Taxes

Tax Cuts in Budget?

February 13, 2005

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The Globe and Mail reports that the upcoming federal budget will include modest tax cuts for low- and middle-income Canadians. The tax cuts are aimed at gaining some support from the Conservative Opposition.
However, CTV News is reporting that no “deal” on tax cuts has been reached and the liberal government might fall, if the opposition parties are not satisfied with the budget. We’ll just have to wait till Feb. 23rd to find out what is really in the budget.

Personal Tax Planning Resource

January 27, 2005

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Staying on the subject of taxes, Certified General Accountants of Ontario has an informative booklet titled Personal Tax Planning available in printed form at local libraries. It is also available online in HTML and PDF formats.

Tax Software

January 26, 2005

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Tax season is (almost) upon us (deadline is April 30, 2005). My wife and I have straightforward tax situations, so we always prepare our own taxes. We can either file a paper return or file electronically using CRA’s Netfile. We usually opt for the latter because it is less error-prone and we tend to get our refunds much faster.
To file electronically, we can either use web-based tax software or a stand-alone application. I am uncomfortable using web-based tax software that stores all our personal information in some remote database.
There are three popular stand-alone tax applications available: QuickTax, TaxWiz and UFile. QuickTax retails for $34.99, TaxWiz for $31.99 and UFile for $24.99. We’ve been using TaxWiz for many years and the product has improved a lot after being acquired by Intuit. We also like the ability to import the previous year’s tax return so that we don’t have to re-enter lots of information.
I was shopping around for TaxWiz and found that the download version is only $22 (takes less than a minute to download). QuickTax costs $34.95 to download and UFile costs more to download ($29.99) than buy at a retailer!