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Toronto-based online investment service Wealthsimple is branching out into taxes.
The company announced Tuesday it has acquired Vancouver-based SimpleTax, an online tax-return preparation and filing service.
The acquisition of SimpleTax’s software adds to Wealthsimple’s suite of financial products, which includes an ETF-focused investment service, a two-per-cent-interest savings account and a zero-commission trading platform. The company says it has over one million clients in Canada. Wealthsimple also offers its services in the U.S. and U.K.
“We have admired SimpleTax for years,” Michael Katchen, co-founder and CEO of Wealthsimple, said in a release Tuesday.
“They are doing what Wealthsimple did for investing by making tax filing easy, accessible and affordable.”
SimpleTax said in the release it helped “hundreds of thousands” of Canadians file their 2018 tax returns. The company said the user experience, “including the domain, client support and user interface,” will remain the same for the 2019 tax season. Beyond that, it will work with Wealthsimple to “integrate the two brands into a more cohesive client experience.”
“Wealthsimple shares our values and dedication to building something better,” SimpleTax co-founder and CEO Jonathan Suter, said in a release. “It's a perfect fit."
Financial terms of the deal were not disclosed.