How To File Your 2023 Income Taxes (Free) With Wealth Simple

By Ryan Long Mar 31, 2023

The tax season can be a stressful time for many Canadians as they scramble to gather documents and receipts and ensure that they’re maximizing their potential refunds. With the introduction of Wealthsimple’s free tax filing software, Canadians can now file their taxes easily and efficiently without spending a dime. In this article, we’ll explore how to use Wealthsimple to file your taxes for free in Canada and discuss the benefits and features of this innovative platform.

What is Wealthsimple?

Wealthsimple is a Canadian-based financial technology company that offers a range of financial services, including investing, saving, and financial advice. The company aims to make financial services more accessible and easy to use for everyone. To further this mission, Wealthsimple introduced a free tax filing service, Wealthsimple Tax, which allows Canadians to file their taxes online without any fees.

Why Choose Wealthsimple Tax?

  1. Free and easy-to-use: Wealthsimple Tax is a completely free service that allows you to file your taxes online without any hidden fees or charges. The platform is user-friendly, with clear instructions and prompts to guide you through the tax filing process.
  2. Supports various tax situations: Wealthsimple Tax is designed to handle a wide range of tax scenarios, from simple individual tax returns to more complex situations like self-employment, rental income, and investment income.
  3. Optimized for refunds: Wealthsimple Tax uses advanced algorithms to ensure that you’re claiming all the deductions and credits you’re eligible for. This means that you can maximize your potential refund without any additional effort.
  4. Safe and secure: Wealthsimple Tax utilizes state-of-the-art encryption technology to protect your personal and financial information, so you can file your taxes with confidence.
  5. NETFILE certified: Wealthsimple Tax is a certified NETFILE software, which means that it meets the Canada Revenue Agency’s (CRA) strict security and compatibility requirements. This ensures that your tax return is filed accurately and securely with the CRA.

How to Use Wealthsimple Tax to File Your Taxes for Free

  1. Create an account: To get started, visit the Wealthsimple Tax website and sign up for a free account. If you already have a Wealthsimple account, you can log in using your existing credentials.
  2. Complete your profile: Once you’ve created an account, you’ll be asked to provide some basic information about yourself, such as your name, address, and social insurance number (SIN). This information will be used to pre-fill certain sections of your tax return, saving you time and effort.
  3. Gather your tax documents: Before you begin the tax filing process, make sure you have all the necessary documents and information, such as your T4 slips, investment statements, and receipts for eligible expenses.
  4. Enter your tax information: Wealthsimple Tax makes it easy to enter your tax information by guiding you through a step-by-step process. The platform will ask you questions about your income, deductions, and credits, and will automatically populate the appropriate fields on your tax return.
  5. Review your tax return: Once you’ve entered all your tax information, Wealthsimple Tax will provide you with a summary of your tax return, including your estimated refund or balance owing. Take the time to review your tax return carefully and ensure that all the information is accurate and complete.
  6. File your tax return: After reviewing your tax return, you can electronically file it with the CRA using Wealthsimple Tax’s NETFILE-certified software. You’ll receive a confirmation number from the CRA, which indicates that your tax return has been successfully submitted.
  7. Track your refund: If you’re expecting a refund, you can track its status using the CRA’s My Account service or by calling the Tax Information Phone Service (TIPS) at 1-800-267-6999.
  8. Plan for next year’s tax season: Now that you’ve successfully filed your taxes using Wealthsimple Tax, consider ways to make the process even smoother next year. Keep track of your expenses and income throughout the year, and stay informed about any changes to tax regulations that may impact your tax situation.
  9. Save your tax return and supporting documents: It’s essential to keep a copy of your tax return and any supporting documents for at least six years in case the CRA requests to review them in the future. Wealthsimple Tax allows you to download a PDF copy of your tax return for your records.
  10. Address any follow-up requests: In some cases, the CRA may request additional documentation or information to support your tax return. If this happens, make sure to respond promptly and provide the necessary documents to avoid delays in processing your return and receiving your refund.

Wealthsimple Tax offers Canadians an easy, secure, and free way to file their taxes online. By using this platform, you can ensure that you’re maximizing your potential refund and minimizing the stress of tax season. So, as you prepare for the next tax season, consider using Wealthsimple Tax to file your taxes for free and experience the benefits of this innovative and user-friendly service.