Wealthsimple Tax Review 2025: Free Tax Filing for Canadians

Tax season is stressful. But it doesn’t have to be expensive. Wealthsimple Tax (formerly SimpleTax) is a free, CRA-certified tax preparation software that handles everything from simple T4s to complex investment income. Here’s our complete 2025 review.

What Is Wealthsimple Tax?

Wealthsimple Tax is a web-based tax preparation and filing service that:

• Is completely free (pay-what-you-want donation model)
• Is CRA NETFILE certified for electronic filing
• Handles both simple and complex returns
• Integrates directly with Wealthsimple investment accounts

The “Pay What You Want” Model

Unlike TurboTax or H&R Block, Wealthsimple Tax has no mandatory fees. After completing your return, you’re invited to donate what you think the service is worth—including $0.

Most users never need more than the free tier. Seriously.

Key Features

Auto-Fill from CRA

Wealthsimple Tax can automatically import your tax slips directly from the CRA. This includes:

• T4 (Employment income)
• T5 (Investment income)
• T3 (Trust income)
• RRSP contribution receipts
• And more

Simply connect your CRA My Account, and most of your slips are imported instantly.

Investment Integration

Here’s where Wealthsimple Tax shines for investors:

Direct Wealthsimple Import: If you have Wealthsimple trading accounts, your trading activity is automatically imported, including:

• Capital gains and losses
• Foreign income (dividends from US stocks)
• Cryptocurrency transactions
• Adjusted Cost Base (ACB) calculations

The Crypto Advantage: Calculating crypto taxes manually is notoriously complex. Wealthsimple Tax auto-imports your Wealthsimple Crypto transactions and calculates ACB automatically—a feature that could save you hours.

Comprehensive Tax Situations

Wealthsimple Tax handles:

✅ Employment income (T4) ✅ Self-employment income ✅ Rental property income ✅ Investment income (dividends, capital gains) ✅ Cryptocurrency gains and losses ✅ RRSP deposits and withdrawals ✅ Child and family benefits ✅ Student loans and tuition credits ✅ Moving expenses ✅ Medical expenses ✅ Charitable donations

Refund Optimization

The software includes tools to maximize your refund:

Pension Income Splitting: Automatically suggests the optimal split between spouses.

Spousal Dividend Claims: Identifies when transferring dividends benefits your family tax position.

Carryforward Amounts: Tracks unused tuition credits, capital losses, and donation amounts from previous years.

RRSP Optimizer: Shows exactly how RRSP contributions will impact your refund.

100% Accuracy Guarantee

Wealthsimple Tax guarantees that if you owe penalties or interest due to a calculation error they made, they’ll pay the difference.

New for 2025

Tax Video Walkthroughs

New video guides walk you through different sections of your tax return.

Guided Tax-Filing

A new assistant helps build a template based on your specific situation.

CRA Payments Integration

If you owe taxes, you can now add the CRA as a payee directly in your Wealthsimple Chequing account.

Limitations

No Dedicated Mobile App

The previous mobile app was discontinued. You can still access Wealthsimple Tax through your mobile browser, but it’s optimized for desktop.

Support Limitations

Free users only have email support. Live chat and phone support are reserved for Plus and Pro subscribers.

20 Return Limit

The free version allows up to 20 returns per account—plenty for most people, but a limit for those doing taxes for many family members.

Quebec Complex Returns

While Quebec returns are supported, some very complex Quebec-specific situations may not be fully covered.

No T3 Trust Returns

If you’re an executor handling an estate, note that Wealthsimple Tax supports the final T1 return for a deceased individual, but does not support T3 Trust Income Tax returns for the estate itself. You’ll need separate software or an accountant for that.

Wealthsimple Tax vs. TurboTax

Wealthsimple Tax wins on: Price. Crypto handling. Investment integration.

TurboTax wins on: Mobile app experience, live support access

For Wealthsimple investors, Wealthsimple Tax is the obvious choice due to seamless integration.

Options Trading and Taxes

For options traders, tax filing can be complex. Wealthsimple Tax imports your options trading activity and categorizes gains/losses appropriately.

