might be confused with this - cra-account-compromised-2394929/2/michaelkourlas wrote: ↑ Can you cite a source for this?
Free 2020 Tax return programs
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- awais
- Deal Addict
- Jan 29, 2006
- 1942 posts
- 1742 upvotes
- Center of the univer…
- saulin
- Member
- Nov 27, 2013
- 439 posts
- 227 upvotes
I calculated my Taxes using TurboTax online (free) and noticed some things compared to the Standard version I always have used on my PC
The RRSP Optimizer is not available, it did not give me a breakdown of what I'm getting for Canada Child benefit or if I was getting anything. I have always used The Standard version on PC and it has this and it tells you how much yo are getting and what the monthly payments will be.
Also I believe this free version will not allow me to file online without paying.
Are there alternatives to TurboTax standard that have these features that are cheaper?
TurboTax Standard is $30 at Costco and allows for 8 Tax Returns, I usually get this version and do my Parents and my Sister's taxes as well.
The RRSP Optimizer is not available, it did not give me a breakdown of what I'm getting for Canada Child benefit or if I was getting anything. I have always used The Standard version on PC and it has this and it tells you how much yo are getting and what the monthly payments will be.
Also I believe this free version will not allow me to file online without paying.
Are there alternatives to TurboTax standard that have these features that are cheaper?
TurboTax Standard is $30 at Costco and allows for 8 Tax Returns, I usually get this version and do my Parents and my Sister's taxes as well.
- BBucKK
- Sr. Member
- Dec 14, 2001
- 693 posts
- 846 upvotes
I believe nothing in life is truly free - especially if there is a company involved. Those free alternatives getting something - your data I suspect. The paid software that allow under a certain income level free are likely getting you hooked so you use them if / when you make more / have a family.
I started with ufile free and now stay with a paid version because it is easy - they do a carry forward of your last years info / rrsp limits etc... A couple of years ago I tried a couple of free programs, H&R Block and ufile - put same data in all. Ufile gave my an extra $120 over all the others. What I really like about it is (perhaps some of the other programs now do the same) with a push of a button it downloads all the slips CRA has for you (you have to have a CRA account and can get those slips manually as well) and populates your return automatically. Just my 2cents and some info for others.
I started with ufile free and now stay with a paid version because it is easy - they do a carry forward of your last years info / rrsp limits etc... A couple of years ago I tried a couple of free programs, H&R Block and ufile - put same data in all. Ufile gave my an extra $120 over all the others. What I really like about it is (perhaps some of the other programs now do the same) with a push of a button it downloads all the slips CRA has for you (you have to have a CRA account and can get those slips manually as well) and populates your return automatically. Just my 2cents and some info for others.
- seatiger
- Deal Addict
- Mar 30, 2017
- 1226 posts
- 980 upvotes
- GVA
I would rather go with flat rate where people cant use loop holes etc.
F communism and socialism. They create fairness by making everyone equally poor.
.
- BankArsonist
- Jr. Member
- Oct 1, 2020
- 136 posts
- 66 upvotes
- anti_maniac
- Member
- Jun 20, 2010
- 471 posts
- 248 upvotes
yes for my needs i felt no difference switching to Simpletax, it did the job fairly well. First time when i tried i had my return on both and compared the refunds etc and i cant recall by how much (was below 100 dollars) exactly but simpletax even had a slightly higher refund calculation (but that could be one off). My reason to switch was that it was free but later felt a bit guilty and ended up paying them whatever i paid to Turbotax online and now that has become a habit for me. Its a way to ensure that they stay in business for those who literally can't pay ....abydyby wrote: ↑ with what reference you are mention Simpletax is good compare to Turbotax, I have been uisng the Turbotax for ages, i only see the cost of the packages $60+ for premium and i share the license with my friend its down to $30 for me and my wife.
Turbotax can be installed on 2 computers..
- yvrwindsor
- Deal Addict
- Apr 4, 2006
- 3198 posts
- 1023 upvotes
- Vancouver
I don't have Simple tax. The auto US to Canadian dollar conversion is based on the year's average. However, you can have scenarios where it's more beneficial to use the exchange rate on the date the transaction occurred.
US Exchange Rate example:
2020 Annual Average - $1.3415
Dec 31, 2020 rate - $1.2732
Say you have a GIC which posted an interest on December 31st, it will be to your advantage to use the Dec 31st rate
Source: Bank of Canada exchange rate
- sheyenne
- Deal Addict
- Aug 14, 2019
- 3494 posts
- 1911 upvotes
- sheyenne
- Deal Addict
- Aug 14, 2019
- 3494 posts
- 1911 upvotes
You might want to look at how FB/IG, Whatspp, and Google harvest your personal data from your phone. Firefox has a feature called "containers" to prevent FB via your web browser to steal your info.ssj4_ootaku1 wrote: ↑ Nothing in life is free.....you're paying for it with your data! (Yes same can be said of FB/Instagram/Google, but you're not entering your SIN, Income in there)
- sheyenne
- Deal Addict
- Aug 14, 2019
- 3494 posts
- 1911 upvotes
Since when is Canada Post free? It will cost you at least $3 plus GST. You'll need to attach your receipts, hope Canada Post doesn't lose your oversized envelope, and wait longer for CRA to process to your return.
