SimpleTax + Wealthsimple

SimpleTax + Wealthsimple

We fundamentally believe everyone should be able to do their own tax return. That’s why, seven years ago, we set out to build the best tax software in Canada. Well, we think we’ve done it: we made doing your taxes friendly, fast, and fun.

But, we’re not done yet. While filing your tax return is a blast, your taxes are just one part of your bigger financial picture. That’s why we’re thrilled to announce we’ve joined Wealthsimple.

If you’re not already familiar with Wealthsimple, they’re on a mission to help everyone achieve financial freedom. They make simple, sophisticated, and affordable financial products available to everyone.

Sound familiar? We think so.

You probably have a lot of great questions. So, here goes:

Who is Wealthsimple?

Wealthsimple is a financial company on a mission to help everyone achieve financial freedom. They do that by making simple, sophisticated, and affordable financial products—like a high interest savings account, low cost investment solution and commission-free trading platform—available to everyone.

Who is SimpleTax?

Really?

Will I need to find new, inferior tax software?

Don’t worry, we’re not going anywhere! We’re hard at work on our 2019 version.

Can I still pay what I want this year?

Yes. SimpleTax will still be pay what you want.

How will I access my SimpleTax account?

The same way as always. Log in to your SimpleTax account using your email address and password.

Ok, but I also have a Wealthsimple account. What about that?

They will be two separate accounts, for now.

Will my data still carry forward from previous tax years?

You bet!

Who will have access to my data?

You are still the only person who can access your account. Wealthsimple will not have access to your tax return data without your explicit consent.

Where will my data be stored?

Your data will continue to reside in Canada.

What's happening to the SimpleTax team?

We’re still here.

Is Wealthsimple Canadian?

Wealthsimple is a Canadian company. They’re headquartered in Toronto.

What does "joining Wealthsimple" mean?

Wealthsimple acquired 100% of the shares of SimpleTax. In other words, we are now wholly owned by Wealthsimple.

I already use Wealthsimple! Does this mean I'll be able to import my trading summaries, adjusted cost base information, and RRSP information?

Eventually! We’ve got big plans.

This hopefully answers your questions. If there’s anything we missed, or if you just want to say hello, send us an email. As always, we’re here to help.

Your friends at SimpleTax
Alex, Allison, Caroline, Clint, Fumie, Jonathan, Kelly, and Nik

Get More 💰 With the Climate Action Incentive

Great news for residents of Manitoba, New Brunswick, Ontario, and Saskatchewan: you almost certainly qualify for the climate action incentive, a new refundable credit. This means a bigger tax refund, woo-hoo!

The amount you’ll get depends on your province of residence and the size of your family. For instance, a single person in New Brunswick will get $128 while someone in Saskatchewan with a spouse and three kids will get $685.

What’s the catch? Starting in April 2019, residents of these provinces will be charged a new federal carbon tax. This means that things like gas for your car and your heating bill will become more expensive. The climate action incentive is intended to compensate you for these increased expenses, however the federal government estimates that 8 out of 10 families will actually be better off.

Claiming this credit is as easy as answering “Yes” with SimpleTax.

Still have questions? Here’s a help post with all the deets.

Tax season's back, alright

🎵

Everybody (yeah-ah)
Find your T4s (yeah-ah)
Everybody, find your slips tonight
Tax season's back, alright

🎵

Oh my gosh, we're back again
All our users, let me hear you sing
Gonna bring the updates, show you how
To file your tax return, you wanna start right now?

🎵

Is there a checklist? (yeah-ah)
How 'bout for Québec residents? (yeah-ah)
Is SimpleTax updated? (yeah-ah)
We've got everything you need, you better get those tax slips now!

(sung to the tune of the preeminent hit, Backstreet's Back)

Ahem, now that that's out of my system… another tax season is here. Mark your calendars: the CRA and Revenu Québec will start accepting returns February 18th (one week earlier than last year).

In the meantime, if you want to start preparing your return, SimpleTax 2018 is here. We've updated our Canadian tax return checklist (including a version specifically for Québec residents) to help you out.

If you haven't already, we recommend signing up for CRA My Account now so you can benefit from Auto-fill when it opens on February 18th.

This year, there are a handful of tax changes that might impact how you file your return. Here's a list of the major changes.1

Federal

  • The federal public transit amount has been eliminated.
  • The employee home relocation loans deduction has been eliminated.
  • The first time donor's super credit has been eliminated.
  • The "tax on split income" (TOSI) rules now apply to certain adults who earn income from related businesses. Learn more.

Alberta

  • Political contributions to the Senatorial Selection Campaign have been eliminated.

British Columbia

  • The children's fitness, children's fitness equipment, and children's arts amounts have been eliminated.
  • The education coaching amount has been eliminated.
  • The "BC caregiver amount" has replaced both the amount for infirm dependant age 18 or older and the caregiver amount. You can no longer claim non-infirm senior parents as dependants.

Manitoba

  • The Climate Action Incentive is a new, refundable credit for residents of certain provinces (including Manitoba). Most people can claim this credit.
  • The Manitoba tuition fee rebate and the advanced tuition rebate have been fully eliminated. You can no longer claim these credits or any related unused amounts.
  • The Manitoba odour-control and nutrient management credits have been eliminated, but you can still claim any unused amounts.

New Brunswick

  • The Climate Action Incentive is a new, refundable credit for residents of certain provinces (including New Brunswick). Most people can claim this credit.

Newfoundland

  • No provincial changes.1

Northwest Territories

  • No territorial changes.1

Nova Scotia

  • There's a new income-tested supplement to the basic personal amount, the age amount, the spouse or common-law partner amount, and the amount for an eligible dependant. You can see the calculation on the provincial worksheet in SimpleTax.

Nunavut

  • No territorial changes.1

Ontario

  • The Climate Action Incentive is a new, refundable credit for residents of certain provinces (including Ontario). Most people can claim this credit.
  • Ontario tuition and education amounts (and transfers) have been eliminated. However, you can still claim any unused provincial amounts from prior years.

Prince Edward Island

  • No provincial changes.1

Québec

  • There is a new first time home buyers' tax credit.
  • There is a new senior assistance tax credit.
  • The caregiver credit has been expanded to include dependants you support financially, even if they don't live with you.
  • The dividend tax credit rate changed part way through the year. Your slips will indicate whether your dividends were received before, or after, March 27.

Saskatchewan

  • The Climate Action Incentive is a new, refundable credit for residents of certain provinces (including Saskatchewan). Most people can claim this credit.
  • Saskatchewan tuition and education amounts (and transfers) have been eliminated. However, you can still claim any unused provincial amounts from prior years.

Yukon

  • The Yukon public transit amount has been eliminated.

1 This list only includes credits and deductions that have been introduced or eliminated; it doesn't include any changes to tax rates or tax brackets.

P.S.

Now throw your hands up in the air
Wave 'em around like you just don't care
If you want to party let me hear you yell
Because SimpleTax is back again
Yeah-y-yeah-y-yeah