How to Choose Your Canadian Tax Software Program

December 30, 2011 by  Filed under: Taxes 

They say that two things in life are guaranteed Death and Taxes. It’s suppose to be a funny truth but the fact of the matter is that it is the truth. Taxes are unavoidable and a way of life. Just look at one of the most famous powerful men in the world, Al Capone. The thing that finally put him into jail wasn’t money laundering, drugs or other crimes it was tax evasion! So if you don’t want to end up like Al Capone then filing your taxes is a necessity!

Luckily, we live in the digital age where computers can make our life easier when dealing with taxes. The key point being CAN make our life easier. If you choose the incorrect tax software you can find that it will be a frustrating and terrible process. So the question is what should one look for in a tax software? Obviously, the most important consideration is that it works on your specific computer (Mac or Windows). Once you have the determined it’s time to look at the features of these programs.

There are many features that should be considered when choosing your tax software this include accuracy, ease-of-use, functionality and guarantee. First, we want to ensure that we have an accurate tax software and that by using this software we aren’t going to be breaking the law. To find this out visit your governments webpage and see which tax software have been approved by their system.

Next, you want to choose a software which is easy-to-use. The caveat “ease-of-use” can change for each user depending on how well you work on computers or even know your taxes. We recommend choosing a program with an interview style format. The interview style format asks you questions, you answer the questions by filling in the answers. Soon enough you’ll notice that you’re finished filing your taxes! Simple as that!

Functionality is also an important feature as it can help to find missing deductions. You need to ensure that the software provides many different features to ensure that you get the highest refund possible. The interview format helps to find many of the tax deductions, however, a software with a checklist can also help so ensuring that many features are included will provide that safety net.

Finally, having a software with a guarantee is a nice feature. Although the guarantee doesn’t help if you make a mistake it does help if the tax software makes a mistake. If this is the case then you will get the money that you deserve! Note that only a few tax software companies have this feature and it’s not entirely necessary.

In Canada, you may also want a tax software which provides the ability to split pensions or an RRSP optimizer. The RRSP optimizer calculates the optimal amount to place into your RRSP to receive the largest tax refund. This is based on the numbers entered on your tax return. This can be a great way to maximize your retirement investment and income tax return and is a very popular way for people to contribute to their RRSP.

Hopefully these few suggestions provide a good start into which tax software programs you should use. Remember that filing your taxes early and knowing about your eligible deductions is the best way to pay less on your income tax returns!

For more full Canadian Tax Software Reviews visit Thor Hanso’s website Best Tax Sotware. You will find reviews, tips and tricks to saving on your income tax return including a full TurboTax Review!

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