Wealthsimple Tax Review (June 2023) – Pros, Cons, Features, & Pricing

Pros and Cons of the Wealthsimple Tax Review

There are some important pros and cons to consider before you decide to register for a Wealthsimple Tax account. Since there are a few tax return products available to use, you’ll want to determine which option works best for your specific tax situation and how much information you’ll need.

For example, suppose you have specific benefits to receive, dependents to claim, and several income streams. In that case, you’ll want to carefully look at the Wealthsimple Tax review, as well as other options to find your best service.

Pros of the Wealthsimple Tax Review

Wealthsimple Tax review offers some significant advantages for users. One of the best features of filling out your Wealthsimple Tax (formerly SimpleTax) is the autofill options, which make providing information easy. If you upload your government documents, including T4s, TFSA income, and investment income limits, this will reflect on your annual return as well.

Wealthsimple is a certified company with the CRA, so you can securely file your taxes with NETFILE without any safety concerns. If you’re eligible to receive a tax refund, you’ll receive your funds quickly, usually within eight business days or less.

This Wealthsimple Tax review is consistently updated to reflect new government benefits, including assistance, support, and credits. Every year you file your tax return with Wealthsimple, you’ll have the most up-to-date information to ensure you receive the maximum amount in return.

All your information is sent electronically over a secure system. The system is approved by NETFILE, which means it is safe and secure for government documents. When you initially set up an account with Wealthsimple Tax, you’ll find the process is easy, and there’s a step-by-step guide to help you get started.

Cons of the Wealthsimple Tax Review

While the overwhelming features of this Wealthsimple Tax review are positive, there are a few disadvantages to note before you consider this service as your option.

There are no add-ons to include, such as a third-party review, especially if you’re filing a lot of information and need a thorough review. Audit protection is also not available, which may be a drawback for some users.

If you’re filing a complex tax return or are self-employed, you may want to find another program ultimately or hire a professional to file your taxes. Wealthsimple Tax review requires good working knowledge and understanding of your taxes, especially where a lot of information is required.

If you need customer support, you won’t find much customer service with Wealthsimple. It’s a web-based service that offers helpful tips and suggestions, though no direct support team to contact.

What are the Wealthsimple Tax review features?

If you’re new to filing your taxes electronically or need an easy way to navigate through the various slips and documents you’ll need, the Wealthsimple Tax review offers a helpful search feature to find each specific section. You’ll also find many tips and autofill options that make completing your forms more manageable and less time-consuming.

You can rest assured that all your details are safe with Wealthsimple, as it’s certified with NETFILE. If you need to refile your tax return or make changes, this is also an option available on the company’s website.

Cost of using Wealthsimple Tax

Wealthsimple Tax (formerly SimpleTax) is ideal for people looking for an affordable option for getting the annual tax return done.

The fees vary because they are based on a pay-what-you-can scale, allowing you to pay anywhere from $0 to $20, whichever is affordable. This option is especially important for users who may not be able to afford professional tax return services, or do not expect to receive a refund from the government.

What is Wealthsimple Tax for? Should you use Wealthsimple Tax?

This Wealthsimple Tax review is geared towards anyone comfortable doing their taxes, incredibly familiar with the process. If you’ve never filed taxes previously, you may find that this service takes time to review and get acquainted with before processing your return.

Overall, the website’s interface is uncomplicated for most people. Unless you’re expecting to add a lot of detail and feel uncertain about proceeding, most people find the service almost effortless.

Not sure if Wealthsimple Tax is for you? Alternatives to Wealthsimple Tax you can consider

Wealthsimple Tax review is one of the best tax return services available to Canadians, though if you’re looking for an alternative, Turbo Tax may be an option to consider.

Turbo Tax is free for Canadians of all income levels, while Wealthsimple and other tax return software offers charge small fees or accept donations. You can file up to 20 tax returns each year, which is ideal if you run a business and have several sources of income.

Suppose you want extra services to personalize your return further. In that case, you can opt for an extra fee of $19.99 that provides further assistance in identifying ways where you can save on taxes while transferring last year’s information forward and offering to maximize your eligible credits and benefits.

Overall, Turbo Tax is a great option similar to Wealthsimple and offers additional features with a small fee.

UFile is another popular option for Canadian tax returns. Like Wealthsimple Tax and Turbo Tax, this service is registered with the CRA and NETFILE, so you can be assured that all your personal and financial details are handled safely and securely.

If you have low income, are a student, or have a simple tax return, you may qualify to have your tax return processed at no charge. The paid version of this tax return software is ideal for small businesses and families with multiple sources of income.

Wealthsimple Tax Review Conclusion

Overall, this Wealthsimple Tax review offers an affordable, reasonable way to get your taxes done without paying high fees. It’s geared towards any level of tax return, whether your household or business income is complex or straightforward.

The more details you have and information about taxes, the easier Wealthsimple is to use. It’s a great way to ensure you’re receiving all the eligible benefits and the maximum refund amount too.

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