What’s Tracked:

• Premium received from writing options
• Gains/losses from buying and selling options
• Assignment and exercise transactions

Reddit Feedback: Users on r/PersonalFinanceCanada and r/CanadianInvestor report that Wealthsimple Tax handles options better than most retail tax software, though complex multi-leg strategies may require manual review.

The Investment Account Referral Opportunity

Tax season represents a unique opportunity to convert Wealthsimple Tax users into investors.

The Funnel:

1. Use Wealthsimple Tax (free)
2. Receive your tax refund
3. Invest the refund in Wealthsimple Trade
4. Claim a $25 referral bonus on top

If you’re getting a refund anyway, depositing it into a TFSA with Wealthsimple and earning a bonus is one of the smartest moves you can make.

👉 Sign up for Wealthsimple with code 9C6DMQ and get a $25 sign up bonus when you deposit your refund.

How to Use Wealthsimple Tax

Step 1: Create an Account

Go to wealthsimple.com/tax and sign up (or log in with your existing Wealthsimple account).

Step 2: Import Your Data

Connect to CRA My Account to auto-import slips. If you have Wealthsimple investments, these import automatically.

Step 3: Complete Your Return

The guided interface walks you through each section. Use the search bar to find specific slips or deductions.

Step 4: Review and File

Review your calculated refund/balance. File electronically through NETFILE.

Step 5: (Optional) Donate

If you found the service valuable, you’re invited to donate—but there’s no obligation.

Is Wealthsimple Tax Right for You?

Perfect For:

✅ Wealthsimple investors — Seamless integration ✅ Crypto traders — Automatic ACB calculation ✅ Budget-conscious filers — Truly free ✅ Self-employed individuals — Handles business income ✅ Students — Tracks tuition and education credits

Maybe Not For:

❌ People who need phone support — Only email for free tier ❌ Highly complex situations — May need professional accountant ❌ Quebec residents with very complex returns — Some limitations

The Bottom Line

So here’s the deal. Wealthsimple Tax is arguably the best free tax software in Canada.

For Wealthsimple investors in particular, the automatic import of trading activity, crypto calculations, and ACB tracking makes tax season significantly less painful.

And when you receive that refund? Consider investing it and claiming a $25 referral bonus.

👉 Sign up with referral code 9C6DMQ and claim your Wealthsimple sign up bonus when you put your refund to work.

Related Articles

• Wealthsimple Referral Code 2025: Ultimate Guide
• Wealthsimple Cash Account Review 2025
• Wealthsimple Core vs Premium vs Generation

Frequently Asked Questions

Is Wealthsimple Tax really free?

Yes. You can complete and file your entire return for $0. The donation at the end is completely optional.

Can I file in Quebec?

Yes, Wealthsimple Tax supports both federal and Quebec provincial returns.

Does it handle cryptocurrency?

Yes, and it’s one of the best free options for crypto. If you trade crypto on Wealthsimple, your ACB and gains/losses are calculated automatically.

Does Wealthsimple Tax handle the T1135 form for foreign assets?

Yes. If you hold foreign property with a total cost of over $100,000 CAD, Wealthsimple Tax fully supports Form T1135. It will guide you through using either the Simplified Reporting Method (Part A) or the Detailed Reporting Method (Part B) depending on your asset value.

Can I file a final return for a deceased person?

Yes, Wealthsimple Tax supports the preparation and filing of a Final Return (T1) for a deceased individual. However, note that it does not currently support T3 Trust Income Tax returns, which may be required for the estate itself.

Is the “Plus” plan with Audit Protection worth it?

The free version already includes a 100% accuracy guarantee on calculations. The “Audit Protection” in the Plus plan pays for a tax expert to defend you and correspond with the CRA if your return is reviewed. For simple T4 returns, it is likely unnecessary. For self-employed individuals or those with rental income, the $30 fee may be worth the peace of mind.

Can I file taxes for previous years (catch-up filing)?

Yes. Wealthsimple Tax allows you to prepare and file returns going back to the 2016 tax year. You will need to select the specific tax year you wish to file from the dropdown menu in your dashboard.

Where do I find my NETFILE Access Code?

Your NETFILE Access Code (NAC) is an 8-character code located on the top right corner of your previous year’s Notice of Assessment from the CRA. Entering this code verifies your identity and allows you to use the “Auto-fill my return” feature to automatically import your T4s, T5s, and RRSP slips.