Canada Tax Preparation Software 2009

Canada Income Tax Software – Windows Version

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Canada loves A Dawn Journal’s tax preparation software review, and it’s no wonder Canada Tax Preparation Software 2008 article has become the all-time most popular post (look at the Most Popular Posts Widget on the top right, as of Feb 1, 2010). Why is this post so popular? It’s very simple, short, and to the point. Life is complicated enough; you don’t want to make it even more complicated by reading tax software review articles that go beyond comprehension of readers who do not hold an MBA.

My message is simple and clear: you do not need to spend money on these software programs when you can have it for free or for a small reasonable price. Don’t buy those fancy, brand name software programs at hefty prices; it’s unnecessary and a waste. I never recommend or feature pricy software programs on A Dawn Journal, and I do not put their direct ads on my site either (ads you see here, such as ads by Google or other ad networks, I have no control over). Recently, I was approached by a brand name tax software company to place their link inside this article. I declined the request right away. If I am not recommending their products, there is no way I will place their links inside my article. It’s a big NO NO.

In Canada, tax software programs are required to be NETFILE-certified by the Canada Revenue Agency (CRA). The software programs I mentioned here are all NETFILE-certified. If you would like to see all NETFILE-certified tax software programs, visit CRA NETFILE-certified Tax Software Page.

Canada Tax Software – A Dawn Journal Top Picks

As per CRA requirement, all these tax software programs have a limitation of maximum 20 returns.

MyTaxExpress

• Coupled tax return optimized.
• Print real CRA tax form 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. If total income is less than $25,000, it will not be counted from the total returns allowed.

TaxFreeWay

• TaxFreeway is the only software allows user to use Interview and Form mode simultaneously.
• Able to automatically split T3/T5 slips and stock/mutual fund transactions for spousal returns
• 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

Studio Tax

• The only, totally free Canadian tax software program.
• Supports simple to complex tax scenarios.
• Feel free to support them by donating a few dollars.
• Price: Free

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.
• Enter tax data on screen that look like your tax slips.
• Price: $39.99

NB - Only GenuTax has increased their price from $34.99 (last year) to $39.99. TaxFreeWay and MyTaxExpress prices remain the same as last year.

Quick Fact

• Deadline for 2009 Tax Returns: April 30, 2010
• Penalty for late filing: 5% of your 2009 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