Wealthsimple and H&R Block partner, launching tax refund solution


Wealthsimple and tax prep company H&R Block have announced a partnership to provide Canadians with a solution to grow their tax refund.

Through the offering, H&R Block customers will be able to contribute to a Wealthsimple portfolio with no management fees for the first year when they open their first account.

“Our customers are in a great position to grow their refund into so much more.”

A survey from H&R Block found that 47 percent of Canadians reported they did not contribute to an RRSP or a TFSA at all in 2018. With this in mind H&R Block noted the importance of investing as a way to save for the future and that “every penny contributed to an RRSP is tax deductible.”

“Combining the decades of experience and skills of our experts to maximize refunds for our clients, and the simple and optimal investment options Wealthsimple provides, our customers are in a great position to grow their refund into so much more,” said Peter Bruno, CEO of H&R Block Canada. “Our clients receive on average a $1,700 refund, and that amount can be a great starting point for investments.”

Related: Wealthsimple launches previously announced stock-trading mobile app

In January, Wealthsimple also announced a partnership with tax service TurboTax. The partnership allowed TurboTax customers to assess their taxes and open an RRSP account in a unified process. TurboTax users were able to look over their tax filings to see the effect RRSPs would have on their taxable income. They would then have access to Wealthsimple’s platform to open an RRSP account.

That same month, Wealthsimple launched a mutual-fund investment firm with its own financial advisors. The firm, Wealthsimple Advisor Services, is registered with the Mutual Fund Dealers Association (MFDA), so MFDA-licensed advisers can run their independent businesses while using Wealthsimple’s platform.

H&R Block customers opening their first Wealthsimple account, won’t have to pay management fees on their first $10,000 for one year. After the first year, users will pay a 0.5 percent to 0.4 percent management fee, depending on their level of investment.

Image courtesy Wealthsimple.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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