2020 Income Tax Calculator

Use our simple 2020 tax calculator to quickly estimate your federal and provincial taxes.

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These calculations are approximate and include the following non-refundable tax credits: the basic personal tax amount, CPP/QPP, QPIP and EI premiums, and the Canada employment amount. After-tax income is your total income net of federal tax, provincial tax, and payroll tax.

Rates are up to date as of April 28, 2020.

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Last Updated: January 26, 2021

We provide investment services and other financial products through several affiliates.

Wealthsimple Trade is offered by Canadian ShareOwner Investments Inc. (“ShareOwner”), a registered investment dealer in each province and territory of Canada, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), the benefits of which are limited to activities undertaken by ShareOwner.

Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. Assets in your Invest and W4W accounts are held with ShareOwner.

Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc. (“WDA”), a registered restricted dealer in jurisdictions other than Québec. In Québec, WDA is registered as a derivatives dealer. Crypto-assets are not protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation or any other investor protection insurance scheme.

Our Cash product is offered by Wealthsimple Payments Inc., a FINTRAC registered money services business. Funds used to send, receive or spend money in your Cash account are held in a Wealthsimple Save account. Our Save product is offered by Canadian ShareOwner Investments Inc. ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. Customer accounts held at ShareOwner are not protected by CIPF. Wealthsimple is not a member of IIROC nor a member of CIPF.

Our Save product is offered by Canadian ShareOwner Investments Inc. ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. Customer accounts held at ShareOwner are not protected by CIPF. Wealthsimple is not a member of IIROC nor a member of CIPF.

All cash balances from your Wealthsimple Cash and Wealthsimple Save account(s) are held in trust at a Canada Deposit Insurance Corporation (CDIC) member institution. CDIC is a federal Crown corporation. CDIC is not a bank or a private insurance company. CDIC protects eligible deposits held at CDIC member institutions (List of Members - cdic.ca) in case of a member’s failure. For eligible deposits held in trust at a CDIC member institution, CDIC insures up to $100,000 for each beneficiary named in a trust, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works.

Wealthsimple Tax is offered by SimpleTax Software Inc. under the terms of our Wealthsimple Tax User Agreement.

With any investment, your capital is at risk. The value of your portfolio with Wealthsimple can go down as well as up and you may get back less than you invest. Past performance is no guarantee of future results. Read our investment risk disclosure for more information.

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