Wealthsimple Tax (formerly SimpleTax) is Canada’s most popular free tax software — and for many self-employed Canadians, it handles the T1 return with T2125 accurately and at no cost. Here’s an honest 2026 assessment of where it excels and where it falls short for freelancers and sole proprietors.
What Wealthsimple Tax Costs
Wealthsimple Tax uses a pay-what-you-want model. Filing is free for simple returns. For self-employed returns with T2125, most users pay $0 or a small voluntary amount. There is no paid tier required to access T2125 — this is the main advantage over TurboTax, which charges $49.99–$69.99 for the self-employed version.
T2125 Support
Wealthsimple Tax fully supports the T2125 (Statement of Business or Professional Activities). You can enter:
- Gross business income
- All eligible business expense categories — advertising, office supplies, professional fees, vehicle, phone, internet, software subscriptions
- Home office expenses (detailed or flat-rate method)
- Capital Cost Allowance (CCA) for equipment and assets
- Business use of vehicle
The interface guides you through each line with plain-language explanations. For most sole proprietors with a single business, Wealthsimple Tax handles the T2125 completely.
GST/HST Handling
Wealthsimple Tax does not file your GST/HST return — it only handles your T1 income tax return. You file GST/HST separately through the CRA’s My Business Account portal or through your accounting software. This is not a weakness unique to Wealthsimple Tax — all personal tax software (including TurboTax) handles GST/HST separately from the T1.
RRSP and CPP Integration
Wealthsimple Tax calculates your CPP contributions for self-employed automatically based on your T2125 net income. It also handles RRSP deductions and calculates your available contribution room based on your prior-year NOA. This integration is accurate and requires no manual calculations.
Where Wealthsimple Tax Struggles
Three scenarios where Wealthsimple Tax may not be enough:
- Multiple businesses: You can add multiple T2125 forms, but the interface becomes less intuitive with more than two businesses.
- Complex CCA schedules: If you have multiple asset classes with different depreciation rates, the CCA section requires careful manual tracking. A CPA is recommended if your CCA is significant.
- Quebec returns: Wealthsimple Tax handles both federal and Quebec provincial returns (TP-1), but Quebec’s QST and specific provincial credits add complexity.
Wealthsimple Tax vs TurboTax for Self-Employed
| Feature | Wealthsimple Tax | TurboTax Self-Employed |
|---|---|---|
| Price | Free (pay-what-you-want) | $49.99–$69.99 |
| T2125 support | ✅ Yes | ✅ Yes |
| CCA support | ✅ Yes | ✅ Yes |
| Home office | ✅ Yes | ✅ Yes |
| Quebec TP-1 | ✅ Yes | ✅ Yes |
| Auto-fill from CRA | ✅ Yes | ✅ Yes |
| Expert help add-on | ❌ No | ✅ Yes ($49.99+) |
| Best for | Most sole proprietors | Complex returns or those wanting live help |
See the full TurboTax vs Wealthsimple Tax comparison for more detail.
Who Should Use Wealthsimple Tax
Wealthsimple Tax works well for self-employed Canadians who:
- Have a single business (one T2125)
- Have straightforward income and expenses
- Are comfortable navigating a self-serve interface
- Want to minimize filing costs
If your return involves multiple businesses, significant CCA claims, foreign income, or you want professional review, consider working with a CPA for self-employed Canadians or using H&R Block’s self-employed option which includes a review service.
How to File with Wealthsimple Tax
- Create a free account at wealthsimple.com/en-ca/tax
- Use Auto-fill to import slips directly from the CRA (requires CRA My Account login)
- Add a T2125 for your business income
- Enter all business expenses by category
- Complete the home office section if applicable
- Review your net business income and CPP owing
- NETFILE directly to the CRA
Before filing, make sure you have your CRA records organized and your bookkeeping up to date. Filing is most efficient when you have all receipts and income statements ready before starting.
Frequently Asked Questions
Is Wealthsimple Tax really free for self-employed?
Yes. The T2125 and all self-employment features are included in the free pay-what-you-want model. You are not required to pay to file a self-employed return.
Does Wealthsimple Tax handle GST/HST?
No. Wealthsimple Tax files your T1 income tax return only. GST/HST returns are filed separately through CRA My Business Account. Check the GST/HST guide for freelancers for how the two filings relate.
Can I use Wealthsimple Tax if I have employees?
No. If you have employees and run payroll, you need software that handles T4 slips and payroll remittances. Wealthsimple Tax is for personal T1 returns only.
What is the filing deadline for self-employed?
Self-employed Canadians have until June 15 to file their T1, but any tax owing must be paid by April 30 to avoid interest. See the 2026 tax deadlines guide for all key dates.