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Tax Software for 2022
February 27, 2023
9:35 am
bhuc
Toronto
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I am testing accuracy of tax software.
Studiotax vs Wealthsimpletax.
Using the same data there is a descrepancy in the amount calculated when splitting pension income.
Studiotax uses box 22 on T4A (Income tax deducted ) and Wealthsimpletax uses something else .
The amount is used in step 5 in Form 1032, line 68040 (total income tax deducted from transferring spouse's pension income)

Studiotax matches up with box 22 on T4A and Wealthsimpletax doesn't match.
I have sent a email to Wealthsimpletax to clarify the amount used to populated line 68040 of step 5 of form 1032.

I checked TurboTax and they are using box 22 on T4A in their calculation.

The devil is in the details, and if one of the 2 tax softwares package is wrong on this item one has to ask what else is incorrect ?

February 27, 2023
10:08 am
pooreva
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TurboTax:
If coupe has joint account and would like to split interest amount, what has to be entered at T5 screen into field 'Your spouse's percentage (%)'?
Lets assume interest generated is $5,000. I would like to claim $4,000 and spouse $1,000. What number and % each has to enter into that field?

February 27, 2023
10:59 am
Warwick111
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pooreva said
TurboTax:
If coupe has joint account and would like to split interest amount, what has to be entered at T5 screen into field 'Your spouse's percentage (%)'?
Lets assume interest generated is $5,000. I would like to claim $4,000 and spouse $1,000. What number and % each has to enter into that field?  

The field 'Your spouse's percentage (%)' on the T5 screen using the Forms Method view is a calculated field and it is best not to alter it. My suggestion is to use easystep interview, navigate to the T5 screen and enter your percentage. In your case, you want to report 4000/5000 = 80% on your return, so you should enter 80 in the 'Your percentage' field and the program will allocate the rest (20%) to your spouse.

April 4, 2023
11:58 am
pooreva
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Actually, entering % above calculated field will 'calculate' how much is allocated to whom.
Thanks for reply, it nudged me to play with the program.

April 4, 2023
12:02 pm
pooreva
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Does anybody use TurboTax AND has to repaid (portion of) CERB received in 2020/21?
Some forms in TurboTax are not very clear and I would like to hear advice.

April 5, 2023
6:10 pm
COIN
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Apologies if the following questions has already been asked and answered.

Question: Since April 30th falls on a Sunday, is the deadline for 2022 returns now May 1st?

April 5, 2023
6:16 pm
AltaRed
BC Interior
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Yes

April 6, 2023
6:33 am
COIN
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I was still able to load StudioTax 2022 using Windows 7.

Anybody else using StudioTax with Windows 7?

April 6, 2023
8:26 am
savemoresaveoften
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For those that does autofill, do u actually see ur T5008 being populated individually into ur tax software, or just 1 big lump sum number ?
I use mytaxexpress and even tho CRA has multiple individual T5008, autofill only populates the total for my software. Just wonder others that use diff tax software see individual lines being populated or just total.

April 6, 2023
9:05 am
FastJonny
Ontario
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savemoresaveoften said
For those that does autofill, do u actually see ur T5008 being populated individually into ur tax software, or just 1 big lump sum number ?
I use mytaxexpress and even tho CRA has multiple individual T5008, autofill only populates the total for my software. Just wonder others that use diff tax software see individual lines being populated or just total.  

Wealthsimple Tax shows them individually for me.

April 6, 2023
10:39 am
krwilson
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UFile for PC shows them individually for me, for the 10 years I have used it.

April 8, 2023
10:17 am
MonkeyClub
Central Alberta
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TurboTax populated my 55 or so T5008's individually. Thank goodness, as my spouse and I have a joint account but all the T5008's come through my CRA account. So I can assign a percentage of individual T5008's or complete T slips to me and/or my spouse.

April 8, 2023
3:05 pm
AltaRed
BC Interior
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All Tax software should populate on an individual basis to proportionately allocate as you suggest in the case of joint accounts.

That said, I would hate to do 'attribution allocation' recordkeeping on a per asset basis depending on each spouse's contribution to invested capital. Unless you and your spouse contribute to that joint account on a consistently proportional basis each year, your security purchases will all have different percentage ownerships.

April 9, 2023
1:18 am
MonkeyClub
Central Alberta
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Yes a different contribution rate for each security would be painful. We contribute from a joint account to our joint taxable account and split everything 50:50. CRA hasn’t challenged us in 20+ years (knock on wood).

April 9, 2023
4:59 am
savemoresaveoften
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hmmm interesting. For Mytaxexpress, it wont show it on page2 section4 in schedule 3. Only total disposition and net gain is shown. The detail by trades are under the "additional entries" if I click on it, except the "additional entreis" does not get printed at all.
Maybe time to switch software....

April 9, 2023
7:19 am
dommm
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I just filed using GenuTax for the second year & am happy with it. The Netfile was very smooth also.

April 9, 2023
11:17 am
Doug
British Columbia, Canada
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dommm said
I just filed using GenuTax for the second year & am happy with it. The Netfile was very smooth also.  

GenuTax is indeed the tax software I would use if Wealthsimple Tax were not available. My only issue with it, in the one or maybe two years I've used it in the past, is the interview process is unnecessarily elongated and could be truncated to include only essential forms. TurboTax used to have a Free Forms edition, but they eliminated the desktop version and as I understand it, the free online version is extremely limited this year; otherwise, I would recommend that.

My favourite tax software, circa 2005-2006, was called TaxWiz. Its price point was excellent at $19.99 for unlimited returns of all income types, and its UI was intuitive. Sadly, it was bought by Intuit and became the limited QuickTax Basic. At that point, I used Ufile for Windows; it was okay, but not as good as TaxWiz and the original QuickTax and what really irked me was their pricing strategy.

H&R Block Tax Software I wanted to like, but its accuracy was very, very bad, to the point it made mistakes that GenuTax and SimpleTax did not make.

Cheers,
Doug

April 10, 2023
6:00 am
dommm
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For me one of the reasons I use GenuTax is because of the elongated interview. I do admit that it can be monotonous reading & answering questions that have no relevance to my situation BUT it makes me feel confident that all the bases have been covered & I am not missing anything.

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