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Discussion Starter #1
Hello everyone,

I realize that the deadline was yesterday night to file the '09 tax year, however as I'm expecting a slight return so I'll probably file mine this week at the latest.

What software or website would you recommend is the easiest to use for someone who's not in the accounting/finance field and is filing for the first time?

I'm hoping for something that has a questionnaire sort of format to collect all of the info and is user friendly, and not just some massive intimidating static form which you need to fill out.

ufile.ca appears to be the most popular in most forums.


Also.. i had a capital gains of approx $4,500 last year through trarding forex, and commodities. The brokerage i trade through advised me that the don't sent out an official T5, however just provide their own reports on the trade summaries, to provide net profit/loss figures - is this normal?
I'm going to print out what they gave me and forward it with the rest of my reciepts, however I'm hoping this doesnt come back to me.:eek:
 

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is this normal?
Yes, it is normal …it is up to you, not the brokerage, to calculate your capital gains … you can do this from the summary of your transactions … DO NOT send your brokerage statement along with your tax form … do your own calculations and keep them for your own records, but send only a completed Schedule 3 along with your return.

I was a long-time QuickTax user, and switched to UFile 3 years ago … I still think QuickTax is the better program, and likely easier for beginners, but it costs more … UFile is accurate, but not as intuitive, and lacks some features that QuickTax offers … both programs have an interview process for data entry, but QuickTax allows you to opt out of the interview process and go straight to the forms, which is my preference.
 
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Discussion Starter #4
Yes, it is normal …it is up to you, not the brokerage, to calculate your capital gains … you can do this from the summary of your transactions … DO NOT send your brokerage statement along with your tax form … do your own calculations and keep them for your own records, but send only a completed Schedule 3 along with your return.

I was a long-time QuickTax user, and switched to UFile 3 years ago … I still think QuickTax is the better program, and likely easier for beginners, but it costs more … UFile is accurate, but not as intuitive, and lacks some features that QuickTax offers … both programs have an interview process for data entry, but QuickTax allows you to opt out of the interview process and go straight to the forms, which is my preference.
ok thanks.
Will ufile and quicktax generate the Schedule 3 for me through the questionnaire/interview process?

And what's the harm if I make a photocopy of the report the brokerage sends me, and give it along with the rest of my receipts?
I figured the more back-up info i provide the better? :confused:
 

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If you're filing online you don't send in any forms. You need to have your paperwork in order for tax time, so that you have the data needed to calculate your taxes. I have an accountant for taxes and I never send her any forms. I have them all here in file folders/envelopes for each tax year back 7-8 years, ready for when the auditors come calling and want to see receipts. Don't send receipts and paperwork unless they ask for them.

I wouldn't recommend filing tax for the first time on your own, using DIY software, in a non-straightforward year such as the one before you now. Capital gains are calculated with a formula.

I also question why you're doing this now - after the deadline. Shouldn't you have been figuring this stuff out in January?
 

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I use Quick Tax to do my taxes before I send them to my accountant. (i.e. I never trust my accountant, even though I still pay him to reiterate what I've done). Of course, I write off the Quick Tax and the accountant ...

The only reason I have the accountant is to minimize the inevitable CRA annual audit, to which they have never gotten any more money. Go figure.
 
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