Key Takeaways
- Filing your taxes can save you money and time, but you need to choose the right software for your situation.
- The best tax return software in Canada should be easy to use, compatible with your OS, offer a free version, and support your language.
- We compare the features, pros, and cons of 7 popular tax software in Canada, including Wealthsimple Tax, TurboTax, H&R Block, and more.
If you’re looking for a way to save money and hassle during tax season, you might want to consider filing your taxes online. With the help of tax software, you can prepare and submit your tax return without hiring a professional.
But how do you choose the best tax return software in Canada for your needs? There are many options available, and each one has its advantages and disadvantages. To help you make an informed decision, we’ve compiled a list of the most important features to look for, and a comparison of 7 popular tax software in Canada.
Features to Look for When Choosing Tax Return Software
Here are some of the key features that you should consider when looking for the best tax return software in Canada:
- Ease of use: Unless you’re a tax expert, you’ll want software that guides you through the process of filling out your tax forms, and checks for errors and inconsistencies. Look for software that has a user-friendly interface, a wizard, and a help section.
- OS compatibility: Make sure that the software you choose is compatible with your computer’s operating system. Most software works with Windows, but if you use a Mac, Linux, or a mobile device, you might have fewer options.
- Availability of a free version: If your tax situation is simple, you might be able to file your taxes for free with some software. However, not all software offers a free version, and some might charge you extra for certain features or forms. Check the eligibility criteria and the pricing before you start.
- Limitations of a free version: Even if a software offers a free version, it might not have all the features that you need. For example, if you have rental income, self-employment income, or investments, you might need to upgrade to a paid version. Compare the features and limitations of different software to find the best value for your money.
- Languages supported: If English is not your first language, you might prefer software that supports other languages, such as French, Spanish, or Mandarin. However, not all software offers multilingual support, so check the availability before you sign up.
Comparison of 7 Popular Tax Software in Canada
To help you narrow down your choices, we’ve compared the features, pros, and cons of 7 popular tax software in Canada. Here they are, in no particular order:
Wealthsimple Tax
Wealthsimple Tax, formerly known as SimpleTax, is a web-based software that lets you file your taxes for free, or pay what you can. It’s owned by Wealthsimple, one of the leading online investment platforms in Canada.
Wealthsimple Tax has a simple and intuitive interface that adapts to your tax situation. It can handle complex scenarios, such as rental income, self-employment income, and cryptocurrency transactions. It also integrates with your Wealthsimple accounts, making it easy to import your financial information.
Wealthsimple Tax is compatible with any device that has a web browser, and supports both English and French. It also offers live chat and email support, as well as a comprehensive help section.
Pros:
- Free or pay what you can
- Flexible and user-friendly
- Handles complex tax situations
- Integrates with Wealthsimple accounts
- Compatible with any device
- Supports English and French
- Offers live chat and email support
Cons:
- No phone support
- No audit protection
TurboTax
TurboTax is one of the most popular and trusted tax software in Canada. It offers both web-based and desktop versions, as well as a mobile app. It has a range of plans to suit different tax situations, from free to premium.
TurboTax has a step-by-step guide that helps you fill out your tax forms, and a review feature that checks for errors and missed credits. It can handle various types of income, such as self-employment, investments, and foreign income. It also offers audit protection, expert advice, and ReFILE capabilities.
TurboTax is compatible with Windows, Mac, iOS, and Android devices, and supports both English and French. It also offers phone, chat, and email support, as well as a community forum and a blog.
Pros:
- Trusted and reliable
- Offers web-based, desktop, and mobile versions
- Has a range of plans to suit different needs
- Handles various types of income
- Offers audit protection, expert advice, and ReFILE
- Compatible with Windows, Mac, iOS, and Android devices
- Supports English and French
- Offers phone, chat, and email support
Cons:
- Free version is limited
- Can be expensive for complex tax situations
H&R Block
H&R Block is another well-known and reputable tax software in Canada. It offers both web-based and desktop versions, as well as a mobile app. It has four plans to choose from, ranging from free to premium.
H&R Block has a wizard that guides you through the process of filing your taxes, and a review feature that checks for accuracy and optimization. It can handle various types of income, such as self-employment, investments, and foreign income. It also offers audit protection, expert assistance, and ReFILE capabilities.
