Have you ever used Tax Return software? Do you wanna know a secret to file returns easily and accurately?
Luckily for Canadians, this year the tax filing deadline was extended. It might be a big relief to those who file themselves. But those who use tax return software must already be done before the last date. Do you know why?
They use quick and easy software to make the filing process painless. Everything is interconnected through these platforms, making it way faster than doing itself. Don’t worry about the legitimacy because they are legal and almost every Canadian uses one.
5 Tax Return Software in Canada
Here are 5 best Tax Return Software for Canadians.
1. TurboTax
TurboTax is a very popular Tax Return Software in Canada. There are so many modes of this software like- TurboTax Free, TurboTax Standard, TurboTax Premier, and TurboTax Home & Business.
It offers a free version that can be used to assess income and file a simple tax return. You get only the basic features. What you won’t get is the option to carry forward the information from the previous year. Some auto-calculated fields will also be missing in the free plan.
The reason why this software is so popular is that it does not limit its services to people under the age of 25. Yes, it is true. It doesn’t matter if you are a student or a working professional. This software will give the specific pricy services without any charge.
Here you can get:
- Audit support
- 100% accurate return guarantee and,
- Client satisfaction guarantee.
2. WealthSimple
Next on the list is another popular Tax software called WealthSimple. If you don’t recognize it by this name then you must know it as SimpleTax. Those who love to file their own returns can use it to make it more accurate and painless.
This platform offers assistance from experts if you get audited by CRA. They have a support system that will guide you in every possible way and the experts will handle such cases on your behalf. Moreover, you will get the following help as well:
- Explaining the NOA letter
- Sort out any additional documents for you.
- Help in communicating with the CRA through templates and any other thing left.
If you were in doubt about WealthSimple then know that it will guarantee maximum tax refund and provide auto-filled fields. Furthermore, this software is absolutely free.
3. H&R Block
H&R Block has ruled the Canadian tax return market for over 50 years now. Its interface is perfect for users who wish to file their returns themselves. The catch is that all its features aren’t free. Here are its plans:
- Free– For simple returns and no other assistance you can go for the free version.
- Premier– People who are self-employed, small business owners, or gig workers can try the Premier plan for $19.99.
- Deluxe– If your return has medical expenses, complex deductions, donations or you wish to get guidance on personal tax savings then the deluxe plan starts at $34.99.
There are many other benefits of using H&R Block like you can import the PY return from any other software you used. The free plan is great but the customer support is pretty much zero.
4. StudioTax
StudioTax is very old software and it used to be free. But now it has converted to a paid model. You will be charged $15 for filing 10 basic returns. There are two exceptions in which this fee might be waived. One is that you live in the territorial areas. Two, your yearly income is less than $20,000.
The perk of this software is that each member of your family can file a return for $15. This is not the case in other platforms because they charge on a per-return basis.
One issue is that the user interface is very rustic. But it also gives an advantage to the client that their information remains stored in only one computer, i.e. their own. No cloud storage or other device nonsense.
Another issue with StudioTax is that Quebec residents can only use it on Windows. No Mac allowed.
5. CloudTax
The last one on the list is CloudTax. It is relatively new and thus, its modern design might attract Canadians. For simple tax filing, the platform charges zero fees.
It means if your return has no issues, complex deductions, or involvement of Companies and you aren’t self-employed, you can use it for free. The rest of the people will pay $29.99 per return.
Since it has a new design its customer support system is also better. You get a live chat option when you are filling in the income details. Thus, if you are stuck anywhere you can immediately contact their experts.
However, there is one downside of CloudTax its free version access is restricted for people in Quebec and territories.
Comparison of Best 5 Tax Return Software
Here is a comparison chart of the 5 best Tax Return Software you can use in Canada.
| Software | TurboTax | WealthSimple | H&R Block | StudioTax | CloudTax |
| Price | Plans start from $0, $20.99 and $39.99 | $0 | Plans start from $0, $19.99 and $34.99 | For first 10 returns only $15 | Plans start from $0 and goes up to$29.99 |
| Best Feature | Option to chat with experts. | Return filing is free. | Great for self-employed Canadians | People living in territories can use it. | Video tutorials for easy filing. |
| Free Version Availability | Yes | Yes | Yes, but for those whose income <$20,000 | Yes | Yes, but for those whose income is <$31,000 OR students |
| Accuracy | Yes, otherwise reimbursed | Yes, otherwise reimbursed | Yes, otherwise reimbursed | No reliable data available to prove. | Yes, otherwise reimbursed |
| Disadvantage | Stocks and investments are not covered. | Customer Support is limited | No mobile app | UI is outdated | Free version not for Quebec residents and those living in territories. |
Tax Return Software for Canadians: Final Verdict
There can be a lot of confusion in choosing the right Tax Return Software. Try to make it simple. Like if you want to file a simple return, WealthSimple gets more points. TurboTax on the other hand is also a close second.
Almost every software will give you free versions and paid add-ons. So, if you are worried about the expense part, don’t be. Because unpaid versions are a big savior. You get so many features that make the process of income assessment easy and quick.
Which platform is more suitable for filing tax returns for self-employed people? Comment down your views below.