Tax season is upon us and I hope to help you in choosing the right software solution. Filing taxes online through Netfile is definitely the better way, you save on cost and you receive your tax refund sooner ( in 10 days I believe). In order to file your taxes online with the CRA you will need Netfile certified software and all your documents such as T4, T4A. When looking for tax return software there are a few things I specifically look for:

• Number of returns allowed (CRA allows a maximum of 20)
• Tips/guide for additional deductions
• Wizard to walk through the whole filing process

This year my top 3 choices is UFile, QuickTax and StudioTax.

Ufile By Dr. Tax.English Futureshop Only

UFile

My taxes last year was filed using UFile by Dr Tax Software Inc., the software was easy to install and the wizard was very helpful and informative. You basically follow the 5 steps at the very top and then fill out the Netfile form and attach the .tax file created by UFile. Be sure to have your 4 digit Access Code ready when filing with Netfile.

This year I believe UFile has a new feature called MaxBack Refund Analyzer to automatically calculate and ensure you have maximized your entitled refund. If your net income is more then $25,000, you are allowed 8 returns and 16 with UFile Plus. Support is only available through email with the normal version and Ufile Plus also provides additional phone support.

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QuickTax

This is the most widely used tax preparation software, however this year users are very upset that Intuit has reduced the number of returns to only 2. There are 3 versions for personal income tax returns, Basic, Standard and Platinum. The Basic version does not have support for RRSPs and spousal/dependant credits so I suggest at least purchase the Standard version. The prices for QuickTax is much higher then UFile. I have not used this personally myself so I recommend reading reviews on Amazon.ca.
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StudioTax

StudioTax was created by 2 developers from Ottawa and is available for download for free from their website. Be generous and do make a donation. I tried it out myself this evening, the file was only 5.5 mb and easy to setup (please note you will need .NET Framework 2.0 installed before setup). The walk through wizard and interface is just awful, there are many bugs and spelling mistakes. The software calculated my refund correctly but I did not submit to Netfile. Support is only available through email. I think this software is a great solution for those who are on a budget.

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In conclusion, my pick would be UFile which I intend on picking up at Futureshop for $19.99. Happy filing everyone!

Relates Posts:

• October 6, 2008 -- Top 10 Tax Free Savings Account (TFSA) Facts (0)