# Which TurboTax?



## Whiteout (Aug 23, 2010)

I've been using Turbotax for a few years now and always wondered if I was buying the right one for what I had to claim. What I'm wondering is does anyone know if the standard version includes having mutual funds. I've been buying the $70 version and would like to know if the $40 one would fit my needs.

The standard doesn't mention mutual funds at all and the premier version mentions "sales of investments". I had the same mutual funds throughout all of 2010 so all I have to claim for that is a T3 with boxes 21, 49, 26, 50, and 51.

I guess it comes down to...does the standard version have a place for me to enter these things or is it somehow left out and the premier version is needed? 

Thanks for the answers,

Whiteout


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## CanadianCapitalist (Mar 31, 2009)

TurboTax allows you to enter tax information via the interview method or directly in the forms. The difference between the Standard, Premier and Home & Business is in the interview process. If you are comfortable directly entering in the forms, Standard will handle your situation just fine (just directly enter capital gains & losses and T5s directly).


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## HaroldCrump (Jun 10, 2009)

If you have the T forms, Standard version will work just fine for you.
Just enter the numbers in the boxes.
The online entry form is set up the same way as the paper T forms, so you can just go tab-tab-tab through the form and enter the corresponding values from the paper form.
What the premier one does is help you calculate the capital gains/losses if all you have are the dates and amounts of your transactions.
It also helps you with private rental properties such as rental income, expenses, etc.
If you don't have those, Standard Edn. should suffice for you.


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## Whiteout (Aug 23, 2010)

Thanks for the replies guys! I'll get the standard version and save $30!

Whiteout


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## m3s (Apr 3, 2010)

It's $40 for the software version? Is that because you can file more than one?

I filed with TurboTax online for like $15


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## Whiteout (Aug 23, 2010)

Yes, the $40 version allows up to 8 returns to be done.


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## cmfAdmin (Oct 3, 2008)

Also, check out your local flyers. I've seen TurboTax for $29 at Wal-Mart, Staples and FutureShop for a limited period.


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## Rico (Jan 27, 2011)

CanadianCapitalist said:


> TurboTax allows you to enter tax information via the interview method or directly in the forms. The difference between the Standard, Premier and Home & Business is in the interview process. If you are comfortable directly entering in the forms, Standard will handle your situation just fine (just directly enter capital gains & losses and T5s directly).


Ugh - I'm usually better about researching stuff like this. I thought if you had rental/investment income you HAD to buy beyond the Standard version or it wouldn't make the corresponding forms available (I use the Forms method, never the Interview method).


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## Karen (Jul 24, 2010)

I've used the basic online version for several years ($13.95 with Scotiabank's 20% discount), but it uses only the interview method. As far as I can see, there is no option to enter forms directly. Does one have to buy the software in CD form to have that option?


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## Four Pillars (Apr 5, 2009)

Karen said:


> I've used the basic online version for several years ($13.95 with Scotiabank's 20% discount), but it uses only the interview method. As far as I can see, there is no option to enter forms directly. Does one have to buy the software in CD form to have that option?


Yes.


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## CanadianCapitalist (Mar 31, 2009)

Rico said:


> Ugh - I'm usually better about researching stuff like this. I thought if you had rental/investment income you HAD to buy beyond the Standard version or it wouldn't make the corresponding forms available (I use the Forms method, never the Interview method).


I used Standard last year to enter investment income information directly in the forms and schedules. I never use the interview method either. Standard will be sufficient for your purposes.


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## Rico (Jan 27, 2011)

CanadianCapitalist said:


> I used Standard last year to enter investment income information directly in the forms and schedules. I never use the interview method either. Standard will be sufficient for your purposes.


Thanks for the info! Well, I'm really annoyed I overpaid for the program for a few years but I'm glad I found out sooner than later.


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## LUCKY (Mar 10, 2011)

*Ufile*

I have used ufile for the last 3 years.
Every year, two of my mutual funds have "foreign business income" valued at $56.00 and I have not had a problem processing.

This year I can't efile because of the foreign business income.
Confirmed by ufile and Canada Revenue.
Ufile was great as I could file for my wife and myself for approx. $16.00.
It is a free down load and you don't pay until you file.

Now I have to have a tax preparer do it for $160.00 and take all receipts to them.

Has anyone else encoutered this problem?
Thanks


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## nomad (Apr 7, 2010)

CanadianCapitalist said:


> TurboTax allows you to enter tax information via the interview method or directly in the forms. The difference between the Standard, Premier and Home & Business is in the interview process. If you are comfortable directly entering in the forms, Standard will handle your situation just fine (just directly enter capital gains & losses and T5s directly).


With this method, what is the advantage of TurboTax over just filling out CRA forms directly? In electronic filing? 

I'm trying to decide whether to spend $40 on TurboTax or manually fill out forms. I have capital gains/losses, dividends, as well as US-based gains/losses and dividends to report. Any advice?


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## ghostryder (Apr 5, 2009)

LUCKY said:


> I have used ufile for the last 3 years.
> Every year, two of my mutual funds have "foreign business income" valued at $56.00 and I have not had a problem processing.
> 
> This year I can't efile because of the foreign business income.
> ...



Yes. And it is easy to solve if the $$ are small. Just "forget" to put the foreign business income in when you fill in the info from your T slips. File electronically.

Then you have 2 choices. Send in a T1ADJ adjustment form to correct your "mistake", or wait for CRA to catch it when they match T-slips to your return.

I got my notice of reassessment in December. I owed another $47. They even correctly adjusted my foreign tax credit.


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## nomad (Apr 7, 2010)

nomad said:


> I have capital gains/losses, dividends, as well as US-based gains/losses and dividends to report. Any advice?


Anyone?


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## CanadianCapitalist (Mar 31, 2009)

nomad said:


> With this method, what is the advantage of TurboTax over just filling out CRA forms directly? In electronic filing?
> 
> I'm trying to decide whether to spend $40 on TurboTax or manually fill out forms. I have capital gains/losses, dividends, as well as US-based gains/losses and dividends to report. Any advice?


The advantage with tax software is speed (you can do your taxes much more quickly) and less errors. You can also NETFILE your return and get your refund back quickly.

I don't know about you but I wouldn't go back to manually filling out forms. Tax software (whether you pick TurboTax or any of the alternatives. StudioTax, for instance, is free) takes a lot of errors out of preparing taxes.


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## nomad (Apr 7, 2010)

CanadianCapitalist said:


> Tax software (whether you pick TurboTax or any of the alternatives. StudioTax, for instance, is free) takes a lot of errors out of preparing taxes.


Thanks CC! Which would you recommend using -- TubroTax or StudioTax, or something else?


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