Author Topic: T2 Tax Preparation Software Recommendations  (Read 1144 times)

dreadmoose

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T2 Tax Preparation Software Recommendations
« on: February 14, 2018, 02:14:18 PM »
Hey guys,

I started a corporation in March of 2017 and am currently going through my first tax cycle. It is a simple subcontractor business with only one employee (myself).

I've looked into the recommended tax preparation softwares out there at this site: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/corporation-internet-filing/software.html

I was wondering if anyone had any recommendations from software they've used before, or could add details to prices from what I can gather from their websites. I'm leaning towards futuretax based on this review and the price: https://alistofsmallthings.wordpress.com/2013/01/19/futuretax-t2-review/ but haven't used any of these before excepting Turbotax when it was free for personal filing. (Sorry if the comments are incoherent, I can clarify them if anyone is interested).

Software NameCostComments
Cantax212Per Filing
Taxprep???Free Trial Downloaded
DT Professional Suite???Free Trial Emailed
FutureTax79.99Confirmed this counts AB Filing (59.99 without)
InsureTax???website doesn't work
mytaxexpress69.98mentioned AB license required, cheap website
taxcycle775for tax preparers
TurboTax Incorporated249.99Per return | audit help 49.99
UfileT2124.95Free to fill out it seems
VisualTax75T1/T2 Combo???
webtax4b129.99Includes AB | bad website | online
Taxtron99.99AB??
Taxtron Web???Free online?? | email sent

Missy B

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Re: T2 Tax Preparation Software Recommendations
« Reply #1 on: February 23, 2018, 01:55:29 PM »
I don't have an answer for you, but I hope you post what you decide and your experience.
I'm in the same position you are (first year filing, simple corp with one person) and I was leaning towards Taxtron because of the low price, but have decided to go with paper, at least this year. I didn't feel comfortable not knowing what the security is, or who the owners are, of the businesses providing the service. Except for Turboxtax, which is quite a premium.

I hope SimpleTax will come out with a T2 filing program; they have a message on their site implying that it may happen in future.

dreadmoose

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Re: T2 Tax Preparation Software Recommendations
« Reply #2 on: February 23, 2018, 02:13:42 PM »
I don't have an answer for you, but I hope you post what you decide and your experience.
I'm in the same position you are (first year filing, simple corp with one person) and I was leaning towards Taxtron because of the low price, but have decided to go with paper, at least this year. I didn't feel comfortable not knowing what the security is, or who the owners are, of the businesses providing the service. Except for Turboxtax, which is quite a premium.

I hope SimpleTax will come out with a T2 filing program; they have a message on their site implying that it may happen in future.

I ended up running through a few of the softwares and filing through FutureTax upon recommendations from a couple other frugal business owners. The software isn't the prettiest but looks a lot more like the tax forms themselves than the others (Taxtron / TurboTax, which are questionnaire style). It does a good job catching those items that don't match between forms though I did a lot of searching online to make sure I was following GIFI etc correctly.

This site was quite a help with definitions: https://support.drtax.ca/dtmax/eng/kb/dtmax/Keywords/rc/curr/t2/rc/rgifi.htm

I will update this once my return is processed if there were any issues, though I'm sure they will have been user error on my side.

Let me know how the paper one's go if you go that route.

Missy B

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Re: T2 Tax Preparation Software Recommendations
« Reply #3 on: February 24, 2018, 03:58:06 PM »
Thanks for this, DreadMoose. I like to work with forms rather than questions format, so that's quite useful to know. And the price for multiple returns on Future Tax is very good.

As far as paper goes, the suggestion I'd make to anyone just starting who wants to do it that way is to use the GIFI 'short form' instead of the long version. The short form has a clear structure with a (relatively) limited number of categories, and I found it much easier to work with.

rustyone

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Re: T2 Tax Preparation Software Recommendations
« Reply #4 on: March 02, 2018, 02:45:11 PM »
I use FutureTax T2, very affordable and you can prepare your return and only pay $59 when you file:

http://www.futuretax.ca/t2/index.php

skibum

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Re: T2 Tax Preparation Software Recommendations
« Reply #5 on: March 05, 2018, 06:24:57 PM »
I've used the personal version of Ufile for several years now, and like it. It's a little less cartoony-friendly than some packages. I couldn't say how it is for the business package though, but it's probably similar.

Usually with Ufile I get a discount coupon at the end of a calendar year, good for ~30-40% off next year's taxes if I buy before the end of the year, which I usually do. Keeps costs down substantially.

ardonn

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Re: T2 Tax Preparation Software Recommendations
« Reply #6 on: March 08, 2018, 08:59:06 AM »
I use FutureTax T2, very affordable and you can prepare your return and only pay $59 when you file:

http://www.futuretax.ca/t2/index.php

I think futuretax is by far the best if you understand the schedules and the workflow. It is very much like studiotax for personal taxes.

If you're not super fluent with corporate tax I would probably recommend Ufile.

I personally use Profile for my practice but I think they would land somewhere in the middle of these two products and it's single file cost wouldn't be justified.

Missy B

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Re: T2 Tax Preparation Software Recommendations
« Reply #7 on: March 21, 2018, 05:00:30 PM »
Those of you who've used FutureTax: Once you've paid, does it give you the option to export to PDF/print *before* you efile?
I really need to be able to view on paper for error-check prior to the final send.

My only complaint with the program is that it is forcing me to take a cumulative eligible capital deduction (from Schedule 10) when, according to the form, I am actually not allowed to take a capital deduction in that year. It did catch my shortened year and prorate the CCA accordingly, which was helpful. Once I figured out what it was doing :)

Newmanic

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Re: T2 Tax Preparation Software Recommendations
« Reply #8 on: April 25, 2018, 10:45:26 AM »
TaxPrep is the gold standard that I've used for the past 10+ years both in public practice as well as industry, however, this can be very expensive for a single return.  I used to lecture at one of the universities where we used Profile and this was a usable alternative to TaxPrep.

As a Tax professional, I can't caution enough small corporations with the owner as the sole employee about the dangers of being labelled a "Personal Services Business" by CRA.
There is a lot of info online, but here's the link to a quick article with the basics: https://www.ggfl.ca/personal-services-business-avoid-label/