Wealthsimple Tax is a NETFILE-certified Canadian tax filing software used by over two million people. It offers a do-it-yourself platform that can handle various income types and deductions, with a basic plan that operates on a pay-what-you-want model, including free filing. The service integrates directly with the CRA to import tax slips and includes features like a maximum refund guarantee and audit support on paid plans. This review explains how the software works, its features, and its plans to help Canadians understand their tax filing options.
How Wealthsimple Tax Works
Wealthsimple Tax is designed as a step by step online platform for filing personal income tax returns in Canada. The process begins by creating an account on the Wealthsimple Tax website, which requires personal details such as name, date of birth, and address. Existing Wealthsimple investment clients can log into their account and go to the Taxes section for a quicker start. The software is NETFILE certified for the 2023 to 2025 tax years, meaning returns filed through it are transmitted electronically to the Canada Revenue Agency or Revenu Québec. A core function is the ability to securely connect to a CRA My Account to automatically import tax slips like T4s, T5s, and T3s, which populates the relevant sections of the return. The system then guides users through a series of questions about marital status, home ownership, and other personal situations to identify applicable deductions and credits.
As information is entered, the software displays an estimated refund or balance owing in real time. It searches over 400 possible tax credits and deductions to optimize the final result. The interface allows users to review all details before submission, flagging any potential issues or missed opportunities. For those owing money, the platform does not process payments but filing early provides time to arrange payment with the CRA. The final step is submitting the return directly through the site via NETFILE, with no additional steps required if direct deposit is set up with the CRA. The entire process is structured for individuals, including those with self employment income, rental properties, or investment income.
Available Plans and Pricing
Wealthsimple Tax offers three main service tiers: Basic, Plus, and Pro. The Basic plan operates on a pay what you want model, where users can choose to pay any amount, including zero dollars, to file their return. This plan allows filing for up to two tax returns and includes access to all necessary tax forms, covering employment income, investment income, self employed income, and deductions like medical expenses and charitable donations. There are no paywalls restricting specific forms in the Basic plan. The Plus and Pro plans are paid upgrades that provide additional services beyond the core filing functionality.
The Plus plan includes audit support, which offers assistance if a tax return is reviewed or audited by the CRA or Revenu Québec. The Pro plan adds a one on one 30 minute live consultation with a tax expert, who will also follow up via email to review the return and optimize deductions. Availability for this consultation is only guaranteed if booked before April 6, 2026, and the Pro plan is not available for residents of Québec or in French. Both Plus and Pro plans also increase the number of returns allowed per account. Furthermore, Wealthsimple investment clients who qualify as Premium or Generation clients may receive free upgrades to the Plus or Pro plans. All plans include email support for technical issues, though this support does not extend to providing tax advice.
- The Basic plan uses a pay-what-you-want model, including $0.
- The Basic plan allows filing for up to two tax returns.
- The Plus plan includes audit support from the CRA or Revenu Québec.
- The Pro plan includes a 30-minute live tax expert consultation.
- The Pro plan expert consultation is not available for Québec residents.
- Availability for the Pro consultation is guaranteed only if booked before April 6, 2026.
- Premium or Generation investment clients may get free upgrades to Plus or Pro.
- All plans include email support for technical issues only.
Key Features and Guarantees
Wealthsimple Tax incorporates several features aimed at simplifying the filing process and providing user confidence. A central feature is the maximum refund guarantee. If a user refiles their taxes before December 31, 2026 using a competitor's tax software and finds a smaller payment due or a larger refund when entering identical information, Wealthsimple will provide a refund. This refund will be either the purchase price of the competitor's software up to a maximum of 50 dollars or any optional payment the user made for their Wealthsimple Tax filing for that year, whichever is greater in value. The software also includes tools for specific tax situations. It can handle reporting and optimizing capital gains and losses, managing rental property income and expenses, and claiming foreign tax credits for income earned outside Canada.
