If you’re looking to use tax software to file your income taxes this year, you might be wondering which program you should use and what are the major differences? Here is a general idea of what you can expect from each choice.
Tax Software
When it comes to tax software, two names probably come to mind; TurboTax and Ufile. Both have installable programs as well as online versions.
TurboTax might still be more familiar to Canadians as QuickTax, which is what it was known as until they changed the name for the 2010 version. I find TurboTax to be the most user friendly and complete tax software, though certainly not the cheapest. Tomorrow I’ll have an updated review for TurboTax 2010.
UFile is another great choice. It’s lower price makes it a good option, especially if you have a simple return to file. Making it an even better deal, students and those with a family income under $20,000 can use the online version of UFile for free. And those that are using the online version do not need to pay extra to file for their dependants.
Free Tax Software
Well not always as visually polished as the commercial programs, free tax software can often cover what you need. Plus, did I mention it’s FREE?
StudioTax is a solid program that you might want to try. I used it to file my 2008 tax return and found it did the job just fine. The 2010 version finally includes Quebec provincial returns, now making it a rather complete program. I recommend it to anyone that wants to try out a free program to prepare their taxes.
Udotaxes is another free option you can try out. While it doesn’t have a complete interview feature to walk you through every step, if does have a quick wizard to get you started and then a regular tax form layout.
What tax software have you used recently? Any features you liked or any problems you had?
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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I have used Ufile now for a few years. Overall, I’m pleased with ease of use. I did have a difficult time getting the program to make the correct adjustments when I had to replace a nearly new notebook computer whose value was not totally depreciated.
I used ufile last year and thought it was great; however, I did the full operation start to finish in one sitting. This year I completed the tax returns for my family members, paid and saved the information as I wanted to check one thing. When I returned to complete the process I found what I thought was the password I set up wasn’t. I used the password reset funnction but never received the reset password. I’ve sent multiple emails with no response. The support for this software is abysmal. I now need to pay another provider in order to do my tax returns and start from scratch. If you need any support dont use Ufile. There is none.
I had used QuickTax for most of the past decade. Last year we had 2 returns to file after we got married so I looked at the lower cost UFile option. Both work very well. This year I think i’ll try them both out (one for myself, one for Mrs. SPF) and figure out which I prefer (and i’ll write about it too!).
I’ve used StudioTax the past two years and I’m going to use it again for 2010. I also buy a thick tax book from KPMG every 5 years or so. Between the two and the the info CRA sends, I have my taxes down pat. The program does leave a lot of junk in the registry when you uninstall but hey, it’s FREE!
There is no excuse for not doing your own taxes. It gets quite easy after a few years.
Oh thanks for the review Tom. I was actually just recently wondering which program I should use to do my taxes.
I have used the studio tax for 3 years and this year I am using the Studio Tax Enterprise version (20 returns free). So far so good.
I always use Visual Tax as its inexpensive and does a through job even for professional tax preparers.
Another vote for Studio Tax, two or three years running and I’ll definitely be using it again for 2010!!!
I feel kind of bad that the guys behind Studio Tax have done all that hard work and get nothing but our thanks and gratitude; but I believe really strongly in NOT paying to pay your taxes!
I’ve been using UFile for several years and I’ve been very happy with it. It works very well for fairly complicated returns involving investments, multiple income sources, and even business income.
It also typically allows you to file up to 8 returns so it is easy to share with friends and family to save money.
I am surprised you do not include H&R Block “At Home” in your review. It seems quite widely used. I switched from QuickTax/TurboTax 2 years ago, and find this much easier to use and more comprehensive. At $29.95 it is a bargain. I find it great for couples, small business, commission income , etc.
Has anyone tried Genu Tax or there tax planner,I used there tax planner it seems OK
can you advise on MAC tax software, which one is best for income higher than 50,000
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I have used Studiotax for several years now. T4 and rental income. I agree with comments above in that it is a solid program. Able to do everything you can do on paper.
I have used QuickTax for the last several years and am considering UFILE for 2010. Has anyone had problems with UFILE for self employment and/or farming income? QuickTax has worked well for me but I’m finding it expensive.
I am a non-resident property investor (residential houses only). Does anyone know if I can use any of these software products to complete my annual Canadian tax return? Do some of these products only work for residents?
Make sure you ask the CRA what you need to submit and what other things you need to do. We left Canada for 5 years while owning (a triplex, residential) rental property in Canada and should have filled in a declaration of what property we own before we left and should have used withholding accounts into which 25% of the gross rents should have been deposited until you get the difference back at tax time. We did fill in our Section 216 returns every year but it was messy when we tried to sort it all out later. I think UFile (might be their premier version) does have S216s but their customer service is so terrible that it becomes a major stressor if you need any guidance. I recommend finding an accountant that is experienced with international and rental property filing, go with her the first year, then use her return to fill out your own next year along with phoning the CRA when you need info (always write down the rep number, date, and what advice they gave as they often contradict each other).