What I like about the free version of the software is that there is no maximum income limit. TurboTax is Canada’s most popular and well-known tax software, and it offers both free and paid versions to Canadian filers. In this mini-review, I’m placing the emphasis on free tax return software, while including many of the features and pricing of the paid versions. Now that we’ve covered some of the top features you’re going to want in tax return software, let’s take a closer look at what’s available in the market today. It can also help you plan ahead for next year’s RRSP contribution. Depending on when you do your taxes, you may decide to top up your RRSP for additional tax savings prior to the March 2nd contribution deadline. The RRSP Optimizer is a handy slider tool that allows you to quickly see how varying RRSP deduction amounts will affect your refund. It’s a big time-saver, reducing the amount of information you need to manually input on your return.
Auto-fill pulls your tax information from CRA, and imports data from your previous years return, assuming you used the same software. This feature isn’t available in all of the free versions, but it’s a huge help, and something you should consider when choosing your tax return software. It helps you to see how things are progressing as you go, making for a more transparent process. Realtime Refund TrackingĪny good tax return software should include an instant refund calculator, which is a window on the screen that keeps a running total of your refund, as you enter data from your various tax slips. If their tax situation is very simple, a free version of the software will be perfectly suitable and save you money. For example, you may be filing returns for more than one person, like a spouse, or an adult child. But I want to know that there’s a free version available. After all, the added features often result in tax savings over and above what you pay to complete your return.
I’m not opposed to using paid tax return software. The deadline to pay any income tax owing is April 30th every year. If you have to pay tax to the CRA, then you can choose to pay the balance owing when you file, or at a later date. NETFILE will confirm receipt, and you’ll be well on your way to receiving your refund, if one is due. NETFILE is a secure way to send your return directly to the CRA as soon as it’s completed. NETFILE CertifiedĪlmost all tax software is recognized by CRA, but it’s still important to check prior to completing your return. Before we take a look at what’s available, here’s a list of top features that will make filing your taxes a breeze. Thankfully, most tax software programs these days provide a relatively seamless experience, by implementing calculators and other tools designed to maximize your tax savings, and your time. Top Features of Tax Return Softwareįor tax return software to be worthwhile, it needs to be convenient, and easy to use. In the coming months, I’ll write in-depth reviews of the best programs included here, but we’ll start with this general overview, just in time for the tax season. To help, I’ve put together the following review of some of the leading applications available in Canada today, with an emphasis on free tax return software. But with so many choices, how do you know which tax return software is best for you? Almost all tax software companies now offer free versions of their product, while a number of free cloud-based applications have emerged in recent years. Canadians have no shortage of options when it comes to free, do-it-yourself tax return preparation.
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