Tips For Choose Great Canadian Income Tax Software Programs For You

Canada has a wealth of income tax preparation software that can do more than just let you calculate your income tax and file in your return. Most tax software programs available in Canada also include a number of useful tax planning features that allow you to analyze a wide range of income tax scenarios. There are income tax software programs that cater to an individual as well as in business.

Businesses are required to fill out a highly accurate income tax return. Such businesses might be able to benefit a lot from using income tax software to help them in their tax preparation. Here is a short list of several income tax software programs available that Canadian citizens as well as any sole proprietorship or partnership business may be able to make good use of during the tax season.

QuickTax
This user-friendly and popular Canadian income tax software program helps you prepare your income taxes quickly and with ease. This software program has useful features such as The EasyStep Interview that guides you through the tax preparation process by asking significant questions needed to fill out your income tax forms. This software also makes tax planning a snap because of its ability to cover multiple tax scenarios that also offer automatic tax calculations. Other useful features that come with this popular income tax software program include tools such as the capital gains analyzer and incorporation analyzer.

TAXWIZ
This Canadian tax software program is useful in the preparation of personal income tax Many interesting features of this income tax program include providing multiple "what if" scenarios. This software also offers a convenient popup help when being used top prepare taxes and also provides multiple filing options that allows you to prepare up to six income tax returns at any one time.

GenuTax Canadian Tax Software
The good thing about this typical income tax software is that it offers future annual software updates for free online. You never have to purchase updated versions unlike those being offered by other income tax software companies. Another interesting feature that this particular program has is that you may be able to prepare and file a limitless number of tax returns which most tax preparation software programs fail to provide.

TaxTron
This wonderful software program is known to be the only fully functional user-friendly Canadian tax preparation software that is available in both individual (T1) and corporate (T2) versions for Macintosh OS users. A version of this tax software for Windows OS is also available that can be used to prepare individual as well as business income tax. Different software versions available for both operating systems are all quick, simple to understand and easy to use.

Preparing Tax Software In Canada.

Fancy, Brand-Name and #1 Best-Selling Tax Software Programs Have Fancy Price Tags

If you have always wanted to file your own tax returns but are not sure which tax software programs to use, this article is for you. To file your own income tax returns, you need to use income tax software programs. I will review a few Canadian tax software programs and let you decide the best one for you. I will only discuss value tax software programs and will not discuss any fancy, brand name and #1 best-selling programs. Fancy, brand-name and #1 best-selling programs have fancy price tags, and I do not use or recommend them.

Types of Tax Software Programs

Tax Preparation Software comes in two different versions. One version is Windows version and the other version is Web application or online version. An Online version means you don't have to download and install any applications on your computer, and you do everything online. Your tax information is saved on the web site's server. Windows version means you download and install tax preparation software on your computer and all your information is kept on your computer. I do not use or recommend online version tax software, and I will discuss only Windows version tax preparation software here.

How Canada Revenue Agency Receives Your Return

Two ways. One is the traditional way. You print off a copy of your return and mail it to CRA. The other is via online. You transmit your tax return to CRA via online. This online filing process is called NETFILE. NETFILE allows you to file only your own tax return. You cannot transmit tax returns on behalf of others. Also, you need an access code to use NETFILE. To learn more about NETFILE and access code, click here. http://www.netfile.gc.ca/about-e.html Both Windows version and online version tax preparation software offer options to print off your tax return (and mail to CRA) or to transmit online using NETFILE. In order to be NETFILE eligible, a tax software program has to be NETFILE certified by CRA. To learn more about NETFILE-certified tax preparation software, follow this link - http://www.netfile.gc.ca/software-e.html. The tax preparation software programs I am discussing here (and most of the tax preparation software programs) are NETFILE certified by CRA.

New Limit of 20 Returns

CRA has announced that starting 2007, there will be a limit of 20 returns (paper or electronic) with each copy of NETFILE-certified software. Before 2007, you were able to produce unlimited numbers of returns with some of these value tax preparation software programs (such as GenuTax). To know more about this newly imposed limit, follow this link - http://www.netfile.gc.ca/software-e.html.

Canada Tax Software - A Dawn Journal's Top Picks

After researching dozens of tax software programs, I have picked these tax software programs for this year. I am keeping it to a minimum so you don't get inundated with too much information. Let's begin.

TaxFreeway

* TaxFreeway is the only software allows user to use Interview and Form mode ssimultaneously. This gives user the maximum flexibility and helps user utilize the full power of software.

* Tax forms and slips are identical to actual CRA slips and forms.

* Both Windows version and MacVersions are available.

* It's got RRSP planner, carry forward feature, spousal return integration and tax tips on demand.

* Price: $9.95

* Website: taxfreeway.ca

MyTaxexpress

* MyTaxexpress allows to share tax forms/slips in coupled return. Spouse can prepare their returns together as a coupled return to share tax data in the beginning or in the middle of preparation.

* It prints on CRA official forms for mail filing.

* View tax return summary page.

* Price: $6.99 (1 return) and $13.99 ( 1o returns)

* Website: mytaxexpress.com

GenuTax

* Multiyear tax software program. Buy only once and future annual updates are free.

* Price: $34.99

* Website: genutax.ca

Studiotax

* The only free tax software. yes, you heard it right. It is free. However, if you would like to make a contribution, Feel free to do so and Studiotax appreciates it.

* Price: Free

* Website: studiotax.com

Quick Fact

* Deadline for 2006 tax returns: Midnight, April 30, 2008

* Penalty for late filing: 5% of your 2007 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.

* EFILE : Don't mix up EFILE with NETFILE. EFILE is a service that lets authorized and professional service providers send individual income tax return information to CRA by Internet. Tax professional cannot use NETFILE. They must use EFILE. Therefore, when you submit your own tax return = you use NETFILE and when tax professionals submits your tax return = they use EFILE.

Made Accounting More Simple Now!

Proper accounting is a must for any emerging business. Following a good accounting practice make the overall management of the business very easy. Accounting is based on certain principles. These rigid rules make accounts consistent for all transactions involved. There are five major books of accounts. They are :

1. Cash Book - Records all cash related transactions for a specified period.
2. Bank Book - Records all bank related transactions for a specified period.
3. Journal Book - Records all transactions, which are not cash or bank related.
4. Purchase Book - All purchase related transactions are recorded here.
5. Sales Book - All sales related transactions are recorded here.

Based on these books, a Trial Balance is prepared which shows the accuracy of accounting transactions involved. A Trial Balance has got two sides, Debit and Credit side. If sum total of Debit is tallied with the sum total of Credit side, then it shows that all transactions are recorded properly. These two sides are tallied only when the double entry concept is followed. Double entry concept stipulates that for every Debit amount, there must be a Credit amount.

In modern day business, Accounting software is used to record these transactions. These are commonly known as Accounting Packages. These Accounting Packages are built on the Accounting principles. These accounting packages make the whole accounting process very simple and integrated. One or more persons can work at a time. A data entry operator may be entering the data and a higher authority can approve it. Thus, the management can analyze the whole accounting process with ease.