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If you are preparing to file your taxes and going through your paperwork, you might be expecting a return or a bill. Even if it’s not tax time, preparing early may help you stay on top of your finances. With an efficient return, you can also get your tax credit faster. Or, if you end up owing, you can learn what you are dealing with sooner.
However, tax filing is complicated and might get you engulfed in the process. Especially with the unprecedented financial circumstances after the pandemic, filing taxes is more challenging than ever before. But fortunately, there are different software available that can help you in your tax filing and one of this software is Wealthsimple Tax.
What is Wealthsimple Tax?
Wealthsimple is a DIY investing company that was originally created on basic two principles: one, low fees; and second, availability of account minimums. It uses diverse international investments via cost-effective index funds to help consumers earn while mitigating the resulting tax bill.
It offers services like dividend reinvestment, automated rebalancing, and tax-loss harvesting. With this, investors can save while they earn. With the unstoppable success of these features, Wealthsimple expanded and created a new product Wealthsimple Tax. It is a free platform that allows consumers to file taxes using cutting-edge smart technology that is secure, accurate and simple to use.
How Does Wealthsimple Tax Work?
When you use Wealthsimple, you start by completing your tax filing in a few steps. This service meets all of Revenue Canada’s requirements for security. Since the business is set up for business as well as individuals, anyone can benefit from this. Here is what you need to do when you go with Wealthsimple.
1. Create an Account: Go to the Wealthsimple Tax website and follow the prompts to start your tax return. Provide your personal information including your name, date of birth, address, marital status and CRA registration to create your account. If you are an existing Wealthsimple customer, you don’t need to create an account; rather, log into your account and navigate to the Taxes section on the menu.
2. Auto-fill your Return: The app imports all of your tax paperwork once you’ve linked your CRA account. It then fills in your tax information for you automatically. This not only saves you time but also reduces the chance of making a mistake when entering your financial information.
3. Enter Your Tax Details: You’ll be asked a number of straightforward questions, such as if you got married or bought a house this year. This can help you understand your investment earnings, income, and personal condition. The software determines which deductions you are eligible for based on this information. You can monitor your progress and follow your estimated return in real-time on the side of the screen.
4. Review Before Submission: You will be requested to review your information before submitting it once all of your details are in place and you have claimed every possible deduction. If there are any red flags on your account, or if the software thinks you might be eligible for additional deductions, you can take care of them now.
5. Send off Your Tax Return: You can then file your taxes immediately through the site if all of the data and figures are correct. There are no additional steps required because it is compatible with the Netfile feature of the Canada Revenue Agency. You can receive your return in a few weeks if you have a direct deposit agreement with Revenue Canada (and you are expecting a return). That’s all there is to it.
Wealthsimple Tax Advantages
One of the biggest advantages of Wealthsimple Tax is the personal autonomy a person gets during tax filing. There are also numerous advantages attached, which include:
- Autofill: There’s a big difference between $500 and $5000, but it only takes a smudge of a finger to make that mistake while filling out a form. The software’s autofill feature gets your information directly from your Revenue Canada file, reducing the risk of typos and the resulting confusion. There is substantially less danger of error because the system uses the CRA’s auto-filling technology.
- Accuracy: Estimates aren’t appropriate for taxes; they’re an issue of financial precision. Wealthsimple Tax will pay you if there is an error on your taxes that results in a fee for the consumer, according to the software’s guaranteed accuracy function. This lowers the risk of filing since, while an error is improbable, it’s comforting to know that you won’t lose money if you make a mistake.
- Refund: No one wants to lose out on the potential to maximise their return, which is why Wealthsimple Tax’s maximum refund function is so appealing. With a slew of secret deductions that most people who didn’t go to accounting school are unaware of, it’s critical to file your taxes somewhere that won’t leave you out. Many people hire a professional to complete their taxes because they want to maximise their refund. This does, however, imply that you must schedule an appointment, take time off work, and visit an office in person. You can get the most out of your taxes from the comfort of your own home thanks to the convenience factor and the maximum refund feature.
- Human Support: Though doing your taxes from the comfort of your own home office (or couch) is convenient, hiring a professional adviser can be reassuring. Even though this help is only provided by email, you still have the opportunity to ask inquiries. Wealthsimple can assist you if you are unsure about any stage of the procedure or require some assistance to complete your tax filing.
Benefits of Using Wealthsimple Tax
Simple and easy to understand: There’s no need to wait, refresh, or go back because your whole tax return is available on one page. Plus, while you go through the process, your tax refund (if you’re eligible) is calculated in real-time.
Penalties and interest are refunded: If there are any calculation errors that result in interest and penalties being charged to you, we will fully compensate you.
Use in real-time: The Wealthsimple Tax software calculates the data in real-time and performs any necessary system changes on the fly. To keep everything accurate, the application is constantly updating itself.
The layout is simple: The Wealthsimple Tax style is meant to make filing your taxes as simple as possible.
Step-by-step instructions: Simply answer a few easy questions to acquire all the information you need to prepare your tax return.
What Are The Steps To Setting Up A Wealthsimple Tax Account?
It’s simple to open a Wealthsimple Tax account. Simply enter and confirm your email address, then choose a password. Wealthsimple Tax will establish an account for you, complete with two-factor authentication. You can start filing your tax return after your account has been created.
The Bottom Line
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