The best way to file your taxes is by submitting your income tax and benefits return online. The Canada Revenue Agency approves NETFILE filing software providers that allow you easily file your tax returns digitally.
Filing your taxes online is not only faster, but it is also less prone to errors, and you can receive your tax refund directly into your bank account within two weeks.
Here are the top three personal income tax software you can use to file your taxes.
Wealthsimple Tax
The Wealthsimple tax software offers free tax filing services. You can easily search for tax forms and provide your income and expense information. If you are filing your taxes with your spouse or common-law partner, you can coordinate your taxes using the software to maximize your tax refund.
Wealthsimple tax has a search function that you can use to find tax credits and deductions that apply to your tax situation. Maximizing your eligible tax credits and deductions allow you to pay less taxes and receive a larger tax refund from the CRA.
When filing your taxes through Wealthsimple tax, you can claim childcare expenses, charity and donations, moving expenses, and much more.
When you submit your income tax return online, you will receive immediate notice of assessment.
Cloud Tax
You can import your tax slips directly from the Canada revenue agency using the cloud tax software. Alternatively, you could scan and upload your tax slips.
Through the Cloud tax filing software, you can claim income tax deductions for charity and donations, medical expenses, employment expenses, moving expenses, and other tax deductions.
Cloud tax is a relatively easy income tax filing software. The software offers a free and paid option, which you can access through your mobile devices for ease of use or through the website.
TurboTax
Turbo tax offers a free and paid income tax filing option. The free tax version provides services for simple tax situations, and you can only apply certain complex tax deductions and credits if you upgrade to the paid version.
For example, you need to register for a paid option to claim deductions for employment expenses, donations, medical expenses, investment income and expenses, and self-employed income and expenses.
The paid versions for Turbo tax are $20.99 and $34.99 for their Deluxe and Premier options. You can use Turbotax on your mobile phone or through web services on your laptop.
The Turbo tax software allows you to process up to 20 tax refunds through an online account.
Key Takeaways
If you have a simple tax situation, you can always try the free versions for tax filing service providers. Always ensure to access these sites through the Canada Revenue Agency website to avoid scams.
Verify that the CRA approves a tax software provider before providing your personal information.
Always keep your tax supporting documents even if the Canada Revenue Agency does not require you to submit them immediately after you file your tax refund. Sometimes, the CRA does tax audits and can request your supporting documents.
At DW & Associates, Chartered Professional Accountants, we make filing taxes simple. No matter how complicated your tax situation is, our tax experts guide you and help you maximize your tax refunds.
Contact us to claim all tax deductions and credits you may be eligible for from the CRA.
