How to pay your Canadian taxes online for free using Wealthsimple?
Apr 25, 2021
To see a list of certified tax software, see canada.ca/netfile-software.
Go to my.wealthsimple.com.
Choose if it is your first time using this software service or if you have used it in the past.
In the Create a new return section, select a name for your return. For instance you can use your initials and the tax year to distinguish it from any other family member's return and your own tax returns for the upcoming years.
In the About You section, fill in your name, Social Insurance Number (SIN), date of birth and preferred language.
If you have filed a tax return with Canada Revenue Agency (CRA), you can find a NETFILE Access Code on the right side of your Notice of Assessment (NOA). It is an eight character code and helps to verify your identity, but is not mandatory. If you are filing tax for the first time, ignore this field.
Then fill in your mailing, residential, family and other information.
In the CRA My Account section, select Yes if you have a CRA account.
In the final Build your return section, select Import slips if you have a CRA account. Otherwise, move to the next step.
In the search bar, search for your returns such as employment, investment, donation, etc. or you just select Answer a few questions below the search bar and check entries that apply to you. The relevant tax return sections will be added to the window.
Now that you have added tax return sections, you can start editing (if imported from a CRA account) or adding (if updating manually) the tax forms.
When done, select Check and Optimize. It will suggest any other claims that you might be eligible for, and any warnings and errors related to the information you provided.
In the Summary section you can see how much estimated refund you might get. You can download a spreadsheet with all the taxable income and refunds from here.
Verify all the details again and submit.
Wealthsimple will ask you to donate some amount. You can select 0 or pay an amount.
After some time, you will get a CRA submission confirmation email from Wealthsimple along with a confirmation number. Once the return is processed, you will be able to down the Notice of Assessment from your CRA account.
Hope this tutorial helped you to get acquainted with the Wealthsimple tax filing process. Suggestions/critique welcomed through the Contact form.