the process of entering these expenses to ensure they are claimed correctly. The software's design aims to simplify complex topics, providing all necessary tax information without requiring advanced knowledge from the user.
Steps to File Your Return
Filing with Wealthsimple Tax involves a series of structured steps within the online platform. The first step is to create an account or log in to an existing Wealthsimple account. Once logged in, users begin a new tax return for the applicable tax year. The software will prompt for basic personal information, including residency status, which is particularly important for newcomers to Canada. A highly efficient next step is to securely connect to CRA My Account to automatically import tax slips. This can import forms like T4s, T5s, and T3s in seconds and reduces manual entry errors.
After importing or manually entering slip data, users proceed through the interview-style sections of the software. The system asks questions about life events, income sources, and potential deductions to trigger relevant forms and schedules. As information is entered, the software continuously searches for applicable credits and deductions from its database of over 400 possibilities. It then applies these optimizations in the background. Before submitting, users review a summary of their return, checking all entered data for accuracy. The final step is to electronically file the return directly to the CRA using the NETFILE service, which is integrated into the platform. For residents of Québec, the process includes filing with Revenu Québec as well.
- Create or log in to your Wealthsimple Tax account.
- Start a new return and enter personal/residency details.
- Connect to CRA My Account to import tax slips automatically.
- Go through interview sections to report all income and expenses.
- Review the software's optimizations for credits and deductions.
- Check the complete return summary for accuracy.
- Submit the return electronically via integrated NETFILE.
Understanding the Maximum Refund Guarantee
Wealthsimple Tax offers a guarantee to instill confidence in its tax optimization engine. The guarantee states that if you get a larger refund or owe less tax by using a competitor's software, Wealthsimple will compensate you. This guarantee is valid for returns filed through Wealthsimple Tax if you choose to re-file using a competitor's product before December 31, 2026. A critical condition is that you must enter identical financial information into the competitor's software. The comparison must be based on the same data inputs. The compensation provided is not a direct payment of the difference in refund but rather a reimbursement of costs.
The reimbursement amount is calculated as the greater of two values. The first value is the purchase price or license fee you paid to the competitor tax software company, capped at a maximum of 50 Canadian dollars. The second value is any optional payment you chose to make to Wealthsimple Tax for filing your return for that tax year. If you had paid 20 dollars to Wealthsimple for the Plus plan and the competitor's software cost 30 dollars, you would receive 30 dollars. This guarantee is a formal promise regarding the effectiveness of the software's deduction and credit search algorithms.
Support Services and Audit Protection
Support levels vary significantly across the different Wealthsimple Tax plans. All plans, including the free Basic plan, include access to email support for technical issues encountered while using the software. It is important to understand that this basic support does not extend to providing personalized tax advice. For users seeking more guidance, the Pro plan includes a one-on-one 30-minute live consultation with a tax expert. This expert can answer questions, review the return, and help optimize deductions. Availability for this consultation is only guaranteed if booked before April 6, 2026, and the service is not available for residents of Québec.
For peace of mind regarding potential reviews by tax authorities, the Plus and Pro plans include an audit support service. This service assists users in the event that any of their tax returns are reviewed or audited by the CRA or Revenu Québec. The support is available year-round and is designed to help users during the audit process. The Pro plan also includes ongoing support if a user's tax situation changes, directing them to appropriate resources. These paid support features differentiate the plans and cater to users who desire extra protection or expert validation for their filed returns.
Common Considerations and Limitations
While Wealthsimple Tax is designed to be comprehensive, users should be aware of certain platform rules and limitations. Each Wealthsimple account has a limit on the total number of tax returns that can be filed per tax year, which varies by plan. The Basic plan allows for 2 returns, the Plus plan for 8 returns, and the Pro plan for up to 20 returns, which matches the CRA's NETFILE limit for a single account. The Pro plan's live expert consultation feature has specific eligibility restrictions. It is not available for residents of Québec or in the French language. Users in Québec can still use the software to file their federal and provincial returns but cannot access the live consultation component of the Pro plan.
Another important consideration is the scope of the included support. The email support offered with all plans is for technical troubleshooting only and explicitly does not include tax advice. Users with complex tax situations requiring professional interpretation should be aware of this boundary. The software handles many common scenarios like investment income, rental properties, and foreign income, but it remains a do-it-yourself tool. The audit protection service, a significant value of the Plus and Pro plans, provides assistance during a review but does not constitute legal representation. Users should ensure they keep all original receipts and documentation, as the software is a filing tool and not a substitute for maintaining proper tax records.
Frequently asked questions
Is Wealthsimple Tax really free to use?
Yes, the Basic plan of Wealthsimple Tax operates on a 'Pay What You Want' model, which means you can choose to file your tax return for $0. This free tier allows you to file up to two tax returns and includes unlimited access to all necessary tax forms, such as those for employment income, investment income, self-employed income, medical expenses, and charitable donations. There are no paywalls or restrictions on the forms you can file in the Basic plan, and it covers all sources of income and deductions. You can confidently file simple tax returns using this free service.
What is the maximum refund guarantee?
Wealthsimple Tax guarantees your maximum refund. If you re-file your taxes before December 31, 2026, using a competitor's tax software and find a larger refund or a smaller payment due by entering identical information, Wealthsimple will provide compensation. They will refund either the purchase price or license fee for the competitor's software, up to a maximum of $50 CAD, or any optional payment you made to Wealthsimple for the year, whichever is greater in value. This guarantee ensures you get the best possible result from your tax filing.
Can Wealthsimple Tax import my tax slips automatically?
Yes, Wealthsimple Tax can automatically import your tax slips. You can safely connect the software to your CRA My Account to import all your tax forms directly in seconds. This feature applies to forms such as T5 and T3 slips for investment and interest income. If you are already a Wealthsimple client, your personal details can also be transferred into the tax software with just a few taps, streamlining the data entry process significantly.
What extra features do the Plus and Pro plans offer?
The Plus plan increases your filing limit to 8 returns and adds audit protection, which provides support if the CRA or Revenu Québec reviews or audits your return. The Pro plan supports up to 20 returns and includes all Plus features. It also adds a one-on-one 30-minute live consultation with a tax expert for guidance, return review, and optimization of deductions. The Pro plan's live consultation is not available for residents of Québec, and its availability is only guaranteed if booked before April 6, 2026.
How many tax returns can I file with one account?
The number of returns you can file depends on your plan. The free Basic plan allows you to file up to 2 tax returns. The paid Plus plan supports filing up to 8 returns. The Pro plan allows for up to 20 returns, which is the maximum number of returns the CRA's NETFILE system will accept from a single software account in a year.
Does Wealthsimple Tax provide help or tax advice?
All plans include email support for technical issues with the software, but this support does not extend to providing personal tax advice. For actual tax guidance, you would need to upgrade to the Pro plan, which includes a live consultation with a tax expert. The expert can answer questions and review your return. The Plus and Pro plans also offer audit support to help you if your return is reviewed by tax authorities.
Sources and further reading
- Really Great Tax Filing Software 2025 | CRA & NETFILE- ... wealthsimple.com
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.