TurboTax now offers its own free online version however, you’ll have to upgrade to the paid version if your return has certain requirements, such as if you want to transfer information from a prior year’s return. It’s no exaggeration to state there are a lot of tax-prep options out there, even when you automatically discount the ones that lack encouraging user reviews. How does Wealthsimple Tax compare with other online tax-preparation platforms? In short, this isn’t a high-stakes guarantee. While that’s a reassuring testament to the platform’s belief in its own efficacy, it’s pretty unlikely that you’ll file your tax return with more than one preparer. But if you do choose to pay, and another tax preparer (whether that’s a different online platform or a real-life accountant) calculates a better return, Wealthsimple will refund what you paid. Paying to use Wealthsimple Tax is entirely voluntary. What does “Your maximum refund, guaranteed” mean? Wealthsimple Tax is capable of processing even complex returns, so long as they aren’t subject to any NETFILE restrictions. Is Wealthsimple Tax only for basic personal returns? You can also save or print your return as a PDF. You have the option of reviewing your return for errors, or to try to optimize your result. Upon completion of your return, your refund (or amount owing) is displayed instantly. If you need human help at any point, Wealthsimple has its own support staff available. Once the setup is completed, the platform guides you through each step of building your return. If you have a CRA My Account, you have the option of signing up to receive email correspondence about the status of your return directly from the CRA. You’re then asked some general questions about your residence, your marital status and/or dependants, and a few other basic things. If you used SimpleTax in the past, you can import information from a previous year’s return to simplify your 2020 tax prep. While this isn’t mandatory, if you don’t include the code you won’t be able to use any information from your previous year’s return to confirm your identity with the Canada Revenue Agency (CRA). You also have the option of entering the NETFILE access code from your tax return of the previous year. Then, you enter your personal information (name, address, social insurance number, date of birth), just as you would on any tax-filing form. Getting started is simple, and you don’t have to be an existing Wealthsimple client to qualify for the free access. It’s an all-in-one tax preparation and filing platform that costs whatever you think is a fair price-even if that price is nothing.Ī free service from a company with a $5-billion (with a “b”) market cap-can it really be as good as they claim? We wondered as well, so we set out to learn how Wealthsimple Tax compares with popular long-standing tax-prep software. They recently introduced Wealthsimple Tax, the rebranding of software launched originally in 2012 as Simple Tax, then purchased by Wealthsimple in 2019. )Ī noteworthy competitor is being marketed by Wealthsimple, the Canadian online investment company whose Wealthsimple Trade online brokerage platform we have reviewed. (TurboTax has responded with its own free online tax-return platform, as have other major players in the industry, such as H&R Block. But the brand has spurred multiple rivals, many of which now offer comparable features for a lower price or for free. Photo by Ekaterina Bolovtsova from Pexelsĭoes anyone (besides, maybe, accountants) enjoy filing their taxes? Among Canadians who are brave enough to tackle their own returns, tax-filing software is a go-to, with TurboTax claiming number-one status.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |