Earlier this week we looked at QuickTax, which is the top selling tax software in Canada. But there is another well known program that has been gaining momentum. UFile is a serious contender in the Canadian tax preparation market. The interview process in UFile works well, though not quite as comfortable to use as the…
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Category Archives: Taxes
Tax Software Review – QuickTax 2009
QuickTax is the first of four different tax programs that we’ll be having a look at over the next 4 weeks. I entered my tax info into all four programs to get an idea of how each one works, and while they have many similarities, each one also has it’s own strengths and weaknesses. QuickTax…
Free Alternatives For Preparing Your Taxes
In previous years, Canadian readers may have completed their taxes with QuickTax or Ufile. Both of these are great programs and I plan to look at them in more detail later this month. However, there are a couple of free programs for preparing your taxes that I wanted to quickly share with you. While this…
How To Calculate Your Adjusted Cost Base (ACB)
Calculating your adjusted cost base (ACB) is necessary to determine the true cost of your investments for capital gains and losses. Perhaps more importantly, the CRA requires this calculation to be used for income taxes in relation to capital gains and losses. The adjusted cost base is calculated by of adding all of your investments…
The Universal Child Care Benefit (UCCB) Explained
The Universal Child Care Benefit, or UCCB, is a $100 taxable monthly payment to help with the cost of raising children under 6 years old. To be eligible for the Universal Child Care Benefit, you must be the primary care giver of a child under the age of 6 and a resident of Canada. If…
The Canada Child Tax Benefit (CCTB) Explained
The Canada Child Tax Benefit, or CCTB, is available to eligible families to help with the cost of raising their children. This is a non-taxable monthly payment that is based on your family net income. Family net income is your net income from your last tax return plus the net income of your spouse or…
The Basics Of The Smith Manoeuvre
The Smith Manoeuvre is a strategy that Fraser Smith developed as a financial planner and then wrote a book about it in 2002. Its basic premise is to make your mortgage tax deductible, but it can do so much more for your personal finances than just that. To properly execute a Smith Manoeuvre, you need…
