A noteworthy competitor is being marketed by Wealthsimple, the Canadian on-line funding firm whose Wealthsimple Trade on-line brokerage platform we’ve reviewed. They not too long ago launched Wealthsimple Tax, the rebranding of software program launched initially in 2012 as Simple Tax, then bought by Wealthsimple in 2019. It’s an all-in-one tax preparation and submitting platform that prices no matter you assume is a good value—even when that value is nothing.
A free service from an organization with a $5-billion (with a “b”) market cap—can it actually be pretty much as good as they declare? We questioned as nicely, so we got down to learn the way Wealthsimple Tax compares with fashionable long-standing tax-prep software program.
How does Wealthsimple Tax work?
Getting began is straightforward, and also you don’t should be an present Wealthsimple consumer to qualify for the free entry. First, confirm your e mail deal with. Then, you enter your private info (identify, deal with, social insurance coverage quantity, date of beginning), simply as you’d on any tax-filing type. You even have the choice of coming into the NETFILE entry code out of your tax return of the earlier yr. While this isn’t necessary, for those who don’t embody the code you gained’t be capable of use any info out of your earlier yr’s return to verify your identification with the Canada Revenue Agency (CRA). If you used SimpleTax up to now, you may import info from a earlier yr’s return to simplify your 2020 tax prep.
You’re then requested some basic questions on your residence, your marital standing and/or dependants, and some different basic items. If you’ve gotten a CRA My Account, you’ve gotten the choice of signing as much as obtain e mail correspondence concerning the standing of your return straight from the CRA.
Once the setup is accomplished, the platform guides you thru every step of constructing your return. If you want human assist at any level, Wealthsimple has its personal help workers accessible.
Upon completion of your return, your refund (or quantity owing) is displayed immediately. You have the choice of reviewing your return for errors, or to attempt to optimize your consequence. You may save or print your return as a PDF.
Is Wealthsimple Tax just for primary private returns?
No. Wealthsimple Tax is able to processing even advanced returns, as long as they aren’t topic to any NETFILE restrictions.
What does “Your maximum refund, guaranteed” imply?
Paying to make use of Wealthsimple Tax is solely voluntary. But for those who do select to pay, and one other tax preparer (whether or not that’s a distinct on-line platform or a real-life accountant) calculates a greater return, Wealthsimple will refund what you paid. While that’s a reassuring testomony to the platform’s perception in its personal efficacy, it’s fairly unlikely that you just’ll file your tax return with a couple of preparer. In quick, this isn’t a high-stakes assure.