Wealthsimple Tax is free online tax software certified by the Canada Revenue Agency for NETFILE filing. It is used by millions of Canadians each year and lives in the same Wealthsimple account you use for investing, banking, and crypto. Here is a complete breakdown of how it works, what is free, and who it is best for.
What Is Wealthsimple Tax?
Wealthsimple Tax (formerly SimpleTax, acquired by Wealthsimple in 2019) is CRA-certified NETFILE tax software that lets you prepare and submit your Canadian income tax return entirely online. It is also certified by Revenu Québec, so Quebec residents can file both their federal and provincial returns through the same platform.
Over 4 million Canadians used it last year. If you already have a Wealthsimple account for investing or banking, your tax filing is in the same place — no new account required.
Is Wealthsimple Tax Actually Free?
Yes. The Basic plan runs on a pay-what-you-want model that starts at $0, and unlike many competitors, every form is unlocked. Donations, medical expenses, investment income and capital gains are all included with no paywall. You complete your return, see your refund, and then choose what to pay — including $0.
Most users pay nothing or make a small voluntary donation. There is also a maximum-refund guarantee: if you find a bigger refund on a competitor’s software before December 31, 2026, Wealthsimple refunds what you paid up to $50.
Paid plans exist for more complex needs:
| Plan | Cost | Best For |
|---|---|---|
| Basic | Pay-what-you-want (from $0) | Most Canadians — employment income, RRSP, investments |
| Plus | ~$40 + tax | Audit protection, priority support |
| Pro | ~$80–$90 + tax | Full professional support (not available in Quebec) |
If you are a Wealthsimple Advantage or Generation client, the Plus or Pro plan may be included at no additional cost.
CRA Auto-Fill: The Best Feature
Connect your CRA My Account by entering your NETFILE access code and Wealthsimple Tax automatically imports your T4 slips, T5 investment income, RRSP information, TFSA data, and other available information. It takes around 30 seconds and saves you from manually entering dozens of numbers.
This alone makes Wealthsimple Tax worth using over paper filing or older software. If your slips are on file with the CRA, they come in automatically.
One important note: if you hold ETFs or REITs in a non-registered account, do not file in February. T3 slips are often not issued until late March, and filing early usually means having to file an amendment later.
What Income Types Does It Support?
Wealthsimple Tax handles far more than a simple T4 return. It covers a full range of situations — employment, self-employment, investments, crypto, and rental income. Specifically:
- Employment income — T4 slips, multiple employers
- Investment income — T5, T3, capital gains and losses
- Self-employment — T2125 business income form
- Rental income — schedule with expenses
- RRSP and TFSA — automatic optimization for contribution room
- Crypto — if you trade on Wealthsimple Crypto, gains, losses, and adjusted cost base (ACB) calculate automatically
- Medical expenses and charitable donations — fully included in the free plan
- Quebec returns — federal and TP-1 provincial in one filing
How It Compares to TurboTax
| Feature | Wealthsimple Tax | TurboTax |
|---|---|---|
| Base price | Free (pay-what-you-want) | Free tier available, but limited |
| Investment income on free tier | Yes — fully included | Often requires paid upgrade |
| Self-employment on free tier | Yes | Usually requires paid upgrade |
| CRA Auto-Fill | Yes | Yes |
| Quebec filing | Yes (Basic + Plus) | Yes |
| Crypto support | Yes (auto for Wealthsimple Crypto) | Yes (manual entry) |
| Refund guarantee | Yes (up to $50) | Yes |
The core difference: unlike competitors who lock basic features like medical expenses or charitable donations behind paywalls, Wealthsimple Tax gives you everything free.
How to File With Wealthsimple Tax
- Log in to your Wealthsimple account (or create one — it is free)
- Navigate to Tax in the app or at tax.wealthsimple.com
- Connect your CRA My Account to trigger Auto-Fill
- Review your imported slips, answer the guided questions, and add any missing income
- See your refund or balance owing in real time as you go
- Submit directly via NETFILE — no printing, no mailing
The interface walks you through each section with plain-English questions rather than form numbers, which makes it significantly more approachable than older software.
Who Is It Best For?
Wealthsimple Tax works well for almost every Canadian tax situation. It is especially useful if you already use the Wealthsimple Cash account or invest through Wealthsimple, since your investment slips pull in automatically and everything lives in one login.
It is not the right fit if you need to file a corporate T2 return, a T3 trust return, or a T1135 foreign income verification statement — those are outside the scope of the platform.
Frequently Asked Questions
Is Wealthsimple Tax really free? Yes. The Basic plan is pay-what-you-want, starting at $0. Every form — investments, self-employment, medical expenses — is included with no paywall.
Is Wealthsimple Tax certified by the CRA? Yes. It is NETFILE-certified by the Canada Revenue Agency and certified by Revenu Québec for provincial returns.
Can I use Wealthsimple Tax without a Wealthsimple investing account? Yes. You can create a Wealthsimple account just for tax filing. If you already invest or bank with Wealthsimple, you use the same login.
When does NETFILE open for the 2025 tax year? NETFILE typically opens in late February. You can start preparing your return in January but cannot submit until the CRA opens the NETFILE window.
Does Wealthsimple Tax support Quebec? Yes. It files both federal and Revenu Québec provincial returns. The interface is available in French for Basic and Plus plans.
What if I traded crypto on other platforms? You can enter transactions manually. Wealthsimple Tax guides you through calculating capital gains and adjusted cost base.
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