ErikaSzabo
on - last edited on by
JS
It's never too early to prepare for tax season. For some of you, you've spent the whole year organizing and marking your receipts, while most of you haven't even scratched the surface of your pile, hiding away somewhere in your desk drawers (I'll admit, I'm part of that latter). So let's face it, tax season can be monotonous and, later, hectic. Saving and organizing receipts can be tedious, but there are also many benefits. There's nothing better than receiving a big tax return cheque followed by several GST/HST cheques throughout the year. Not only that but getting into the habit of staying up to date with your payments and avoiding procrastination is a good exercise in self-discipline and self-motivation.
Luckily for us, there are plenty of tax return softwares out there to help us do our taxes and do them right. It still takes some motivation to do, but these softwares really do make the process a little less monotonous so you avoid scrambling at the last minute. TurboTax, Canada's #1 rated, best-selling tax software, has various suites available depending on what type of tax return your filing. I've put together a quick rundown of each to make your tax preparations a little easier.
Keep in mind that each of these are PC only. If you have a Mac and wish to use TurboTax you must use the online editions located on their website.
TurboTax Standard Tax Year 2011
The most popular software among the software suites, TurboTax Standard is meant for individuals, couples and families who aren't looking to claim rentals, self-employment income or investment incomes (however if you find yourself in that situation you can unlock those features during the process at an additional charge). This is, however, a great choice if your return will include donations, medical expenses, RRSP contributions, tuition, or if you want to optimize deductions between spouses and family members. Of course, you don't need any of those if you plan on using TurboTax Standard, but if you want maximize your refund and save money on your taxes this is definitely the suite to go with.
This year, TurboTax Standard offers a few new features on top of the usual:
- Audit Risk Alert: See what tax claims may trigger a CRA audit prior to filing your return
- Free Tax Advice: Connect live, 1-on-1 with a tax pro, 24/7
And, as always, you get:
- Carry-Forward Feature: Import data from your 2010 return filed with TurboTax, H&R Block or UFile
- EasyStep Interview: Find deductions & manage the effect of life changes (like getting married) on your return
- Free Tech Support: Via email, chat or phone.
- Online Filing: Use NETFILE to get your refund in about 8 business days
You can find TurboTax Standard Tax Year 2011 at Future Shop here.
TurboTax Premier Tax Year 2011
TurboTax Premier is very much like TurboTax Standard, but includes tools to help you easily claim investments and rental property income. While this would oftentimes mean complex tax preparation, TurboTax Premier will make minimizing taxes owed and optimizing deductions a breeze.
What's new:
- Audit Risk Alert: See what tax claims may trigger a CRA audit prior to filing your return
- Free Tax Advice: Connect live, 1-on-1 with a tax pro, 24/7
And, as always, you get:
- Step-by-Step Guidance: Just like a GPS, it helps you make the most of your investments and rental property income
- 12 Returns: For tax returns with investments (stocks, bonds and mutual funds) and rental properties
- RRSP Guidance: Find RRSP-related deductions and plan for the retirement you want
You can find TurboTax Premier Tax Year 2011 at Future Shop here.
With TurboTax Suite, you get two popular financial tools: Quicken Home & Business and TurboTax Premier (for your personal taxes). With two softwares in one, you can manage your personal and home business income year-round and easily import that data just in time for tax season. This is a great option if you're trying to cover multiple tax grounds while being as cost-effective as possible.
What's new:
And, as always, you get:Audit Risk Alert: See what tax claims may trigger a CRA audit prior to filing your return- Free Tax Advice: Connect live, 1-on-1 with a tax pro, 24/7
And, as always, you get:
- TurboTax Premier: Discover tax savings on investments and rental property income, in addition to your personal taxes
- Quicken Home & Business: Monitor and report on your cash flow, plus organize business transactions and find tax-deductible business expenses
- 12 Returns: For tax returns with investments (stocks, bonds and mutual funds) and rental properties
- Big Savings: Save nearly $70, compared to buying them separately
You can find TurboTax Suite Tax Year 2011 at Future Shop here.
TurboTax Home & Business Tax Year 2011
If you own a small business, work from home, work as a consultant/contractor or run an unincorporated busines, then TurboTax Home & Business might be just the right software for you. TurboTax Home & Business is designed to lessen your work load and help you maximize your refunds and deductions on your personal and business taxes.
What's new:
- Audit Risk Alert: See what tax claims may trigger a CRA audit prior to filing your return
- Free Tax Advice: Connect live, 1-on-1 with a tax pro, 24/7
And, as always, you get:
- An Easy Solution: Prepare and file personal and self-employment business taxes in one place
- Step-by-Step Guidance: To help maximize deductions & eligible business expenses
- Online Filing: Use NETFILE to get your refund in about 8 days
- 12 Returns: With your purchase of TurboTax Home & Business
You can find TurboTax Home & Business Tax Year 2011 at Future Shop here.
TurboTax Business Incorporated Tax Year 2011
Hiring a professional to do your business taxes might seem like an easy solution, but it can also be very expensive. Just like the other software suites, TurboTax Business Incorporated guides you through your return step-by-step. All you have to do is answer easy, customized interview questions, and TurboTax Business Incorporated will fill in the right business tax forms for you.
And, as always, you get:
- Auditing Tools: Checks your return for errors and provides instructions on how to correct them
- Accurate Calculations: Eliminate any potential mathematical errors
- Import Data: From QuickBooks, Simply and other accounting software
- Free Technical Support: 5 days a week
- Includes one T2 Corporate Tax Return: With your purchase
You can find TurboTax Business Incorporated Tax Year 2011 at Future Shop here.
