Wealthsimple adds tax-filing capabilities with acquisition of SimpleTax

Wealthsimple says it has acquired a Canadian tax software company, marking the financial technology company’s first move outside of saving and investing.

The Toronto-based online investment service did not disclose the financial terms of the acquisition of Vancouver-based SimpleTax.

SimpleTax was founded in 2012. Its web-based platform helps customers prepare and file their tax returns.

The acquisition adds tax-filing capabilities to Wealthsimple’s portfolio which includes an online investment platform, high interest savings account and a commission-free trading platform.

Wealthsimple says that for customers, SimpleTax’s user interface, domain and client support will remain the same for the 2019 tax season.

However, the company said it will later will explore ways to implement a “more cohesive product experience.”

“We have admired SimpleTax for years… By bringing SimpleTax into the Wealthsimple family, we’re one step closer to simplifying people’s financial journey over their lifetime,” said Michael Katchen, Wealthsimple’s co-founder and chief executive in a statement.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.