Is Wealthsimple Tax really free?

Yes. Wealthsimple Tax uses a pay-what-you-want model — all features are available at no cost. After filing, you can optionally leave a tip. There are no paywalls, locked features, or upsells.

Is Wealthsimple Tax good for self-employed?

Yes. Wealthsimple Tax supports T2125 (business income), HST/GST reporting, and business expenses. It handles most self-employment situations that other software charges for.

How does Wealthsimple Tax compare to TurboTax?

Wealthsimple Tax is completely free with all features included. TurboTax charges $0-$50 depending on complexity. For most Canadians, Wealthsimple Tax provides the same result at no cost.

Can I file Quebec taxes with Wealthsimple Tax?

No. As of 2026, Wealthsimple Tax does not support Quebec provincial returns (TP-1). Quebec residents should use TurboTax, H&R Block, or StudioTax.

Wealthsimple Tax Review 2026 | Best Free Tax Software

Item: Wealthsimple Tax
Rating: 4.5

Wealthsimple Tax Review 2026

Quick Overview

Feature	Details
Price	Free (pay-what-you-want)
Platform	Web browser (any device)
Mobile	✅ Responsive web
CRA auto-fill	✅ One-click import
NETFILE	✅ Instant
Quebec returns	❌ Not supported
Couples	✅ Joint optimization
Self-employment	✅ T2125 included
Rental income	✅ Included
Investments	✅ T5, T3, capital gains

Rating

Category	Score
Price/value	★★★★★
Ease of use	★★★★★
Feature completeness	★★★★½
Accuracy	★★★★★
Support	★★★½
Overall	★★★★½

What’s Included (Free)

Every feature is available at no cost:

Feature	Included
Employment income (T4)	✅
Investment income (T5, T3)	✅
Capital gains/losses	✅
RRSP deductions	✅
Self-employment (T2125)	✅
Rental income (T776)	✅
Employment expenses (T777)	✅
Moving expenses	✅
Medical expenses	✅
Charitable donations	✅
Student tuition credits	✅
Childcare deductions	✅
Work-from-home deduction	✅
Foreign income	✅
CRA auto-fill	✅
NETFILE	✅
RRSP optimization	✅
Couple optimization	✅
Carryforward import	✅

How It Works

Step-by-Step Filing

Step	What You Do	Time
1. Create account	Sign in with Wealthsimple account	1 min
2. Auto-fill	Connect to CRA, import all T-slips	2 min
3. Review slips	Confirm imported information is correct	3 min
4. Add missing items	Enter deductions, credits not on slips	5-10 min
5. Optimize	Software maximizes refund automatically	Automatic
6. Review summary	Check refund/balance owing	2 min
7. NETFILE	Submit directly to CRA	1 min
8. Pay what you want	Optional tip (can be $0)	1 min
Total time		~15-20 minutes

CRA Auto-Fill Feature

What Gets Imported	Source
T4 (employment)	Your employer via CRA
T4A (pension, benefits)	Issuer via CRA
T4E (EI)	Service Canada
T5 (investments)	Financial institutions
T3 (trust income)	Fund companies
RRSP contribution room	CRA records
Carry-forward amounts	Previous year filing
Home Buyers’ Amount	CRA records

Note: Auto-fill is available after issuers submit to CRA (most by mid-March).

RRSP Optimization

One of Wealthsimple Tax’s best features — it calculates whether to:

Scenario	Software Recommendation
Low income year	May suggest carrying forward RRSP deduction
High income year	Deduct full RRSP amount
Near bracket threshold	Deduct enough to drop to lower bracket
Couple with different incomes	Allocate deductions optimally

Couple Filing

Feature	How It Works
Linked returns	File both returns together
Credit optimization	Automatically splits medical, donations, etc.
Pension splitting	Recommends optimal split
CCB optimization	Maximizes Canada Child Benefit

Example: $200 in medical expenses — software determines which spouse should claim for maximum benefit.

Pros & Cons

Pros ✅

100% free — every feature, no paywalls
CRA auto-fill — imports everything in one click
Beautiful UI — modern, clean, easy to navigate
Automatic optimization — RRSP, credits, couple splitting
Fast filing — most returns done in 15-20 minutes
No account limits — file for yourself, spouse, family
Year-over-year improvement — adding features annually
Wealthsimple ecosystem — integrates with Trade, Invest

Cons ❌

No Quebec support — can’t file TP-1 returns
No phone support — email/chat only
No audit protection — TurboTax offers this as paid add-on
No desktop app — web-only (requires internet)
No interview-style guidance — assumes some tax knowledge
No expert review option — no professional check before filing
Complex situations — very unusual scenarios may need TurboTax

Who Should Use Wealthsimple Tax

Great Fit ✅

Tax Situation	Works Well?
Employment income (T4)	✅ Perfect
Investment income	✅ Great
RRSP/TFSA contributions	✅ Great
Self-employment	✅ Good
Rental income	✅ Good
Students	✅ Perfect
Couples	✅ Great (optimization)
Seniors (pension)	✅ Great (pension splitting)
Work-from-home	✅ Good
Multiple T4s	✅ Perfect

Consider Alternatives ❌

Situation	Better Option
Quebec resident	TurboTax, StudioTax
Want professional audit help	TurboTax Premium, H&R Block
Complex foreign income	TurboTax, accountant
Want in-person help	H&R Block (offices)
Multiple rental properties (complex)	TurboTax or accountant

Wealthsimple Tax vs TurboTax

Feature	Wealthsimple Tax	TurboTax
Price	Free	$0-$49.99
Self-employment	Free	$34.99-$49.99
Rental income	Free	$34.99+
CRA auto-fill	✅	✅
Quebec	❌	✅ (extra cost)
Audit support	❌	✅ (paid tiers)
Expert review	❌	✅ (add-on)
Ease of use	★★★★★	★★★★½
Interface	Modern, clean	Dated but functional

Verdict: Wealthsimple Tax gives you 90% of TurboTax’s features for free. Only pay for TurboTax if you need Quebec support, audit protection, or expert review.