For couples filing together, the software can figure out which partner should claim specific credits or deductions to maximize the combined refund. Data security is emphasized, with a policy stating that user data is never sold to third parties. The autofill function from the CRA is a critical accuracy feature, reducing errors from manual entry. While the Basic plan is comprehensive, the paid Plus and Pro plans add layers of protection and expert guidance, catering to users who desire more support or have complex situations. The software is designed to be effective for a wide range of Canadian tax filers.
- Maximum refund guarantee valid until December 31, 2026.
- Guarantee refunds up to $50 for competitor software or your optional payment.
- Software optimizes credits and deductions for couples filing together.
- User data is never sold to third parties.
- Autofill from CRA My Account reduces manual entry errors.
- Handles capital gains, rental property income, and foreign tax credits.
- Searches over 400 possible tax credits and deductions.
Limits on Returns and Provincial Considerations
Each Wealthsimple Tax plan has a limit on the total number of tax returns that can be filed from a single account in a given year. The Basic plan allows for up to two returns. The Plus plan permits filing up to eight returns. The Pro plan allows for up to twenty returns per account. These limits accommodate individuals who may need to file returns for family members or dependants from one account. It is important to note that the Canada Revenue Agency itself has a NETFILE limit of twenty returns per software product, which aligns with the Pro plan's maximum. For residents of Québec, there are specific limitations. The Pro plan, which includes the one on one tax expert consultation, is not available for Québec residents. However, the software does support integration with Revenu Québec for importing tax slips, and the audit support feature in the Plus plan applies to both CRA and Revenu Québec audits.
The software is certified for use across all Canadian provinces and territories for the 2023 to 2025 tax years. The questions and deduction optimizations are tailored to account for provincial tax credits and rates. Users in Québec will encounter the provincial specific forms and logic required by Revenu Québec within the filing flow. The inability to access the Pro plan's live expert in Québec is a notable restriction for residents of that province seeking that level of guided assistance. All users, regardless of province, have access to the same core filing engine, deduction search, and import features for both federal and provincial returns.
Comparison with Other Tax Software
Wealthsimple Tax is often compared to other do it yourself tax software like TurboTax. A key differentiator is the pricing model for its basic service. Wealthsimple Tax's Basic plan is free, whereas TurboTax's basic offerings typically have a cost. Wealthsimple Tax includes access to all tax forms, including those for donations, medical expenses, and investment income, without additional paywalls in its Basic plan. In contrast, some competitors may require upgrades to access certain forms or features. Both platforms offer guarantees on maximum refunds, but the specific terms and compensation details differ. TurboTax, for example, promotes features like unlimited tax expert interaction and audit support, which are comparable to Wealthsimple's Pro plan offerings, though at different price points.
Wealthsimple Tax's integration with over 300 cryptocurrency exchanges for importing data is a feature highlighted for users with crypto investments. The platform's connection to Wealthsimple's investment ecosystem can also provide perks, such as free plan upgrades for premium investment clients. When evaluating options, Canadians should consider factors such as the complexity of their tax situation, the desire for live expert help, and the total cost. Wealthsimple Tax positions itself as an easy, accurate, and affordable filing option, with its free Basic plan being a significant draw for many filers.
Common Tax Scenarios Supported
Wealthsimple Tax is built to handle a wide array of common Canadian tax situations. The software supports the reporting of employment income from T4 slips and investment income from T5 and T3 slips. It can manage and optimize the reporting of capital gains and losses from the sale of investments. For self employed individuals or those with side businesses, the software accommodates sole proprietorship income and expenses. Rental property income and associated expenses can be reported and managed within the platform. The software also facilitates claiming deductions for qualifying charitable donations made in the previous tax year.
- Reporting employment income from T4 slips.
- Reporting investment and interest income from T5 and T3 slips.
- Managing and optimizing capital gains and losses.
- Reporting sole proprietorship or self-employment income.
- Managing rental property income and expenses.
- Claiming deductions for qualifying charitable donations.
- Claiming deductions for medical expenses for self, spouse, or dependants.
- Reporting foreign income and claiming foreign tax credits.
