For most Canadian freelancers filing a T2125 and personal income tax return, the choice comes down to TurboTax Self-Employed and Wealthsimple Tax. Here is a direct comparison so you can choose the right tool for your situation.
Price
| Feature | TurboTax Self-Employed | Wealthsimple Tax |
|---|---|---|
| Base price | ~$60–$80/year | Pay-what-you-want (minimum $0) |
| Free option | No — self-employed requires paid tier | Yes — T2125 fully included at $0 |
| Quebec provincial | Additional fee | Included |
Cost is the clearest differentiator. Wealthsimple Tax handles T2125, home office deductions, vehicle expenses, CCA, and GST/HST rebate claims at zero cost if you choose not to pay. TurboTax requires the Self-Employed tier (approximately $60–$80) for T2125 support.
T2125 and Self-Employment Features
TurboTax Self-Employed
- Guided interview format that asks about your business and populates T2125 fields automatically
- Expense categorization tool with photos — scan receipts directly in the app
- Detailed CCA (Capital Cost Allowance) wizard for business equipment
- Vehicle expense tracker
- Home office deduction calculator (Part 7 of T2125)
- Quarterly instalment estimator
- “Real CPA” review add-on available for an additional fee
Wealthsimple Tax
- Smart search interface — type what you are looking for (e.g., “home office”) and the form appears
- Full T2125 support including all expense lines, CCA, and business-use-of-home
- Less guided than TurboTax — you navigate more independently
- Autofill from CRA My Account for T4, T5, and many other slips
- Optimizes RRSP, donations, and spousal splitting automatically
- No receipt scanning tool
User Experience
TurboTax is more hand-holding — better for first-time filers or those with complicated situations (multiple income sources, significant CCA) who want to be guided through each step.
Wealthsimple Tax is faster for experienced filers who know what they are entering. The smart search is faster than navigating menus, but less directive if you are unsure which form or deduction applies.
Key Limitations Both Share
- Neither files your GST/HST return — that is handled separately through CRA My Business Account
- Neither provides legal or accounting advice — edge cases (unusual CCA classes, complex partnerships, tax treaty positions) should be reviewed by a CPA
- Both use NETFILE to submit directly to CRA
Which Should You Choose?
Choose Wealthsimple Tax if:
- You want to file your self-employed return at no cost
- You have filed a T2125 before and are comfortable finding the right fields
- You already use Wealthsimple for investing and want everything in one platform
Choose TurboTax Self-Employed if:
- This is your first year filing self-employment income and you want maximum guidance
- You have complex CCA claims or multiple business activities
- You want the receipt scanning feature to streamline expense entry
- You want access to the CPA review add-on for confidence on a complex return
Frequently Asked Questions
Can Wealthsimple Tax handle two T2125 forms?
Yes. If you have two distinct self-employment activities, you need a separate T2125 for each. Wealthsimple Tax supports multiple T2125 entries within one return — just add a second business income section.
Does TurboTax file Quebec provincial returns?
TurboTax prepares Quebec returns (TP-1) but charges an additional fee for the Quebec provincial module. Wealthsimple Tax includes Quebec at no extra charge.
Is Wealthsimple Tax actually free, or are there hidden costs?
Wealthsimple Tax operates on a pay-what-you-want model with a suggested contribution. There are no locked features behind a paywall — T2125, CCA, home office, and all other self-employment features are available at the $0 tier. The suggested contribution is voluntary.