# Best tax software



## Rusty O'Toole (Feb 1, 2012)

Tax time is here again, do you have a favorite software for investors?


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## humble_pie (Jun 7, 2009)

haven't used this one, but cmffers have reported big satisfaction with Studio Tax.

if any has experience with studio tax, can they recall how studio handles capital gains? 

.


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## scorpion_ca (Nov 3, 2014)

I have been using Studio Tax since 2010 and very happy with this software. Although I didn't sell any ETF (VCN) in 2015, I had to report capital gains that was shown on the T3. I used the auto-fill option and it automatically calculated the tax on the capital gains. I submitted the return without any issue and received the refund on time. I like Studio Tax so much that I started to make a donation as you know it's free to use it.


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## ian (Jun 18, 2016)

This was the first year in 10 that we filed our own taxes. Used Studio Tax. Very pleased. Used it for the two prior years in order to do pro forma returns.

It is free. Suggest that you simply download it and see for yourself how capital gains are handled. We did not use autofill though I did go on to the CRA website to see the autofill amounts in order to ensure that I had not omitted anything.


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## like_to_retire (Oct 9, 2016)

Rusty O'Toole said:


> Tax time is here again, do you have a favorite software for investors?


Turbo Tax is the Cadillac of tax software, and you pay a Cadillac price, but with the amount of dollars at stake, I never understand why so many quibble about the $29 price. Penny wise and pound foolish I suppose. 

I've used Turbo Tax (originally Quick Tax) forever, and even though I've taken a look at most of the others, there's really no better software. Others will undoubtedly disagree.

ltr


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## Eclectic12 (Oct 20, 2010)

^^^^

YMMV ... I used TurboTax one year where I hated the interface. The calculations have always been fine no matter what software I've used (I think six of them).


Since all that I have looked at have covered what I need from $0 to $29 ... there's really nothing I have seen in TT that is worth the risk of being aggravated again.


Cheers


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## Eclectic12 (Oct 20, 2010)

humble_pie said:


> haven't used this one, but cmffers have reported big satisfaction with Studio Tax.
> if any has experience with studio tax, can they recall how studio handles capital gains?


I don't understand what you are asking ... all five tax software packages I've used treat CG the same way. The only difference I can recall is whether one was going through an interview process to get to the T slip or Schedule 3, part 3 or one was opening the form/schedule directly.


Cheers


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## Nerd Investor (Nov 3, 2015)

Used Studio Tax up until part way through tax season last year when I gave Simple Tax a whirl on my cousin's return. I liked it a lot and used it for my own this year. Very intuitive to search for forms/line items, it's web based and has a cleaner look than studio tax. I had the standard investment income slips, cap gains to report, interest to deduct, and no issues. It's free with the option of donating (like Studio tax).


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## GreatLaker (Mar 23, 2014)

This is my third year using SimpleTax and I am happy with it. Simple interface and easy to use. The first year I compared it to TurboTax and they both gave the same result. It is online only so it's not for people that don't like cloud applications. It worked well with CRA AutoFill. Pay what you want even if you want to pay $0. Last year I had a big capital gain and it told me I had to pay, so i guess it works right. 

Before that I used TurboTax but I got tired of paying more and their incessant attempts to upsell with expensive support and audit defense upgrades. TurboTax does have a wizard to guide you through the application, whereas with SimpleTax it just has a long scrollable screen where you have to add any extra t-slips and schedules so with SimpleTax you have to be a bit more organized.


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## AltaRed (Jun 8, 2009)

Been a UFile user for many years and have used Studio Tax as well. Both are fine...with UFile being more like TurboTax with the interview process. May be better for newbies and those somewhat unfamiliar with the various forms and schedules to use UFile, but any 'seasoned' tax filer will find Studio Tax works perfectly well. Note that UFile also has an Online version for certain types of filers but have never liked Web/cloud based applications.


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## humble_pie (Jun 7, 2009)

Eclectic12 said:


> The only difference I can recall is whether one was going through an interview process to get to the T slip or Schedule 3, part 3 or one was opening the form/schedule directly.



this is exactly what i was hoping to learn. Does anyone recall which are the softwares that open the capital gains schedule directly. Never mind the interview procedure ... each:

.


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## AltaRed (Jun 8, 2009)

deleted...error


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## james4beach (Nov 15, 2012)

humble_pie said:


> this is exactly what i was hoping to learn. Does anyone recall which are the softwares that open the capital gains schedule directly. Never mind the interview procedure ... each:


FutureTax does. You fill the fields of Schedule 3, or the extended version, directly.

I like FutureTax because you fill it very similarly to how you fill a paper return. There are no interviews or wizards... I hate those things. I've used this for the last 7 years and it's good at carrying forward amounts too.

I only had one recent problem, where their T2209 (Foreign Tax Credit) had a calculation bug. They fixed it in the updated version.

I will probably continue using FutureTax, it's been very good for $8.


