Now that we have almost completed the RRSP season for the 2009 income tax year, it is now time to think about one of the most painful financial activities: file taxes!
I’ve recently been contacted by Intuit (the famous producer of Quicken) to review their latest QuickTax 2009 income tax software. So they sent me a QuickTax 2009 standard edition so I can work with it for a while and to file my own income taxes.
This is probably the biggest question when it comes down to filing your income tax reports; what expenses can I claim to reduce my taxable income (to pay Less tax)! We all want to deduct from our income as many expenses as possible. Well QuickTax claims to offer over 40 deductions and credits in all. Now let’s see how great they were when I installed the Canadian tax filing software:
I always pay an accountant to file my taxes because I don’t really want to do it. This year (while I will still send my tax paperwork to my accountant), I’ll try QuickTax on my side and see how it goes.
My first impression when installing the Canadian tax filing software: I am impressed; easy to install, already provides great tax updates in the very first pages of the application. There is also a Q&A section that opens on the right side at each step of your tax forms. They are relevant tax topics that help you while claiming your expenses, filing your taxes and looking for more tax deductions.
At the beginning, QuickTax encourages you to go with the step by step method. Basically, the Canadian tax filing software will ask you questions related to your financial situation in 2009 so it can direct you towards what you can claim on your tax report, which expenses to be claimed, and all the deductions and credits relevant to your fiscal situation.
Doing the step-by-step method while filing your taxes is a great way to start. Then, I would suggest taking some time to browse the tax credit and deduction sections of the software to make sure that answering the questions got you everything you can claim on your taxes.
#1 It’s very easy and convenient
#2 You can go back to any section at any time
#3 You can go forward to any section at any time
#4 You don’t have to file your taxes in one shot, you can save your income tax report to continue later
#5 Deductions and tax credits are easy to find and understand
Depending on your needs and your budget, several versions of QuickTax are available. I have gathered them in a chart comparing their tax filing features:
QUICKTAX FEATURES QUICKTAX
QuickTax Price $29.99 $34.99 $69.99 $99.99
CRA NETFILE X X X X
T4s & donations X X X X
Pension Income Splitting X X X X
X X X
Investments, rental property X X X
Business expenses and
X X STEP-BY-STEP GUIDANCE EasyStep Interview walks you through your return, finds every credit you deserve and double-checks for errors as you go3 T4's and donation only X X X
NEW! Guides you through life changes that can affect your taxes X X X
Includes government-approved forms and up-to-date tax law changes X X X X
Does all the calculations for you - and they're GUARANTEED accurate4 X X X X
GET BACK EVERY PENNY YOUR DESERVE NEW! Easily carry-forward data from UFile® and other tax software (desktop only)5 X X X
Pension Income Splitting Optimizer helps you divide pension income between spouses for your maximum refund6 X X X
Searches your return to see if you qualify for any of 400+ deductions - with the Deduction Toolbox X X X
Carries forward personal info & unused credits from your 2008 QuickTax tax return X X X
Import e-tax slips directly into your QuickTax forms - with the QuickTax Automated Tax Return7 X X X
Helps you prepare spousal returns simultaneously (and maximizes credits between partners) X X X
Get a bigger refund next year, too! Includes RRSP optimizing tools X X X
INVESTMENT & RENTAL PROPERTY Extra guidance for investment sales such as stocks, bonds, mutual funds & employee stock plans X X X
Additional help for rental property income, expenses & refinancing X X X
Helps you calculate capital gains & losses X X X
BUSINESS TAXES Helps you maximize self-employment deductions X X
Track business expenses year-round X X
Imports from QuickBooks & Quicken8 Quicken only X X
Business Interview helps you find tax advantages X X
Helps you maximize your eligible business expenses X X
As I previously mentioned, this was the very first time I have tried a Canadian tax filing software. While I really liked what I have seen of QuickTax, I didn’t do any comparables yet. If you have any questions regarding how to file your taxes or how QuickTax works, please feel free to comment and I’ll try to help!
|How I Suck at Not Paying Debts||Hitting 6 Figures Income at 28|
|How I Get a Huge Income Raise Each Year||Making $125K Online in 12 months|
|How I Buy Blogs||Most Debated Articles: The Primerica Saga|
|How I Have Survived My MBA||What is So Wrong With Making Money?|
|How I run multiples blogs and makes money without burning out|