Best software tool for doing your own corporate tax return

RFDVi001 wrote: ↑ I have been using UFile T2 online and am very happy. What I did was - I had an accountant do my taxes for one year and then for that same year I entered all data into T2 myself. This way I learned what goes where. When my T2 was matching accountants' T2 I was ready to do my corporate taxes myself.
I use QuickBooks to track my income/expenses/balance sheets.

Blubbs wrote: ↑ Thanks, is UFile comparable to Turbotax? Is it actually free?

If starting from scratch off of last year's accountant return how could I handle the balance sheet without paying a fee? Is there anything better than Excel?

RFDVi001 wrote: ↑ It is not free - about 150$. I used Turbotax before, but switched to UFile because it was always cheaper and I prefer to do it online, instead of downloading software.
You should be able to do balance sheet and profit/loss report BEFORE you start doing any corporate taxes - you need to understand these reports before you do taxes. Values from these reports are used as inputs for corporate tax software.
You can use Excel to build your balance sheet/Profit Loss report - it does now matter how you do them.

luking wrote: ↑Not to highjack OP's thread but I am in similar boat and just posted the following questions in another thread.

I have made the mistake of investing leftover money in corporation account in dividend paying equities.
I want to learn how to prepare T2 tax return for the following items
1. How to calculate and report dividend income?
2. How to report currency conversions from CAD to USD?
3. How to report any capital gain/loss and ACB and any similar mumbo jumbo related to equities?
Can somebody please advise how can I learn the above from a tax professional or from someone knowledge enough?

One way out would be as RFDVi001 mentioned above - have the file prepared by a professional and use that as the template for future. However, it will be lot better to learn as there are just a few things to learn.
But how can one find someone who is knowledgeable enough about Corp Taxes involving dividend income?

RFDVi001 wrote: ↑ To avoid dealing with dividend payments insider corporation, in my corporation I invested retained earnings into Horizons S&P 500 ETF (https://horizonsetfs.com/ETF/hxs/) - this ETF does not pay any dividends but converts them to capital gain. When the time comes and I will have to sell my holdings, then I'll have to learn how to report that on T2. At that time, I will get an accountant for 1-2 hours that will show me how to do that on T2.

mcu wrote: ↑ Why is it a mistake? I also have dividend paying equities in my holding company