How is Finwise different from existing financial services?

1. Finwise bridges the gap between information and action

Today, users in Canada are not lacking financial information.

They can find almost everything from:

• CRA websites

• Banking apps

• Online tax calculators

• Videos, blogs, Reddit, YouTube

However, the biggest problem is not the lack of information, but not knowing how to apply that information to one’s own situation.

In practice, many people struggle with:

• Not knowing which information actually applies to them

• Not knowing what the next step should be

• Not knowing when they should hire an accountant, financial advisor, or broker, and when they should not

Finwise is designed to fill this gap.

Instead of simply answering “right or wrong,” Finwise focuses on:

• Helping users understand where they currently stand

• Clearly identifying the next step to take

• Guiding them through the correct sequence, to avoid costly financial mistakes later

Examples:

• Not just explaining what an RRSP is, but helping users understand whether they should contribute now or wait

• Not just explaining the content of a CRA letter, but clarifying urgency, required actions, and deadlines

• Not just showing an estimated tax number, but guiding users on what documents to prepare and in what order

2. Finwise does not replace professionals, it routes users at the right time

Finwise is not built to replace:

• Accountants

• Bookkeepers

• Financial planners

• Mortgage advisors

Instead, Finwise helps users work with professionals at the right time and more effectively.

The Finwise approach:

• Keeps users in self-serve mode when their situation is still simple

• Proactively recommends professional support only when complexity exceeds a safe threshold

  (when continuing alone increases the risk of errors or loss of benefits)

The key difference:

• Users are not pushed to meet advisors too early

• When they do meet an advisor, they already have:

  • A clear checklist

  • Organized documents

  • A solid understanding of the problem they need to solve

As a result:

• Users save on advisory costs

• Advisors save preparation time

• Conversations are more focused and higher quality

3. Finwise is built around CRA logic and the Canadian system, not as a generic app

Finwise is not a “global” financial app lightly adapted for Canada.

The entire product logic is built around:

• How the CRA operates in practice

• T1, T2, GST/HST workflows

• RRSP, TFSA, FHSA

• The Canadian credit scoring system

• How Canadian banks evaluate borrowing eligibility

Because of this:

• Checklists reflect real-world requirements

• Deadlines are surfaced accurately

• Explanations use proper Canadian terminology, not generic or translated concepts

This is a gap that:

• Banking apps are not responsible for solving

• Standalone tax calculators cannot cover

• CRA websites are not designed to address

4. Finwise focuses on long-term outcomes, not just one-off tasks

Finwise does not exist simply to:

• Calculate taxes once a year

• Answer a few financial questions

Its core goal is to:

• Help users improve their financial health over time

• Track progress using concrete metrics such as:

  • Financial Wellness Score

  • Credit profile

  • Savings rate

  • CRA compliance status

Every action in Finwise is tied to:

• A specific metric

• A measurable improvement

• A long-term impact on personal financial health

5. Why Finwise is needed when so many free services exist

Free services typically:

• Address only part of the problem

• Do not take responsibility for the entire financial journey

• Do not connect fragmented information into a coherent path

Finwise is different because it:

• Looks at the entire personal financial picture

• Reminds users of the right actions at the right time

• Reduces risk caused by incorrect sequencing or missed obligations

Finwise does not promise to make users “rich quickly.”

Finwise exists to help users avoid costly and avoidable financial mistakes.

6. Comparison: Finwise vs. common financial solutions

Criteria	Finwise	Banking Apps	Tax Calculators	CRA Website	Traditional Advisors
Personalization	✅ High	❌ Low	❌ Low	❌ None	⚠️ Varies
Clear next-step guidance	✅ Yes	❌ No	❌ No	❌ No	⚠️ Sometimes
Full financial overview	✅ Yes	❌ Account-only	❌ Tax-only	❌ Rules-only	⚠️ Limited
Advisor routing	✅ At the right time	❌ No	❌ No	❌ No	❌ Often too early
Advisor-ready preparation	✅ Yes	❌ No	❌ No	❌ No	❌ No
Long-term progress tracking	✅ Yes	⚠️ Limited	❌ No	❌ No	❌ No
Suitable for newcomers to Canada	✅ High	❌ Low	⚠️ Medium	❌ Low	⚠️ Expensive

7. Short summary to explain to others

Finwise is a financial platform built specifically for Canada. It helps users understand their financial situation, identify the next step to take, and work with professionals only when truly necessary. Finwise does not replace accountants or advisors, it helps people use them more effectively and with less risk.