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Top 5 Tax Software

pros and cons

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TurboTax

  • Limited tax support unless you pay

  • Expensive compared to competitors

  • Free and low priced packages don’t work for complicated tax situations

UFile

  • CRA certified

  • Stores tax returns on the cloud for up to 9 years

  • Guaranteed maximization of your tax return with 100% accuracy.

  • The free version is not open to all

  • It does not support Form T1273 and bankruptcy returns

  • Audit assistance is not provided

  • Easy-to-use for beginners

  • Offers free tax services

  • Have live and DIY assist plans

  • CRA certified

Wealth Simple

  • User-friendly tax filing software

  • Free

  • Calculates data added and changes made to the system immediately

  • CRA certified

  • Not available on Android devices

  • Questions answered through email only

  • Can’t be used for complex tax situations

  • Doesn’t save previous returns

Simple Tax

  • Free

  • Provides offline experience (apps)

  • Handles both simple and complex tax situations

  • Outdated style makes it confusing

  • Lack of support

  • Can’t import previous years’ tax return

H&R Block

  • Offers support via chat and telephone as well as at over 10,000 offices

  • CRA certified

  • Good for 2017, 2018, 2019 and 2020 tax years

  • Support is limited for the free version

  • Premium options are expensive

  • Doesn't allow you to move on to the next section until you’ve finished the previous one

TIPS ON HOW TO USE A TAX SOFTWARE EFFECTIVELY

Get organized before you start: Make sure you have all the required documents before you start filing your taxes.

Go through the FAQs to help make sure you do it properly.

Any slip you have with a number in a box has a place – fill the sections one at a time.

Review well to check for missing/incorrect information.

Factors To Be Considered When Choosing a Tax Software

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Cost

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Convenience

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Support

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Features (required forms, audit protection, assistance, etc.)

© 2022 by Odette Accounting Society
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