Author Topic: Canadian Tax Filers - Studio Tax is no longer free  (Read 1476 times)

GuitarStv

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Canadian Tax Filers - Studio Tax is no longer free
« on: February 10, 2021, 09:40:00 AM »
I've been using Studio Tax for quite a while, but it's no longer free.  What are you guys using as free software for this tax year?

Dogastrophe

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #1 on: February 10, 2021, 09:50:58 AM »
I'm planning to use the free version of TurboTax. For years I was using the paid version ($20 or so per return) and decided to try the free filing version last year which worked fine for our situation.

Mighty Eyebrows

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #2 on: February 11, 2021, 10:24:13 AM »
I've been using Studio Tax for quite a while, but it's no longer free.  What are you guys using as free software for this tax year?
I plan on paying for it. For the three returns I was filing with (Wealth)SimpleTax, I was donating more each year than the new price of StudioTax. I think it is worth supporting the project and $15 is a pretty small amount.


snacky

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #3 on: February 11, 2021, 01:26:52 PM »
I have used GenuTax for years and have never been dissatisfied.

BSL18

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #4 on: February 12, 2021, 10:37:36 AM »
I'll be using SimpleTax again. Used to donate, but WealthSimple had the good idea to buy them. I still have a TFSA forgotten in WealthSimple Invest because they don't offer a simple way to transfer it to WealthSimple Trade, so I guess I'm already paying them for their service, no need to donate this year!

Other than that, pretty satisfied with SimpleTax over the last few years. Straightforward, user-friendly, and clean looking. Had a bad experience with TurboTax before that, although I guess it was my bad for not double-checking their calculations tough, lots of people seem to be satisfied with it.

RetiredAt63

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #5 on: March 13, 2021, 05:10:46 PM »
I switched to StudioTax from TurboTax and couldn't import the previous year's form.  What tax software will upload last year's file in Studio Tax?  Any?  What programs have people tried this year?

Semi-related question.  We are supposed to have all our tax info by the end of February, right?  I am still missing some T5s.  I just hope I can download them from the CRA site once I figure out what software I am using.

It's only March 13, I'm not procrastinating (much).    ;-)

Mighty Eyebrows

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #6 on: March 13, 2021, 08:37:33 PM »
I switched to StudioTax from TurboTax and couldn't import the previous year's form.  What tax software will upload last year's file in Studio Tax?  Any?  What programs have people tried this year?

Semi-related question.  We are supposed to have all our tax info by the end of February, right?  I am still missing some T5s.  I just hope I can download them from the CRA site once I figure out what software I am using.

It's only March 13, I'm not procrastinating (much).    ;-)

A few random thoughts...

I have played around with various tax programs and just decided to manually re-enter our info each time. I treat it as an exercise in double-checking the numbers and also seeing how easy the software is for newcomers, in case I want to recommend it to others. Sorry, that doesn't make your life easier, but maybe it is encouragement to just take 40 minutes and type things in?

Regarding deadlines, T3s are only due at the end of March. I am still waiting for some of mine. Although I would love to file earlier, that is why the tax filing deadline is the end of April.

You are correct, though, that T5s should have been issued by the end of Feb. You may want to follow up with the institution:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/completing-slips-summaries/financial-slips-summaries/return-investment-income-t5/t5-information-return/date.html

Although, if the amounts are less than $50 then they don't have to give you a T5 (even though you still have to declare the income).
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/completing-slips-summaries/financial-slips-summaries/return-investment-income-t5/t5-slip/when-you-have-prepare-a-t5-slip.html

ToTheMoon

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #7 on: March 13, 2021, 09:11:57 PM »
I have used SimpleTax for the last few years and loved it. Very disappointed that Wealthsimple purchased it.

I put my numbers into both TurboTax (first time I have ever used it) and Wealthsimple and they both spat out numbers within pennies of each other. The "new" SimpleTax would not connect to the CRA to download my documents using my back account - it would only work if I used my specific CRA login. I haven't had to use that in close to a decade and could not remember my login info or password. For that reason alone I would give the edge to TurboTax as it connected flawlessly. A two-second search found a 10% off link, so after taxes my two returns came to $40.00. That is about what I used to donate to SimpleTax anyhow so I consider it a wash.

GuitarStv

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #8 on: March 14, 2021, 10:03:49 AM »
I have used SimpleTax for the last few years and loved it. Very disappointed that Wealthsimple purchased it.

I put my numbers into both TurboTax (first time I have ever used it) and Wealthsimple and they both spat out numbers within pennies of each other. The "new" SimpleTax would not connect to the CRA to download my documents using my back account - it would only work if I used my specific CRA login. I haven't had to use that in close to a decade and could not remember my login info or password. For that reason alone I would give the edge to TurboTax as it connected flawlessly. A two-second search found a 10% off link, so after taxes my two returns came to $40.00. That is about what I used to donate to SimpleTax anyhow so I consider it a wash.

