We use to file our taxes uses paper in tax booklets that we picked up from Canada Post. After that we started filing our taxes with Ufile because it was free if you were below a certain income level or if you were a student still. When we were no longer students and had to start paying the fees we stuck with them because we had all our previous information stored with them already so it was easier to just cough up the for the costs. However, their best pricing was usually around Boxing Day and or then on Black Friday, and if you forgot those times then you usually had to pay the full fees or close to it.
A friend mentioned using StudioTax which was developed by some software developers in the Ottawa, Ontario area. I switched over and gave it a try. Another benefit they mentioned was about the software StudioTax being an offline software which you download and install on your personal computer instead of online like Ufile and TurboTax to name a few. It was a good run for about 2018 and 2019 before StudioTax switched to similar models of only offering free Income Tax filing for incomes below a certain amount or individuals residing in Canada’s Northern Territories. My friend had been using it for a while, I got the chance to use it for a couple years before they implemented the payment requirement.
Either way, just speaking with an agent, it looks like I started with Wealthsimple in 2021 and began using SimpleTax in 2022 as per my welcome email. I have been using them ever since and they have been serving me well. They have been offering free tax filing with the option to donate or upgrade for some premium features.
It’s worked well with RESP, RRSP, SRRSP, FHSA, TFSA, T3, T4, T5 income, investment and business income. I was able complete all the scenarios I was faced withZ
SimpleTax (Wealthsimple Tax) Pricing Tiers: A Breakdown for 2024
Wealthsimple Tax (formerly SimpleTax) is a popular Canadian tax-filing platform known for its user-friendly interface and “pay-what-you-can” model. While it’s technically free to use, Wealthsimple encourages users to contribute based on their needs and financial situation. Here’s a breakdown of its pricing tiers and suggested contributions for different asset levels:
1. Free Tier ($0)
- Who it’s for: Simple tax returns (T4s, basic deductions, RRSP contributions).
- Features:
- Unlimited tax returns (personal + dependents).
- Auto-fill from CRA.
- NETFILE certification.
- Basic deductions/credits.
2. Suggested Contribution ($20–$50)
- Who it’s for: Moderate-income earners (e.g., freelancers, investors with capital gains).
- Why pay?
- Supports platform development.
- Access to priority customer support.
- Ideal if you have rental income, stock trades, or self-employment income.
3. Premium Tier ($50–$150+)
- Who it’s for: High-net-worth clients (e.g., Wealthsimple Invest/Private Wealth clients).
- Suggested Contribution:
- $50–$100: Complex returns (multiple investments, rental properties).
- $100–$150+: Business income, foreign assets (T1135), or family tax planning.
- Perks:
- Faster support, advanced tax optimization tips.
- Aligns with Wealthsimple’s ethos of “fair pricing.”
Wealthsimple Client Discounts
- Wealthsimple Invest/Private Wealth clients sometimes receive promo codes for waived contribution suggestions.
- Cross-platform perks: Linking your Wealthsimple accounts auto-imports tax slips (e.g., T5s, T3s).
Key Takeaways
- No mandatory fees, but contributions help sustain the free model.
- Pay based on complexity—more assets = higher suggested amount.
- Wealthsimple clients get seamless integration + potential discounts.
Final Tip: Even if you pay $0, consider contributing if the software saves you time (or a $100+ accountant bill!).
