February 6, 2009
QuickTax 2008 Review: Best Canadian Tax Software
I've used QuickTax for the last 7 tax years, if memory serves. During that time I've seen it improve a little bit each year, though to be quite honest it has always done everything for me that I needed it to, even from the start.
Forms View
Once you're inside QuickTax, you have a couple of options on how to complete your taxes. If you want to, you can do everything in the forms view. This gives you the ability to basically do you taxes as you would if you were doing them by hand, going through each form and inputting the required figures. Of course the software handles all calculations and carry-overs, but the screen you're looking at resembles the official Canada Revenue Agency (CRA) tax forms.
Wizard View
The other option, which is probably far more popular, is to let the QuickTax wizard guide you through all the necessary steps to complete your taxes. This is my personal preference, as you don't need to know which forms you need to deal with; the software asks me something like "Do you have charitable donations?" and if I answer yes, it gives me a box to put in how much I donated. I don't need to see the forms if I don't want to. In this manner it will walk you through your tax return. By asking questions and finding out which situations apply to you and which ones don't, the wizard is able to quickly get all the information necessary to complete your tax return.
Filing Electronically
Of course one of the benefits of using tax software to submit everything to the CRA is the fact that you can easily use E-File. QuickTax gives you a couple of options, allowing you to print out your return,
if you still want to send it in manually you can send in the printout, or it allows you to create an electronic submission file.
New Pension Income Splitting Optimizer
This year one of the cool features that Intuit has added to QuickTax is the Pension Income Splitting Optimizer. This tool automatically figures out the optimal way to divide your pension income with your spouse, allowing you to reduce your overall taxable income. Of course, this saves on the taxes you pay too.
Helps You Find More Deductions
Because QuickTax asks you questions about your situation, as soon as the wizard detects an area where you can claim additional deductions, it will pursue that. In other words, finding deductions becomes the computer's job instead of yours. If there's one thing I know, it's that I don't know the Canadian tax code nearly as well as the computer does! It sure is nice to be able to sit back and allow the computer to do the hard work of finding these deductions.
RRSP Contribution Calculator
The other thing that QuickTax does is calculate the optimal way to split your RRSP contributions between yourself and your spouse, as well as quickly tell you how much your return will increase if you contribute another X dollars. This little tool has saved me many headaches in the past, as it is so easy to simply move the sliders around to find out what difference changing a few dollars will make. You can also just tell QuickTax to optimize things, and it will find the way for you to save the most amount automatically.
Electronic Submission is Eeeeeeeasy!
Based on past experience, once my tax return was complete to the point that I was satisfied it was accurate, it only takes about 2 minutes to actually submit it to the CRA using E-File. Plus, you don't have to send in any receipts, unless they specifically ask for them at a later date. Be warned that if they choose to audit you, you will need to provide your receipts, so just because you're sending your taxes electronically you must still keep all your receipts anyways.
QuickTax has a version just for YOU
QuickTax comes in several different versions, depending on your requirements. They have versions that are ideal for simple personal tax returns, as well as different business versions, including one for incorporated businesses. If you're not sure which version is best for you, simply visit QuickTax, scroll part way down the page and click on "Help Me Choose" - a short questionnaire will determine the best package for you.
Another cool feature about QuickTax is that you can try it out for free. If you've never filed your taxes electronically before, and you're not sure whether or not you want to, all you have to do is download (for free) the QuickTax software. You can install it and then play around in it. The best way to determine if QuickTax is right for you is to actually install it and then start walking through the wizard with your tax information.
If you decide to go ahead and use QuickTax for your 2008 tax return, all you have to do is register the copy you've downloaded. Intuit gives you a few different options; you can either do this through their website, or by phone. Enter your code and now you can submit everything.
There are a few reasons I can think of why you might still be undecided about using QuickTax.
Excuse #1: You've Never Used Tax Software Before
If you've never used tax preparation software before, let me just tell you that you're in for a treat this year. Software saves you so much time by automating all of the calculation and the confusing parts of your taxes. It provides a simple, user friendly interface that allows you to get it done right, and quickly.
Excuse #2: You Don't Think It's Worth the $14.99
If you don't think QuickTax is worth $14.99, then my guess is you've never used tax software before. In answer to this, I would recommend installing the QuickTax free download and taking a few moments to walk through it and see the benefits for yourself. My guess is you'll quickly see how much easier QuickTax is than doing your taxes by hand. If you think it is worth it at that point, cool. If not, fine, you haven't lost anything.
Excuse #3: You Think You Can Get a Better Refund Than the Computer
If there's one thing that computers are good at, and only thing only, it is calculating! In fact, computers are just glorified calculators, right? QuickTax turns your computer into a tax calculator, and if you're doing your taxes manually, you're going to have to work long and hard to get everything maximized to the same level that QuickTax will do it for you in seconds. Trust me, it's not worth the effort! Get a computer to do it.
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