Free income tax software options in 2021 (2020 tax year) | Page 3 | Income tax filing | Discussion forum

topgun said
You are paying for a licence when you purchase Turbotax. Free edition and all paid editions have the same options. I am not happy using the free online edition. I like having the program and data files on my computer. If you are preparing 4 or less returns the Basic Edition @ $19.99 + tax works.

The various TurboTax editions are not the same. However, the differences are not quite what the Intuit marketing suggests. That kind of marketing and high prices were why I avoided TurboTax in the past.

The marketing suggests that one had to buy the $74.99 TurboTax Premier edition to file a return with, for example, investment income and capital gains. I think some people figured out that wasn't the case really.

What one gets with the Premier edition is extra screens and documentation to help one report investment income and capital gains. But, with the lower priced editions, people reported that they could still access "Schedule 3" to report capital gains and the "Statement of investment income, carrying charges, and interest expenses" in the Worksheet to report investment.

Kind of like paying extra for a car that has a bright lighted circle around the ignition key switch to show the driver where to insert the key. If one knows what to look for, one can figure out where the ignition key goes without paying for that option.

Has anyone ever tried using online software for corporate returns? I have a holding company with just GICs and stocks in it, not an active company. Seems ridiculous to pay $4000/yr for an accountant to do it when the only transactions are gic T5's and calculating capital gains on sold stocks. Anybody have any lower cost options?
For the record i also like SimpleTax. Have used four years and very easy to do, far better than a paper return.

capnukr said
Has anyone ever tried using online software for corporate returns?   

I actually download free copies of both FutureTaxT2 and T2Express for my Corporation's tax return. I put the numbers into both softwares to make sure I get the same answer in both and then I key into "fillable" PDF copies of the T2 and related forms from the CRA website. So I end up mailing in a hard copy and usually get my NOA within 6 weeks to 3 months time. And all for free other than postage. The only issue is that you must feel comfortable putting together your own financial statements (Balance Sheet, Income Statement and Statement of Retained Earnings). Maybe you should shop around for a cheaper accountant?

Whew! Studiotax still works on Windows 7.

Question: What happens to the prior years' tax return that were done with XP? Can I transfer them to Windows 7 and throw the old computer out?

canadian.100 said

Doug said
SimpleTax.

Failing that, TurboTax Free

Both free and unrestricted, other than the mandatory CRA limit of 20 returns that Norman identified earlier. Clean, uncomplicated UI + UX. Both just work.

Enough said.
Cheers,
Doug

The TurboTax website indicates the free software is for "simple" returns. So guess it will not work if you have a T-5 for Dividends or you have Capital Gains.  

Nope, it will. That's just marketing lingo to upsell you to premium product. If SimpleTax can do it, TurboTax Free Online can do it.

Cheers,
Doug

Why is it time Doug ?