Time’s a tickin’! It’s tax season, and I’m here to chime in with my two cents to get you set up properly for your 2022 tax year. This year, the Canadian tax deadline falls on April 30, which means we have around a month to prep. Personally, I always like to leave a bit of leeway in case something happens leading up to the deadline. Here are some of my favourite tax planning apps and softwares to aid you in your filing.👇🏼
TurboTax
You’ve probably heard many people talk about TurboTax, but you might be asking yourself just how good it really is. The best part of this software is its suitability for people with a variety of needs, as it offers a free, standard, premium and self-employed version. For those who want a second set of eyes on their filing but do not want to pay for a full-blown accountant, they can purchase an assist or review from a tax expert. These experts hop onto a Zoom with you and can help you finish your taxes in real time. This software is especially good for individuals who don’t have a complicated tax situation, and you can access it via any device, even a smartphone!
Wealthsimple Tax
Wealthsimple is back, but in a different capacity! From the same people who brought you the popular investing app, this tax-centered version is an alternative to TurboTax. Interestingly enough, this is also the first crypto tax filing software in Canada, something that distinguishes it from the others. If you traded cryptocurrency in 2022, Wealthsimple Tax can help calculate your capital gains (or losses), and include these in your filing. If you want additional support, there is the option to upgrade to the Premium version to receive CRA audit support too!
H&R Block
H&R Block is famous for its tax preparation services among Canadians, so much so that they developed an online version to make tax filing more convenient. Similar to TurboTax and Wealthsimple, H&R Block has a variety of service options at different price points; with the further option of a review by a live tax professional. Like the other two services, H&R Block’s free option is limited, so it might be worth checking out their other payment options.
I hope that this blog helps to steer you in the right direction when it comes to your tax filing this year. Taxes can be stressful at times, but always remember that there are lots of resources for you to utilize ahead of the April 30 deadline. In honour of tax-planning season, I also have an amazing #femmesandfinance feature for the month of March—it’s none other than Amal Assad, Owner & Chief Accountant at Square One CPA. For more guidance on how to tackle tax season and manage your finances, make sure you’re following me on Instagram, Facebook and LinkedIn.
