Wealthsimple expands into tax software space with acquisition of Canadian firm

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Michael Kitchen, CEO of Wealthsimple poses for a photograph at his office in Toronto on Thursday April 27, 2017. Wealthsimple buying tax software company SimpleTax. THE CANADIAN PRESS/Nathan Denette

TORONTO — 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.

 

This report by The Canadian Press was first published Sept. 24, 2019.

The Canadian Press

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