Canada Tax Preparation Software 2008

February 8th, 2009 Posted in Taxes

Canada Income Tax Software – Windows Version

If this is your first time here, You may want to subscribe to ADJ via RSS. If you are reading this page via RSS reader, you can visit the main page here -Canada’s Personal Finance Blog

Avoid Brand Name, Fancy, and Best-Selling Tax Software Programs

Read Canada Tax Preparation Software 2008 Web Version Review Here

I don’t see any point in paying high prices for tax software programs when you can do it for free or for very little cost. This year, I will look at some tax software programs which are free, or not expensive, but will do the job right. On ADJ, I will review Windows version programs; and on Canada Personal Finance Website, I will review online Web version programs. Windows version means you download and install tax software programs on your computer and your information is kept on your computer. Online version lets you do everything online – nothing to install. Some readers may not want to use online programs for security reasons. I personally use Windows version

Canada Tax Software – A Dawn Journal Top Picks

Studio Tax

• Why pay for tax software when you can do it for free?
• Supports simple to complex tax scenarios.
• Feel free to support them by donating a few dollars.
• Price: Free

TaxFreeWay

• TaxFreeway is the only software allows user to use Interview and Form mode simultaneously.
• Tax slips and forms are identical to actual CRA’s.
• Both Windows version and Mac Version are available. You can share, transfer and carry forward data between Windows and Mac.
• It’s got RRSP planner, carry forward feature, spousal return integration, and tax tips on demand.
• Price: $9.95

MyTaxExpress

• MyTaxExpress allows sharing tax forms/slips in coupled return. Spouse can prepare their returns together as a coupled return to share tax data in the beginning or in the middle of preparation.
• Generates CRA’s official .pdf format tax forms with tax return’s data and printable tax forms with 2D barcode.
• Real CRA tax forms interface gives you the ability to input T3, T4, T5 and other tax slips into the tax return.
• Price: $6.99 = 1 Return and $13.99 = 10 Returns

GenuTax

• Multiyear tax software program. Buy only once and future annual updates are free.
• Easy Interview Process makes tax preparation a snap. Answer questions related to your topics to complete your tax return.
• Price: $34.99

Quick Fact

• Deadline for 2008 Tax Returns: April 30, 2009
• Penalty for late filing: 5% of your 2008 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months. For more info, visit Interest and the late-filing penalty
• EFILE: Don’t mix up EFILE with NETFILE. EFILE is a service that lets authorized and professional service providers send individual income tax return information to CRA by Internet. Tax professional cannot use NETFILE. They must use EFILE. Therefore, when you submit your own tax return = you use NETFILE and when tax professionals submit your tax return = they use EFILE.

Quick Fact Source: Canada Revenue Agency

Manufacturers’ Perspective

I asked tax software manufacturers above to present their perspectives for ADJ readers (why should customers buy their products?). I got only two replies back. Here is what they had to say:

MyTaxExpress

We think our software is better from the following aspects:

1) compared to online tax service, myTaxExpress is more secure.
If you have CRA yearly netfile/efile statistics, you will
find that returns prepared by standalone application is probably
4-times more than those prepared by web application.

2) myTaxExpress use a work flow from tax slips to tax forms.
We avoid using interview mode, because interview method becomes
tedious when it needs to cover all tax situation.
Another thing Netfile customer will see in other software is
that at the end of tax return preparation, he/she will asked to
fill in some numbered supporting fields like 5522, 5529. Customer
would never know what that is. myTaxExpress doesn’t ask for it, since
its natural tax return logic hides these technical questions.

3) myTaxExpress prints on official CRA tax forms, making it highly
compliant to CRA standard. Most other tax software print their
own, and its format is not as professional as myTaxExpress.

4) myTaxExpress support CRA 2D barcode print, not all standalone tax
software do that.

5) myTaxExpress customer service is fast and easy. We response fast,
that’s first. From this year, we packaged remote helpdesk
application. Through remote helpdesk app and when customer has
problem, we can see customer’s computer screen and help them solve
the problem directly.

6) myTaxExpress supports coupled tax return, and many other neat
features. myTaxExpress also has both Netfile and Efile software.
We even have a copycat application from rival – futuretax (not
only it copies our software, but also our website).

GenuTax

In our opinion, GenuTax software’s three best features are as follows:

1) Once you purchase a copy of GenuTax Standard for $34.99 plus applicable sales taxes, tax updates for future years are provided at no extra cost.

2) You can prepare up to 20 tax returns for each year with GenuTax. There are no income restrictions, and no extra charges per tax return.

3) GenuTax has a simple, easy-to-understand interview that takes you step-by-step through your tax situation for the year, assisting you in claiming every tax deduction and credit that you are entitled to.

If you have not already done so, I encourage you to try out GenuTax by downloading the no-cost 30-day Trial Version of the software.

http://www.genutax.ca/Trial.aspx

Some hand-picked posts you may want to read:

Web Version Canada Tax Preparation Software Review
Important Tax Dates For 2009
30 Free Canadian Financial Tools and Calculators
13 Free Canadian Personal Finance eBooks