Canada’s 3 best tax software for 2024: Compare and choose the one that’s right for you

Tax season in 2024 is coming up fast! We are in tax season.

This can be a stressful time of year for many Canadians. Knowing when, how and with whom to file your tax return can be daunting.

Fortunately, tax filing has never been easier. Tax software lets you file simple tax returns. You can save money while making sure your taxes are filed correctly.

In this article, we’ll compare the best tax software in Canada, to help you choose the software that best suits your needs. Here are your best options for filing the most accurate tax return and getting the most refunds.

There is a wide range of tax software on the market. It’s important to know what qualities to look for in order to choose the ideal product for your specific situation.

In our opinion, the ideal tax software should have the following qualities:

• Ease of use: The ideal tax software should have an easy-to-use interface that simplifies the complexities of tax filing with a guide.
• Affordable: The best tax software should be affordable, and offer a free version for simple tax returns. Paid plans may offer additional features that contribute to grading accuracy, but look out for the free versions.
• NETFILE Certified: Search for tax software that is NETFILE certified. This electronic filing service allows you to do your personal taxes online and submit them directly to the CRA. This speeds up the processing of your refund and instantly confirms that the CRA has received your return.
• Operating system compatibility: Whether the tax return software is compatible with your computer or mobile device. Make sure the software is compatible with your computer or cell phone before you buy.

Here are the best tax software options in Canada for 2024:

Intuit TurboTax is one of Canada’s most popular tax software packages, with a user-friendly interface and a full range of functions. It is compatible with Mac, Windows, Android and iOS. TurboTax is also excellent for a range of free and paid services, depending on your situation.

Their free service, TurboTaxlets you achieve near-perfect accuracy, claim deductions and credits, and manage your RRSP contributions. TurboTax (free version) also lets you import your tax information and slips from your My CRA Account.

Prices range from $0 to $60 per online declaration. For simple tax returns or taxpayers with low incomes, the price is lower. Complex declarations that include situations such as self-employment and investments may require you to pay the highest price.

These versions offer you many more features, including the identification of tax-saving opportunities and the handling of more complex tasks such as rental income and expenses. You can also transfer tax information from your previous tax returns – a function not available in the TurboTax Free option.

Do you have an American Express credit card? If so, go and check your offers! You may have one with TurboTax, which gives you a $5 credit when you spend $21 until April 30, 2024.

Wealthsimple is an innovator in investment and financial education. Formerly known as SimpleTax, Wealthsimple Tax is available as a web version on Mac or Windows and on mobile.

The appeal of Wealthsimple Tax lies in its unique donation-based payment structure. Unlike other tax software services, Wealthsimple Tax only requires a donation as a token of support.

The advantageous features of Wealthsimple Tax are :

• Intuitive auto-fill for importing income tax statements and investment information.
• Intelligent search for easy access to credits, deductions and forms
• Free, reliable and competent customer support to answer all your questions.
• Ability to report crypto-currency gains and losses from multiple exchanges and wallets.

However, Wealthsimple Tax does have a few drawbacks. The software is only suitable for simple tax returns. If your tax situation is more complex, you may need to look for other software.

Available on Windows, Mac and mobile, H&R Block offers three levels of solutions for your tax filing needs. Like WealthSimple, the free version of H&R Block allows you to automatically import tax forms, making the process much quicker and easier for users.

What’s more, with the Deluxe ($19.99/per declaration) and Specialized ($34.99/per declaration) plans, users benefit from a wide range of support options, including telephone support and in-person assistance at H&R Block offices.

It also offers several packages, including a self-employed package, ideal for freelancers and entrepreneurs. H & R Block is certainly on a par with other software, but it needs to catch up in terms of functionality.

When it comes to doing your taxes, you can always consider calling in a professional. Here are a few scenarios that may require the intervention of a pro:

• Your financial situation is complex: if you have a lot of investment income, rental property or own a small business, your taxes can be complicated. An accountant can help you make sense of all the available deductions and tax credits.
• You’ve undergone a major life change: Getting married, having a child or buying a house can all have a significant impact on your taxes. An accountant can help you understand how these changes will affect your tax situation and enable you to take advantage of tax benefits.
• You’re afraid of making mistakes: Tax laws can be complicated, and mistakes are easy to make. An accountant can give you peace of mind by filing your taxes correctly and on time.
• You’re being audited: If you’ve been selected for an audit after submitting your tax return, an accountant can provide you with valuable support and advice throughout the process.
• You just don’t have the time: If you don’t have the time, or if tax preparation is a headache for you, an accountant can relieve you of this burden.

In terms of price, Wealthsimple Taxis the big winner, as it’s completely free to use, with the option of making donations. However, it should be noted that wealth tax depends on donations to maintain the software. Users should therefore consider making one if they find the software useful. This product is best for students who have a quick tax situation and don’t need a lot of add-ons like Turbo Tax or H&R Block.

TurboTaxand H&R Block are the most expensive of the 3 options, but offer the most comprehensive range of options, with automatic import of tax forms and step-by-step guidance. What’s more, H&R Block earns bonus points for personalized assistance at any of its H & R Block branches.

All in all, these three programs are excellent options for helping users complete their tax returns accurately and efficiently.

Overall, when comparing TurboTax, Wealthsimple Tax and H&R Block, each program has its strengths and weaknesses. Factors such as price, functionality, ease of use and support options are important when choosing the right program. By doing so, you can ensure that you choose tax return software that meets your specific needs and helps you get the most money out of your return.

Let us know if this article helped you. Will you be filing your own tax return this year?