And don't forget, as a result of covid, CRA has closed their drop boxes: https://winnipeg.citynews.ca/2020/04/24 ... -covid-19/
- The__Rock
- Sr. Member
- Oct 22, 2007
- 795 posts
- 1036 upvotes
Things with respect to the disability tax credit - there are certain times when you can get a supplementary amount but this could be ground down depending on if you have child care. You can optimize it and take a certain amount of child care without grinding down the supplementary amount, but all has to literally be done manually by hitting the checkmark on the "override" button. Also, if you are older and have an attendant versus the disability tax credit, yo can claim up to a certain amount of one without impacting the other.HamsterDad wrote: ↑ What are the things you’ve needed to manually override?
Also, some of the spousal transfer amounts would not come through properly unless manually overrided.
- The__Rock
- Sr. Member
- Oct 22, 2007
- 795 posts
- 1036 upvotes
Thats just people misunderstanding how taxes work. CRA takes pay from your paycheques because they aren't going to wait around till next April to get the money, but what they take is just a guestimate. When you do your actual tax return you are basically just playing catchup and calculating to see whether they took too much or too little. People often get excited about getting a refund, which is funny because all it means is you paid the CRA too much during the year. Its like being excited that you got $99 in change from a cashier for buying something for $1 with $100 bill, versus getting $4 change for paying with a $5.
Last edited by The__Rock on Jan 4th, 2021 7:58 pm, edited 1 time in total.
- The__Rock
- Sr. Member
- Oct 22, 2007
- 795 posts
- 1036 upvotes
Yes - But i have found basic returns messed up as well. The tricky thing with tax is you don't know what you don't know, and its not like you have a solution manual at the end of the day to check it against to see how well you did. At the same time, an accountant can only do as much as the information you give him. For example, a buddy of mine had a 3rd kid and never bothered telling his accounting. When I asked him about something with his child care deduction, I realized he either never told the accounting or the accounting never put anything in, because his child care was capped based on the #'s for having 2 kids. Another common thing I see is people taking the RRSP deduction when they shouldn't because it would not reduce their taxes at all or very insignificantly, and you are better off claiming a certain amount and then saving the rest to claim in a future year. This is very big because most software will just take the maximum amount.Temporel wrote: ↑ Well, if you use the Disability credit and have medical receipts, that ain't a Garden Variety situation. Of course if you have a complex situation maybe a tax specialist should do your taxes. You would still have to weigh the extra cost versus the extra tax savings though. Tax specialists aren't cheap usually.
- Watoko
- Member
- Apr 14, 2018
- 230 posts
- 303 upvotes
You could pay me $10 to do it
- The__Rock
- Sr. Member
- Oct 22, 2007
- 795 posts
- 1036 upvotes
I've never seen a return prepared by H&R Block that didn't have a mistake in it. May as well get the cashier at the grocery store to do it for you, they have about the same experience.
- DentDude
- Sr. Member
- Aug 13, 2003
- 669 posts
- 542 upvotes
- Calgary
Same here. The file to patch has a different name than the US version but the code was exactly the same. Program starts up then closes itself in my case.ryanrudolf wrote: ↑ It doesnt work anymore unfortunately. It started with the US version last year and carried over to the CA version.
Im trying to reverse engineer / patch the dll using the same concept in the US version. I've patched the DLL but still not working
- nicknam4e
- Deal Addict
- Jan 24, 2011
- 1154 posts
- 1056 upvotes
- Montreal / Laval
So truth the first point, an accountant can only optimize your taxes based on the provided information. Other thing is that when you fill the taxes yourself, not only it reminds you the missing information and how to optimize your taxes return for the past yeqr, but how could you optimize your expenses/investment/saving in the future.The__Rock wrote: ↑ Yes - But i have found basic returns messed up as well. The tricky thing with tax is you don't know what you don't know, and its not like you have a solution manual at the end of the day to check it against to see how well you did. At the same time, an accountant can only do as much as the information you give him. For example, a buddy of mine had a 3rd kid and never bothered telling his accounting. When I asked him about something with his child care deduction, I realized he either never told the accounting or the accounting never put anything in, because his child care was capped based on the #'s for having 2 kids. Another common thing I see is people taking the RRSP deduction when they shouldn't because it would not reduce their taxes at all or very insignificantly, and you are better off claiming a certain amount and then saving the rest to claim in a future year. This is very big because most software will just take the maximum amount.
Otherwise, I didn't get the second point concerning RRSP deduction, do you mean the revenue growth over time, so the marginal taxe rate or the return on RRSP is more interesting by claiming later ?
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- nicknam4e
- Deal Addict
- Jan 24, 2011
- 1154 posts
- 1056 upvotes
- Montreal / Laval
What do you think paying them or others services like TurboTaxes to do the double check ? They are only paid if more taxes return after their verification, I think.
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- andy_ca_cn
- Sr. Member
- Oct 17, 2008
- 793 posts
- 331 upvotes
- Earth
I've tried Turbotax online and haven't come across an entry screen for the $400 work from home credit.....anyone? Thoughts?
- sheyenne
- Deal Addict
- Aug 14, 2019
- 3494 posts
- 1911 upvotes
Considering the deadline for tax slips isn't usually for a few months now, there's always been updates to the software during the first three months or so. It wouldn't hurt to email or chat with Turbotax and ask them.andy_ca_cn wrote: ↑ I've tried Turbotax online and haven't come across an entry screen for the $400 work from home credit.....anyone? Thoughts?