How To Maximize Your Canadian Tax Return
I filed my taxes with the CRA 4 times!! Just so you can find Canada’s top tax filing software! See which software gave me back the largest tax return. From “professional”, high fee firms like H&R Block, to new fintech companies like Wealthsimple.
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TLDR:
Which Is The Best Tax Software In Canada?
All of the free and paid tax software that I used were certified tax filing applications by the CRA. However that did not mean that each of them were useful. So I ran my taxes through each software to compare and contrast how they performed. From a usability point of view, and a tax return lense.
After inputting the same T4, and T2125 tax slips into each tax software. In my experience, Wealthsimple Tax provided a larger return, was cost-effective, and user-friendly.
| H&R Block | TurboTax | UFile | Wealthsimple Tax | |
|---|---|---|---|---|
| Cost | $600 | $20.99 | $19.95 | Free / donation |
| Ease Of Use | ⭐️ | ❌ | ⭐️⭐️⭐️ | ⭐️⭐️⭐️⭐️⭐️ |
| Auto-populate | ❌ | ? | ✅ | ✅ |
| Auto-file With CRA | ✅ | ✅ | ✅ | ✅ |
| Mobile App | ❌ | ✅ | ❌ | ✅ |
| My Final Return: | $2,561 | $879 | $3,774.57 | $3775 |
#1 My Favourite Tax Software
Wealthsimple Tax – Easiest To Use
Wealthsimple is really disrupting the traditional finance system in Canada. Their tax product was another incredible experience. It was the easiest and quickest I’ve ever completed my taxes. Wealthsimple Tax resulted in the largest return out of the software I tested and stood out as a top choice among Canadian tax software options.
Pros:
Free / donation to file
Auto pull previous returns
Auto pull T4’s and other tax slips right from your CRA account
Auto file your return directly from Wealthsimple
Cons:
$30 for audit support
Canada Tax Software FAQ’s
Which software is the best for getting the max income tax return?
After testing out 4 different Canadian tax filing services I found that Wealthsimple Tax gave me the biggest return. Also it was just an added bonus that it was the easiest software for me to use!
What criteria did you use to evaluate each tax software?
Sticking with the Money With Mark brand, I’m looking for the tax software that is the easiest to use, and that gives us the biggest tax return. I’m all about working less and living more – using our money as a tool to enable us to live our best lives.
Are these tax services certified by Netfile?
Netfile is the Canada Revenue Agency’s online tax filing portal. Yes each of these reviewed tax services are certified by Netfile and setup to auto file your return.
#2 One Of The Most Popular Tax Software
UFile Tax Filing Software
I used UFile for years and found it reliable, offering numerous recommendations that could help optimize tax returns. However they do not have a mobile app, and their software has a poor interface / UX experience.
Ease of use is a critical aspect of online tax software in Canada, especially since many find tax filing to be a challenging task. So that’s why I switched and stopped using UFile and now exclusively use Wealthsimple Tax.
Pros:
Free / donation to file
Auto pull previous returns
Auto pull T4’s and other tax slips right from your CRA account
Auto file your return
Cons:
$19.95
No support for CRA audits
#3 The Worst Tax Filing Software
TurboTax By Intuit
Unfortunately my TurboTax experience was cut short. When I was attempting to start my tax return. I got stuck in a broken button loop. I could not start filing my taxes.
Pros:
$20.99
Mobile app
Cons:
Broken buttons
Could not start my tax return
#4 Using A Real Tax Accountant
H&R Block
H&R Block offers services with tax filing specialists who can complete your return, typically for a higher fee compared to other options. I’m writing this with mere days to go before the March 1 RRSP deadline. Yet I still have not received my tax return back, or got any advice on things like RRSP contributions or tax optimization tips.
I gave H&R Block all of the exact same data that I input into Ufile, Wealthsimple, and TurboTax. So let’s hope that they do get me a return that is at least $600 more than any other software. But I’m doubtful.
Pros:
Support for CRA audits
Real tax specialist that files your taxes
Auto file your return
Cons:
~$200 – $600
No real time return feedback
Limited tax optimization advice
Final Thoughts On The Best Tax Software In Canada
Use Wealthsimple Tax! You’ll never go back. It’s truly so easy to use and understand. Plus it’s the most affordable tax software in Canada.
