If you decide to scrap the costly accountant and file your taxes yourself this year, here are a few software choices to help make the process go more smoothly.
TurboTax, formerly known as QuickTax, is Canada’s bestselling personal income tax software. It is straightforward and easy to use. You can choose between different versions including Standard ($17.99), Premier ($32.99) or Home & Business ($44.99), either used entirely online or (for Windows only) as installable personal income tax software.
TurboTax also offers free online editions for those who have income but no dependants, RRSPs or investments, as well as one available for students who paid tuition in 2010 and have a household income of less than $20,000.
Learn more: turbotax.intuit.ca
StudioTax is free to all Canadians for personal use, regardless of income level. StudioTax is downloadable software (for Windows only) that you have to install, and covers a huge range of personal income tax scenarios, including self-employment income, rental income, and investments.
Learn more: studiotax.com
UFile is offered as a web-based application ($15.95 per individual return), and its goal is to simplify the tax preparation process by coaching you throughout it. UFile is free to try online, and you only pay for using the application once you are satisfied with your return and are ready to file. There are free filing options for those with household income of less than $20,000, and all students -- regardless of income. You can also file your dependents’ tax returns absolutely free of charge.
Learn more: drtax.ca
MyTaxExpress is an easy-to-use program available to download for free on Windows systems only. The software supports returns for all provinces and territories except Quebec, and costs $6.99 for one license, or $13.99 for a 10-return license.
Learn more: mytaxexpress.com
UDoTaxes is a completely free Windows-only software package that is easy to download and install. It provides a professional, intuitive and user-friendly interface. It supports self-employed tax returns and joint returns and offers support in multiple languages.
Learn more: udotaxes.com
Tax Chopper is unique in that it offers free year-round support for any tax-related questions you might have. During tax filing season, they claim to answer 95 per cent of inquiries within 10 to 30 minutes, and the rest within 24 hours. They also offer a maximum refund guarantee: If you can find another calculation elsewhere that will give you a bigger refund, or a smaller balance due, Tax Chopper will give you your money back. The cost is $9.98 for one return, $15.98 for two returns, $19.98 for three to five returns, and $25.98 for six to 15 returns.
Learn more: taxchopper.ca
Each Tax is essentially a web version of the paper tax form, and lacks guidance throughout the program. But it’s free to use for new customers, and doesn’t require downloading or installing software. It is a good option for those who are comfortable filing their own taxes without guidance, or those who have simple tax forms with very few deductions.
Learn more: eachtax.com
It wasn’t long ago that there were only a few choices for Canadians when it came to tax software. Now, with so many options available, it is up to you to do your homework before you decide which one is right for you.
Which tax filing software do you use?
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