Many Canadians are looking for the best and most efficient ways to file their taxes. With a variety of software options available, it can be overwhelming to choose which one to use. I have been personally filing my taxes using TurboTax as it is super user-friendly. In this blog post, I'll explore some of the most popular tax software options available in Canada to help you make an informed decision.

TurboTax

TurboTax is one of the most popular tax software options and is rated number one in Canada. TurboTax supports Auto-fill my Return, is available on multiple devices, including Android and iPhone and offers a downloadable desktop program. [1]

PROS:

• TurboTax has an easy-to-use interface

• CRA NETFILE certified

• Provides tax support via live chat and phone support

• Free option available for simple tax returns

CONS:

• The cost can vary depending on the package you choose

• Limited support for complex returns

GenuTax

GenuTax is a completely free tax filing software for Canadians. It is a downloadable tax software that supports only the Windows operating system. Despite its outdated interface, it is a reliable option to file your taxes electronically. [2]

PROS:

• GenuTax is free to use

• CRA NETFILE certified

• Downloadable software that you can install on your computer

CONS:

• GenuTax only supports Windows operating systems

• The interface may not be as user-friendly

• Does not support the completion of Form T1135 and T1134

• Unable to prepare Quebec provincial income tax return

Wealthsimple Tax

Wealthsimple Tax, formerly SimpleTax, is a certified tax software by both CRA and Revenu Quebec. It operates using a pay-what-you-want model, meaning you can use the service completely free, but there's an option to pay if you liked the service. It is a user-friendly software that supports Auto-fill my Return and offers free tax advice from certified tax experts. [3]

PROS:

• Pay-what-you-can model: you can choose to pay any amount you wish for using the software.

• A user-friendly interface that makes it easy to navigate through the software.

CONS:

• Offers limited customer support options

• Does not support forms T2203, T1163 & T1164

HR Block

HR Block is a popular tax software in Canada that is also CRA-approved to use the NETFILE service. It offers a user-friendly interface and supports Auto-fill my Return. It also has a feature called "Ask a Tax Expert," where you can get help from a tax professional through the software. [4]

PROS:

• Wide range of services including tax software, in-person tax preparation services, and online tax filing options.

• Prices are generally affordable, and they also offer a free version for those with simple tax returns.

CONS:

• HR Block's mobile app has limited functionality

CloudTax

CloudTax is a cloud-based tax software that is also CRA-approved to use the NETFILE service. It is available on multiple devices and supports Auto-fill my Return. It also has a feature called "My Account," where you can manage your tax documents and get help from a tax professional. [5]

PROS:

• User-friendly interface and guides you through the process of filing your taxes step by step

• CloudTax offers affordable pricing for its services including a free option for simple tax returns

CONS:

• Users cannot reach them by phone or chat

• Offers the basic features required for tax preparation

Ufile

UFile is a popular tax preparation software designed for individuals and small businesses in Canada. It helps users to prepare and file their tax returns with ease including even more complex returns involving self-employment, or investment income. Ufile also offers a free version of its software for simple tax returns.

PROS:

• UFile offers affordable pricing

• A user-friendly interface that makes it easy for users to navigate and input their tax information.

• Includes free telephone, email and community support

CONS:

• UFile has limited customer support options

• Does not currently have a mobile app

Conclusion

Canadians have a variety of options when it comes to tax software. The certified tax software approved by the CRA, TurboTax, GenuTax, Wealthsimple Tax, HR Block, and CloudTax is all excellent options to file your taxes electronically. It's important to choose the software that meets your specific needs, whether that be a user-friendly interface or access to tax professionals. By using any of these options, you can efficiently file your taxes and have peace of mind knowing that you're doing it accurately and according to the CRA's guidelines.