Get to know the best tax software out there so you can complete your taxes easily and efficiently.
Whether you have a simple tax return or a complex home business, filing taxes on your laptop or computer in the comfort of your own home is easier with the right software. Knowing which tax software package is right for you is the first step toward a successful tax season, especially if you freelance or have a side hustle going on. If you’re looking for side hustle or work-from-home ideas, Mommy on Purpose has an article with 15 ways to get started—just make sure you’re claiming that extra income on whichever tax software you use!
With the tax preparation software available on Walmart Canada, you can prepare, review and file your return without ever having to put shoes on. Now that’s what I would call convenience!
Best tax software for Canadians in 2019:
- TurboTax Basic
- TurboTax Standard
- TurboTax Standard Online
- TurboTax Premier
- TurboTax Home & Business
- Tax UFile
For basic tax filing needs such as T4 slips, employment income and small expenses, TurboTax Basic has you covered. This package includes the software on CD, as well as an option to download the software via the internet.
With TurboTax Basic, up to four returns can be filed—great for families, especially if you have working teenagers or young adults in the house. With your T4 slips, expenses and any charitable donations in-hand, TurboTax Basic will walk you through your return. It does this by asking simple questions and filling the forms out for you.
If you rent, you can file your rental expenses using TurboTax Basic. For homeowners, the software can help file your property tax. Transportation expenses can also be processed using the Basic package.
To save time filing, the software lets you import your current year tax information from the CRA to auto-fill your tax forms. Before submitting, TurboTax will double-check all gathered information and alert you to any issues. How’s that for peace of mind!
If your tax return requires a little more attention and care, TurboTax Standard is the logical step up. This software handles basic tax returns, along with more detailed returns for different life stages such as students, new parents and seniors. Areas TurboTax Standard excels at include:
- Students: tuition costs, student loan interest, transit passes.
- New Parents: childcare costs, GST/HST credits, RRSPs.
- Seniors: pension splitting, home accessibility tax credits.
To help you claim credits, this robust software package searches over 400 credits and deductions based on your specific situation. Like the Basic version, Standard comes with the software on CD or you can download it by connecting online. With Standard you get up to eight returns, giving your family a lot of flexibility. For most tax filing needs, the Standard package is a well-rounded option.
TurboTax Standard Online is very similar to the Standard version above. Standard Online asks simple questions to guide you through your tax return. It also searches credits and deductions to see which you’re eligible for.
The main difference with Standard Online is you prepare your taxes on a computer or mobile device using TurboTax’s online software. Standard Online is an ideal option if you prefer working online or use a laptop or PC without a CD drive.
Another key feature of TurboTax Standard Online is access to Smartlook, TurboTax’s real-time service that connects you with live TurboTax Specialists. You’ll see a one-way video of your Specialist (they can’t see you) as they get you the answers you need.
When you’re ready to file your return, you can submit it via NETFILE directly from TurboTax Online. TurboTax is NETFILE Certified, meaning it’s a trusted tax software that securely sends your personal and financial information to the CRA.
Rental owners can take advantage of expert guidance for costs, such as mortgage interest, maintenance costs and insurance fees. Pensioners will benefit by getting help with eligibility guidance, pension splitting and annuity payments. If you have investments, TurboTax Premier assists with many types of RRSPs, including Individual, Spousal and Group.
For more complex tax returns, Premier handles all the heavy lifting and works to maximize your refund. Like all TurboTax versions, Premier is NETFILE Certified to give you peace of mind knowing your personal information is safeguarded.
Self-employed freelancers and sole proprietors tend to have detailed tax filing needs, and that’s where TurboTax Home & Business steps in. This software will guide you from start to finish, including involved expenses and deductions like stock and bonds, employee stock purchase plans, TFSAs and GICs. Let Premier guide you through the process and handle the calculations to make your self-employed filing easier.
Home & Business is excellent for individuals handling real estate as well. Expense rental costs, calculate capital gains or manage property sales with the utmost certainty that TurboTax is protecting your information.
Another great option for at-home tax filing is Dr. Tax UFile. With UFile, you can prepare any personal tax return—from basic T4 slips all the way up to self-employed income and expenses. Whether you’re a small business owner, student, or pensioner, UFile can work for you. Up to four returns are included so that you can prepare returns for your family too.
To save time, UFile can auto-fill your information from CRA for the 2018 tax year. For added confidence, UFile has a “Triple Guarantee” for accuracy, satisfaction, and the best tax result. Once you’re ready to submit, UFile will review all your information thoroughly to check for accuracy. UFile is also NETFILE Certified, and you can receive your refund in as little as eight days.
No matter how complex your taxes are, there’s a tax software right for you. The above solutions are designed to help you every step of the way. There’s no better feeling than knowing you completed your taxes on your own. So, brew a cup of coffee, put on your favourite music and relax in your favourite chair this tax season.