Wealthsimple and Turbotax have announced a new collaboration aimed at making it easier for Canadians to contribute to their Registered Retirement Savings Plan (RRSP) contributions when doing their taxes.
The partnership means when using TurboTax to file your taxes, Canadians can open, fund and compare RRSP contributions “all in just a few clicks.” The built-in “RRSP Optimizer” within TurboTax will provide a visual for users to see how RRSP contributions will affect their taxable income and refund. They will then be able to open a Wealthsimple account to purchase RRSPs.
“This is TurboTax Canada’s first partnership of its kind, and we are really excited about how it addresses a major taxpayer need,” said Matt Lisowski, General Manager of TurboTax Canada.
TurboTax says over 5 million Canadians filed tax returns with their service last year—but only 30% of online customers contributed to an RRSP. The company is Canada’s number one tax software.
Mike Katchen, CEO and co-founder, Wealthsimple, said in a statement, “We’re excited to work with TurboTax to help Canadians make good financial decisions and bring simplicity to their finances.”
Wealthsimple says it is Canada’s leading digital investment service with over 100,000 Canadian members, who have currently invested over $3 billion with the company. The ‘robo advisor’ service offers fully automated low-fee ETF investing with automatic rebalancing, managed right from your smartphone.
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