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We break down what to expect from this "pay what you wish" income tax return preparation platform, offered by the Canadian online investing company Wealthsimple.
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Have used Simple Tax (now Wealthsimple Tax) since 2015 and love how easy it is to use. I have employment, investment (dividends, interest, and capital gains), pension, and rental income and have had no problems filing my tax returns each year. I will continue to use this software, so long as it remains up-to-date and easy use.
Wealthsimple Tax is flawed. Specifically, when you try to split dividend income between spouses (ex 25/75), it does NOT do it correctly. Sometimes it does – sometimes it doesn’t. I finally had to switch to Turbo Tax, as I don’t trust their software.
I used this platform to file my taxes. It’s simple, accurate and very friendly. And very flexible on the donation.
You mentioned nothing though about how their terms of service starts they can use they tax data they collect from you for use with 3rd parties.
Wealth Simple is very easy to use. I used Turbo tax before. I find Turbo tax asks too many questions. I highly recommend Wealth Simple.
I used wealthsimple tax for the first time this year and I found it easier to use than turbo tax and it imported more information on my investments and income from the government that turbo tax. Lastly wealthsimple tax found 2 tax savings that Turbo Tax did not do or does not allow, tax credit for Manitoba parents who have children in sports and leisure programs as well as some medical deductions. Thank you to Wealthsimple tax for getting me some additional tax deductions.
I switched a few years back from TurboTax, which had become quite expensive and couldn’t manage a Partnership business properly to UFile, which hasn’t given me a reason for complaint. There’s a deal every year, so you get it a bit cheaper if you buy it early. Like the others, there’s a basic free version. I need the optimization with my spouse and the kiddo’s credits (when they still existed), also Investment income, charitable expenses, RRSPs.
I absolutely love WeathSimple! I’ve tried many other softwares and they all pale in comparison to the ease & simplicity of WealthSimple. In times that I’ve needed Tech support, they’ve been quick to answer and very reliable. I can’t say enough good things about this software. Highly recommend it!
I have used Turbo Tax for years but this year it kept locking up. I used Wealthsimple this year and was extremely pleased. I had a few stock sales and a foreign investment credit and it handled it flawlessly. It also maximized my pension splitting. I also loved that it did not hide things until you pay like Turbo Tax. I voluntarily paid the same amount I would have had to pay Turbo Tax, too cool setting your own payment. Iintend to use Wealthsimple Tax next year.
As a user mentioned on April 13, 2021, Wealth Simple can utilize your personal tax information for marketing purposes. I received an email enquiry from Wealth Simple last year asking what I was going to do with my tax refund, and proposing several alternatives. It raised questions for me about who has access to my personal tax information and what, if any, safeguards are in place, to protect private information.
Love weath simple tax I was very happy
The coding on Wealthsimple is flawed even on simple returns. It gave an error requiring me to enter inaccurate information which resulted in another hard stop and wouldn’t generate my return. Save your time and money and use anything other than this tool.