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## Karen (Jul 24, 2010)

After using Turbo Tax for several years, I switched to Simple Tax five years ago, and I like it much better. I find it much more intuitive and straightforward than Turbo Tax and nothing would ever convince me to go back to using TT. As someone else mentioned, Simple Tax is free but they do suggest making a donation, and I always send the same amount as Turbo Tax charges.


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## canew90 (Jul 13, 2016)

Have been using Taxfreeway ($10 and believe you can have 20 returns) for many years and works fine.


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## Eclectic12 (Oct 20, 2010)

humble_pie said:


> this is exactly what i was hoping to learn. Does anyone recall which are the softwares that open the capital gains schedule directly. Never mind the interview procedure ...


For the ones I have used - one can go through the interview process or by-pass the process to open the forms directly.

Where one carries forward from previous years, blank forms for everything used the previous year are auto-generated which are visible in the navigator, giving direct access.


Cheers


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## Eclectic12 (Oct 20, 2010)

james4beach said:


> FutureTax does. You fill the fields of Schedule 3, or the extended version, directly.
> 
> I like FutureTax because you fill it very similarly to how you fill a paper return. There are no interviews or wizards... I hate those things. I've used this for the last 7 years and it's good at carrying forward amounts too ...



The ones I have used are essentially asking what forms to turn on ... an extra step the first time through but typically can be bypassed. As I say, on the carry forward - the forms show up in the navigator so where the forms needed haven't changed, I haven't had to use the interview process again.


Cheers


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## GreatLaker (Mar 23, 2014)

humble_pie said:


> this is exactly what i was hoping to learn. Does anyone recall which are the softwares that open the capital gains schedule directly. Never mind the interview procedure ... each:
> 
> .


In SimpleTax you add forms equivalent to the T-slips you receive (T3, T5, T5008 etc), so you just transcribe data from your slips into the online form. You can also add capital gains for which you did not receive a T-slip, like a T2091. Most of this can also be pulled in based on previous year, or from CRA AutoFill. SimpleTax then populates Schedule 3. 

But you can't fill in or edit Schedule 3.

SimpleTax does not have an interview process.


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## BC Eddie (Feb 2, 2014)

I really like SimpleTax. It has a great user interface, handles all of my investment paperwork and everything is well explained. This is the second year I am using it and the first time I encountered a problem. I sent an email in to the contact site and within a couple of hours I had a real live person solving my problem (and this was late on a weekend evening).

And a big plus is that it is a Canadian company


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## martinv (Apr 30, 2009)

We have been using Studio Tax since 2010 or maybe earlier but the older returns have been moved to the basement.
Like it a lot. It gives you a lot of freedom to fill in schedule 3 etc. 
This year we used the CRA T slip download feature. Still made sure to check each item.
No problems with handling of investments or capital gains.
It does have a "small" wizard but we don't use it much.
It does pull the info from last years return which saves a lot of input.
We usually also plug the numbers into Simple Tax just to see if it agrees with the final figure.


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## Tawcan (Aug 3, 2012)

Another vote for SimpleTax, super easy to use and if you have any questions they respond pretty quickly too.


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## TomB19 (Sep 24, 2015)

The user interface of TurboTax blows. We've been sing it for years, including this year.

If you have rental property, they want you to buy the $70 version.

... But it pulls forward lots of info and I like that. If it wasn't for that, I think I'd just use ufile.

I miss the days when you could switch to forms mode and just plunk in a few numbers. Now it takes all freaking night to answer their bottomless pit of questions.


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## like_to_retire (Oct 9, 2016)

TomB19 said:


> The user interface of TurboTax blows. We've been sing it for years, including this year.
> 
> If you have rental property, they want you to buy the $70 version.
> 
> ...


I have always, and still do use the forms mode. They have never changed that as far as I can see?

ltr


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## Eclectic12 (Oct 20, 2010)

TomB19 said:


> The user interface of TurboTax blows. We've been sing it for years, including this year.


It seems not much has changed.




TomB19 said:


> ... But it pulls forward lots of info and I like that. If it wasn't for that, I think I'd just use ufile.


It has been a while since I have switched. At the time, as long as one had the native tax return file from a major player (i.e. TurboTax, UFile etc.), the others would do the carry forward into their software/return format.




TomB19 said:


> ... I miss the days when you could switch to forms mode and just plunk in a few numbers. Now it takes all freaking night to answer their bottomless pit of questions.


Did you check the forums for how to do this?

It may or may not be obvious but so far, where I did some digging - I have been able to find how to skip the interview to get to forms.


Cheers


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## DigginDoc (Sep 17, 2015)

I just did mine yesterday using Genu Tax Standard. I have used it for quite a few years. It was recommended by a friend and accountant. It allows up to 20 returns. I will donate again this year. It seems to cover the bases and more for me but mine is a simple return. You can select the interviews you use which I like.
Cheers
Doc


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