The CRA allows sign in through your bank if you've setup direct deposit with them.  That's how I access it every year.  I've never been able to access things through the regular CRA sign in account.

Missy B

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #9 on: March 19, 2021, 03:31:02 PM »
I'll be using (wealth)Simple Tax again, even if it isn't free anymore (haven't done mine yet, so not sure if anything changed with the buyout).
Most of the 'free' programs aren't free for self-employed or with rental property, so if you even have one T2125 for a side-gig you pay extra with most of the free programs. Simple tax didn't charge for those things, so I always donated (and still saved $60 over what it would have been with Turbotax).
Also, I like the interface better.

RetiredAt63

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #10 on: April 15, 2021, 12:24:09 PM »
I definitely want to use a program that downloads to my computer (Windows 10), taxes are not something I want in the cloud. It looks like the two choices are StudioTax and (Wealth)simple tax.  Anyone found difficulties with either?  Has anyone used both so they can compare them?  I have lots of T3s, T4s and T5s but no property income.

And its the 15th, so maybe time to think of doing my taxes.

GuitarStv

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #11 on: April 15, 2021, 02:12:57 PM »
I just ended up paying the 15$ for StudioTax and filing my taxes a couple weeks back (wanted to get my return earlier).  StudioTax worked perfectly well on a Windows 10 machine (as it always has) for me.

Goldielocks

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #12 on: April 16, 2021, 01:51:25 PM »
With wealthsimple purchases Simple Tax, I wanted to change to a non-cloud tax software.

This year I used Studio Tax for 2 returns (low incomes); Genutax for my return; and SimpleTax for a low income student (no relation to me) who just wanted to submit things fast and had used SimpleTax last year .

StudioTax did not charge anything?? Maybe it is free for incomes under a set amount? All were free or donation requested. 

Typically I don't mind paying $10-$15 for a great tax package, for a complex or higher income return.  I would definitely pay $15 for next year for my personal return.  It is worth this value to me.

ETA: We are still offering the software for free for users with total income(line 15000) less than 20K and for our northern residents (NT, YT, NU). In this case you will not need a license or need to activate StudioTax 2020 in order to Netfile and print your returns.

I liked StudioTax much better than Genutax, as it works the way that I think, and you can easily see the T1 form and Schedules, toggling between them to figure out what that "interview" question is really asking and how the answer changes your taxes.

Genutax had more advanced questions for various scenarios, but I found that anyone without a solid tax background would just get confused about the esoteric questions that did not have much background and no ability to see where they fall into the T1 calculations.

Simpletax was easy, as always.
« Last Edit: April 16, 2021, 01:53:49 PM by Goldielocks »

Mighty Eyebrows

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #13 on: April 16, 2021, 03:22:37 PM »
I would definitely pay $15 for next year for my personal return.  It is worth this value to me.

Yes, I paid the $15 and used it for 3 returns. Considering I was donating $10 per return to Simpletax, that is a 50% savings for me.

I also like how StudioTax works, although Simpletax was a little better for beginners. It is worth learning the forms and schedules in the long run.

Now, I just want StudioTax to release a Linux version. Running the windows version in a Win10 virtual machine is OK but not my preferred solution.

snacky

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #14 on: April 17, 2021, 10:41:01 AM »
I definitely want to use a program that downloads to my computer (Windows 10), taxes are not something I want in the cloud. It looks like the two choices are StudioTax and (Wealth)simple tax.  Anyone found difficulties with either?  Has anyone used both so they can compare them?  I have lots of T3s, T4s and T5s but no property income.

And its the 15th, so maybe time to think of doing my taxes.

Genutax also downloads to your computer and is free.

scottish

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #15 on: April 19, 2021, 05:56:10 PM »
 I used to send StudioTax $50 a year when it was "free".     $15 seems like a bargain!   

RetiredAt63

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Re: Canadian Tax Filers - Studio Tax is no longer free
« Reply #16 on: May 10, 2021, 07:08:19 PM »
Just got my notice of assessment.  Studiotax had it nailed.  CRA is behind, they haven't processed my payment yet, but that is OK.

I know know how much to put in each month to be just about 0 next year.  My automatic deductions at source don't cover my taxes, so I do the odd payment so I don't owe too much at filing.

I pay a chunk of income tax, but it is better than having such a small income that it would be tiny.  My retirement income is higher than my income ever was when I was working, I am truly living in the lap of luxury (by my standards, I LIKE my 11 year old car, I would rather spend money on 3 months in New Zealand than a new car).