Tax Software

[MJK]

I knwo there was a great thread last year about various tax software that I found extremely helpful. Somewhere in that someone posted a link to all the software that was available to download.

For the life of me I can't find that thread.

Anyone know where that thread is OR the link to all the software available to download. I am primarily looking for software for my mac.

Thanks.

[Rathji]

This was recommended to me by someone, probably on this forum. I was never able to use it though, I think because you need to efile and I couldn't for some reason. It is free, but you can donate if you want.

StudioTax Canadian Personal Income Tax Software

[ken0042]

I've been using ufile.ca for the last few years. If you are like me and only have 1 T4, a couple of charities and 1 RRSP- it takes me about 5 minutes to do and costs $16.

[return to the red]

so here's a question. My divorce hasn't been finalized yet, do I file as married or is there an option on these software programs to file as seperated?

[jolinar of malkshor]

Hey can someone answer this question for me. I threw in 10 grand into a RRSP eligible GIC last year. The bank gave me my tax receipts when I bought the GIC. I need to take the 10 grand out now for a land purchase. If I don't claim the RRSP deduction off my tax return for last years filing, do I have to worry about anything? Does it just balance out?

Also, just in case anyone might wonder the GIC is one where I can take it out anytime without penalty.

Thanks for the info.

[Devils'Advocate]

Note that the OP said he was looking for software for his MAC. Therefore StudioTax is out.

The only one I know that works on a Mac is TaxTron available from TaxTron.ca . It's $20. Or you can use uFile.ca since it is just web-based. I've used that for 3 years now on my Mac. Two years ago I just typed everything into uFile, printed out the results and transcribed the calculations into the paper forms. Taxes done for free. But since, I've coughed up the $16.

[Slava]

Originally Posted by jolinar of malkshor

Hey can someone answer this question for me. I threw in 10 grand into a RRSP eligible GIC last year. The bank gave me my tax receipts when I bought the GIC. I need to take the 10 grand out now for a land purchase. If I don't claim the RRSP deduction off my tax return for last years filing, do I have to worry about anything? Does it just balance out?

Also, just in case anyone might wonder the GIC is one where I can take it out anytime without penalty.

Thanks for the info.

You could still claim it for last year, and then pay the tax when you file for 2009? (That is probably what I would do) There are ways to hold that in your RRSP, just in case you are not wanting to lose the RRSP deduction.

[cSpooge]

whenever you withdraw money from an RRSP is it considered income for that year. Unless it's an over contribution and you get a waiver for it (which is one of the worst things in the world to have to go through).

[jolinar of malkshor]

Originally Posted by Slava

You could still claim it for last year, and then pay the tax when you file for 2009? (That is probably what I would do) There are ways to hold that in your RRSP, just in case you are not wanting to lose the RRSP deduction.

I would prefer not to claim it this year as I will be getting a $10,000 lump sum from my employer this year and I dont want to add another $10,000 onto my yearly total if I can help it.

[jolinar of malkshor]

Originally Posted by cSpooge

whenever you withdraw money from an RRSP is it considered income for that year. Unless it's an over contribution and you get a waiver for it (which is one of the worst things in the world to have to go through).

My question is though, I have not yet filed my tax return for last year. The year that I put the money into my RRSP. So if I don't claim it, there should be no problem with not getting charged for withdrawing it, no?

[Rathji]

You will probably need to claim it, along with any losses suffered due to the purchase of additional extension cords, for last year. Then report it as income (or find another way to include the land as part of your RRSP) for this year.

[cSpooge]

Originally Posted by jolinar of malkshor

My question is though, I have not yet filed my tax return for last year. The year that I put the money into my RRSP. So if I don't claim it, there should be no problem with not getting charged for withdrawing it, no?

nope you will get charged. The bank will issue a T4RSP slip when you withdraw it regardless if you have claimed the deduction or not. Claiming the deduction is completely separate from withdrawing and it becoming income.

[Slava]

^ That is right (along with the extension cord reference from Rathji!). That is why I was suggesting that you hold the land within the RRSP; you can keep the contribution that way.

[jolinar of malkshor]

Thanks everyone for the info. I am never going to live down the extension cord thread am I...

[Glenflame]

Don't use Studiotax. I compared the results between Studiotax and Quicktax last year and it turned out Studiotax could not calculate the refunds properly($400 less).

[cSpooge]

Originally Posted by fotze

Damn, now you have me worried. Do you work for Intuit?

don't use anything made by Intuit it's terribly made and you will get absolutely no support from them WHEN the software breaks.

[Glenflame]

Most of friends and co-workders were using Quicktax last year and I didn't hear any negative feedbacks.

[Rathji]

I just got a recalculation from Revenue Canada that said I had over paid my tax by 1,200 + dollars last year due to errors in my education claims. Whatever software I used must have done something wrong. I will check it out and see which it was, because I couldn't use Studiotax.

[sixpacked]

Originally Posted by return to the red

so here's a question. My divorce hasn't been finalized yet, do I file as married or is there an option on these software programs to file as seperated?

File your return based on your marital status as of Dec 31/08. And yes, Seperated is an option, you will need to record the date that this became effective.

[sixpacked]

Originally Posted by Glenflame

Most of friends and co-workders were using Quicktax last year and I didn't hear any negative feedbacks.

Ditto, I have used Quicktax for at least 7 years, have filed numerous returns personal/business. No issues at all.