Medical expenses incurred for the taxpayer, their spouse, or dependants can be claimed. For families, childcare expenses and other dependent related credits can be applied. The software can handle spousal filing scenarios, optimizing which partner claims specific amounts. Reporting foreign income and claiming the appropriate foreign tax credits is another supported scenario. The system's question and answer flow is designed to identify these situations and prompt users for the necessary information, ensuring all applicable deductions and credits are considered regardless of the plan tier selected.
Important Dates and Guarantee Details
Several key dates and guarantee conditions are associated with using Wealthsimple Tax. The software is NETFILE certified for the 2023, 2024, and 2025 tax years. The maximum refund guarantee is valid for returns filed through Wealthsimple Tax. To make a claim, a user must re file their taxes using a competitor's software before December 31, 2026. The information entered into the competitor's software must be identical to what was entered in Wealthsimple Tax. For users of the Pro plan, the availability of the one on one 30 minute tax expert consultation is only guaranteed if the booking is made before April 6, 2026. This service is not available for residents of Québec.
The audit support service, included with the Plus and Pro plans, is available year round if a return is reviewed or audited by the CRA or Revenu Québec. The pay what you want model for the Basic plan means users can choose their payment amount at any time during or after filing. There are no specific deadlines for making this voluntary payment. Users should be aware of the CRA's annual tax filing deadline, typically April 30, and ensure their return is submitted through Wealthsimple Tax well before that date to account for review and processing time.
Frequently asked questions
Can Wealthsimple Tax handle complex tax situations?
Yes, Wealthsimple Tax is designed to handle various complex situations. It supports reporting for self employment income, rental property income and expenses, capital gains and losses, foreign income with tax credits, and investment income from T5 and T3 slips. The software searches over 400 credits and deductions to optimize the return. For added support, the Pro plan offers a live consultation with a tax expert.
How many tax returns can I file with one account?
The number of returns you can file depends on your plan. The Basic plan allows up to two returns per Wealthsimple Tax account. The Plus plan allows up to eight returns. The Pro plan allows up to twenty returns, which aligns with the CRA's NETFILE limit per software product.
Is Wealthsimple Tax really free?
Yes, the Basic plan of Wealthsimple Tax is genuinely free through a pay what you want model where users can file for zero dollars. This plan allows filing for up to two tax returns with no restrictions on income sources or deductions. It includes all forms for employment income, investment income, self employed income, medical expenses, and charitable donations. There are no hidden fees or paywalls blocking access to any required tax form. Over two million Canadians use this service to file easily and affordably.
How does the maximum refund guarantee work?
Wealthsimple Tax guarantees your maximum refund. If you re file your taxes before December 31, 2026 using a competitor's software and find a larger refund or smaller payment due with identical information, they will provide a refund. They will refund either the purchase price of the competitor's software up to a maximum of 50 dollars or any optional payment you made for your Wealthsimple Tax filing that year, whichever is greater in value. This guarantee applies if you refile using a competitor's product and enter all the same information.
Are there any limitations for Québec residents?
Yes, Québec residents face one specific limitation with Wealthsimple Tax. The Pro plan, which offers a one on one 30 minute live consultation with a tax expert, is not available for residents of Québec. The software does support integration with Revenu Québec for importing tax slips in seconds. Furthermore, the audit support service included in the Plus plan is available for audits conducted by both the CRA and Revenu Québec for all eligible users.
What support is available if I need help?
All Wealthsimple Tax plans include email support for technical issues, though this does not extend to tax advice. The Plus plan adds audit support if your return is reviewed by the CRA or Revenu Québec. The Pro plan includes a one on one 30 minute live consultation with a tax expert for a review and optimization of deductions, plus follow up email answers. However, this Pro plan consultation is not available for residents of Québec and availability is only guaranteed if booked before April 6, 2026.
Sources and further reading
- Really Great Tax Filing Software 2025 | CRA & NETFILE- ... wealthsimple.com
- TurboTax® Canada vs. WealthSimple Tax, Intuit turbotax.intuit.ca
- Wealthsimple Tax Review 2026 loanscanada.ca
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.