H&R Block is compatible with Windows, Mac, iOS, and Android devices, and supports both English and French. It also offers phone, chat, and email support, as well as a community forum and a blog.
Pros:
- Reputable and experienced
- Offers web-based, desktop, and mobile versions
- Has four plans to choose from
- Handles various types of income
- Offers audit protection, expert assistance, and ReFILE
- Compatible with Windows, Mac, iOS, and Android devices
- Supports English and French
- Offers phone, chat, and email support
Cons:
- Free version is limited
- Can be expensive for complex tax situations
UFile
UFile is a web-based tax software that lets you file your taxes for free or for a low fee, depending on your income and situation. It’s owned by Thomson Reuters, a global leader in information and technology.
UFile has a simple and straightforward interface that helps you complete your tax return in a few steps. It can handle various types of income, such as self-employment, investments, and foreign income. It also offers audit protection, expert support, and ReFILE capabilities.
UFile is compatible with any device that has a web browser, and supports both English and French. It also offers phone and email support, as well as a help section and a blog.
Pros:
- Free or low fee
- Simple and straightforward
- Handles various types of income
- Offers audit protection, expert support, and ReFILE
- Compatible with any device
- Supports English and French
- Offers phone and email support
Cons:
- No chat support
- No mobile app
CloudTax
CloudTax is a web-based tax software that lets you file your taxes for free, or pay a small fee for extra features. It’s certified by the Canada Revenue Agency (CRA) and the Revenu Québec.
CloudTax has a user-centric and minimalist interface that makes filing your taxes easy and fast. It can handle various types of income, such as self-employment, investments, and foreign income. It also offers audit protection, expert assistance, and ReFILE capabilities.
CloudTax is compatible with any device that has a web browser, and supports both English and French. It also offers chat and email support, as well as a help section and a blog.
Pros:
- Free or low fee
- User-centric and minimalist
- Handles various types of income
- Offers audit protection, expert assistance, and ReFILE
- Compatible with any device
- Supports English and French
- Offers chat and email support
Cons:
- No phone support
- No desktop or mobile version
StudioTax
StudioTax is a desktop tax software that lets you file your taxes for free, or pay a small fee for extra features. It’s certified by the CRA and the Revenu Québec.
StudioTax has a traditional and functional interface that allows you to fill out your tax forms manually or automatically. It can handle various types of income, such as self-employment, investments, and foreign income. It also offers audit protection, expert support, and ReFILE capabilities.
StudioTax is compatible with Windows and Mac devices, and supports both English and French. It also offers phone and email support, as well as a help section and a FAQ.
Pros:
- Free or low fee
- Traditional and functional
- Handles various types of income
- Offers audit protection, expert support, and ReFILE
- Compatible with Windows and Mac devices
- Supports English and French
- Offers phone and email support
Cons:
- No web-based or mobile version
- No chat support
GenuTax
GenuTax is a desktop tax software that lets you file your taxes for free, or pay what you want. It’s certified by the CRA and the Revenu Québec.
GenuTax has a comprehensive and customizable interface that helps you prepare your tax return in an interview style. It can handle various types of income, such as self-employment income, such as rental income, investments, and foreign income. It also offers audit protection, expert support, and ReFILE capabilities.
GenuTax is compatible with Windows devices, and supports both English and French. It also offers phone and email support, as well as a help section and a FAQ.
Pros:
- Free or pay what you want
- Comprehensive and customizable
- Handles various types of income
- Offers audit protection, expert support, and ReFILE
- Compatible with Windows devices
- Supports English and French
- Offers phone and email support
Cons:
- No web-based, desktop, or mobile version
- No chat support
Conclusion
Filing your taxes online can be a smart and convenient way to get your tax refund faster and easier. However, you need to choose the best tax return software in Canada for your needs, and consider the features, pros, and cons of each option.
Alternatively, you can use HustleHub, a platform that connects you with the best tax experts in Canada, who can file your taxes online for you, using the software of your choice. HustleHub is a hassle-free and cost-effective way to get the best tax outcome possible, without having to worry about anything.
Whether you choose to file your taxes online yourself, or with the help of a tax expert, we hope this article has helped you make an informed decision. If you have any questions or feedback, feel free to leave a comment below, or contact us at HustleHub.
We wish you all the best for your tax season, and remember, Hustlers never stop hustling!