After selecting a Tax year you’ll enter the Wealthsimple Tax onboarding flow, which is designed to collect some basic personal information and streamline your tax filing experience. After entering your name and date of birth you’ll be able to select a tax plan that works best for you. Don’t worry you can always change this selection later.
The onboarding flow offers the first opportunity to link to the CRA and import your tax documents. We recommend you do this first, as it’s the fastest way to complete your tax return and ensures you include all the relevant tax forms on file with the CRA. If you’d like to do this later, you can opt out of this step instead.
Finally, we’ll ask you some simple questions related to your tax filing situation. This will only take a minute and will allow us to suggest the right tax forms to include in your return.
The first section of the return, the About You section includes all the personal information required to file your return. If you have a partner, we recommend that you each set up returns using the same Wealthsimple Tax account. That way, you can link your returns. You will still each need to submit your own tax return, but linking allows us to optimize your credits and deductions.
Build your return
Next, you’ll arrive at our search box, under the Build your return heading. You can always get back to this search box by clicking on Build your return in the left-hand menu bar.
Use the search box to add things to your tax return. For example, you can search for “T4AP” or “CPP” to find and add your T4AP slip or “interest” to add your T5.
Once you’ve added a section to your return, enter any information that is requested. Most sections also have some instructions in them as well.
Once you’re done adding items to your return, you’ll get to the Review section. Click the Check & Optimize button. We’ll show you suggestions (in gray), warnings (in yellow), and errors (in red). You can ignore suggestions and warnings, but you will need to clear any errors before you can complete your return. Follow the instructions to clear any errors. Once you’ve fixed the errors, click Check & Optimize again.
At any time during the process, you can see a line-by-line breakdown of your return and/or the paper forms. To find the summary, click Summary in the left-hand menu bar. Click the arrow under the heading Amounts to expand and collapse the line-by-line breakdown of your return. Click the arrows under the heading Documents to expand or collapse any paper form.
When your return is ready to file, you’ll get to the Submit section. Click Submit tax return. If your return goes through, you’ll see a confirmation message and number. If your return doesn’t go through, here are the two most common things to check.
You should also save a PDF copy of your tax return for your records by clicking the Save PDF button.