You've got your T4 and a box of receipts -- now what? If you're preparing your own tax return you have a number of options when it comes to tax software. Here are some suggestions from the cheapest to the best.
Computer consultant and tax software expert, Ken Gelhorn, is the man we go to for answers to tax software questions.
One viewer asked which is better: the CD version, the downloadable version, or the online version of each program?
"Part of that is related to cost, part of that is related to your own circumstances," said Gelhorn.
Web-based programs can be used by anyone, but they are best to use if you don't have high-speed internet or don't own a computer and you have to move from computer to computer, say at a library -- or if you travel a lot and are away from your computer.
Are there any security concerns?
"I do not believe so," said Gelhorn.
If you use a CD-based product or download -- you need to update it before you use it.
One way to choose the program to use is to ask yourself if you want to just fill in the forms or answer questions -- called the interview method.
Gelhorn likes forms -- especially ones that look like the forms you get like your T4.
But the interview method is helpful at making sure you don't miss new deductions.
As for the cheapest option, Studio Tax is free for everybody.
"I liked it from the viewpoint that it was relatively forms based and uncomplicated. The difficulty I had with it related to transfers between spouses," he said.
Things like pension income splitting, which can save some retired seniors thousands of dollars, it may be worth paying a few dollars to buy a program.
Future Tax is cheapest for one or two returns. For three or more returns -- future tax along with tax freeway are the least expensive options.
For web based software, Ace Tax is the least expensive for a single return.
And is any program more accurate than the other?
The answer is no -- all have to give you the right answer in order to be Netfile certified
And many programs allow you to try them out before you pay, so you can pick which you like best.
And remember when you Netfile "You speed up your refund by two to three weeks."
To check out Netfile, please click here.
With a report by CTV British Columbia's Chris Olsen.
