Top 5 Canadian Tax Software Programs
Today's tax preparation software does more than just let you calculate your income tax and send in your return. Most tax software programs include tax planning features so you can analyze different income tax scenarios. If your business is a sole proprietorship or partnership, you'll be able to use any of the Canadian tax software in this article; if your business is incorporated, your tax software options are more limited. All these Canadian tax software programs are CRA approved.
This user-friendly Canadian tax software program lets you prepare your income taxes easily and quickly. The EasyStep Interview leads you through the tax preparation process by asking questions in plain English, and tax planning is a snap because of the ability to run multiple tax scenarios, and features such as the capital gains analyzer and incorporation analyzer. Many Windows versions are available, including one for incorporated businesses.
This Canadian tax software program for preparing personal income tax has many of the features QuickTax has, such as the ability to run "what if" scenarios, popup help, and multiple filing options, (you can prepare up to six income tax returns) but unlike QuickTax, there is no corporate version, and the CD-Rom is only available for Windows.
TaxTron used to be GriffTax and is still the only fully functional user-friendly Canadian tax preparation software available in both individual (T1) and corporate (T2) versions for Macintosh OS. However, there is a version of this tax software available for Windows, too, that you can use to do your individual and/or business income tax. All versions are quick, easy, and fully bilingual.
This Canadian tax software program has two things going for it that really appeal to me. The first is that you purchase GenuTax once and future annual updates for the income tax software are free. The second is that there's no limit on the number of tax returns you can prepare and file (unlike most tax preparation software programs). The downside? You can't use this tax software if you live in Quebec or for preparing corporate tax returns.
Essentially with this tax preparation software, you enter your income tax information using an interview interface. Currently this Canadian tax software program only offers personal income tax preparation (T1), but it has the capability to handle any kind of self-employment income and calculate capital gains - and can be used by Quebec residents. Ufile also offers online income tax preparation and filing.