Using tax preparation software - Segment 4

Transcript

Host: Welcome to the segment called Using tax preparation software, part of the Preparing Your Income Tax and Benefit Return video.

I'm Kathleen Sinclair, your host for this segment.

With me is Frank Stewart.

Welcome Frank.

Subject matter expert: Thank you Kathleen.

Host: We went over the basics of preparing a T1 return in another segment. Are there ways to make this task easier?         

Subject matter expert: Whether your tax situation is straightforward or more complex, using T1 NETFILE certified tax preparation software helps you prepare, complete, and save your return.

You can use a T1 NETFILE certified tax preparation software program to complete and file your return on your own.

Host: What do you mean by T1 NETFILE certified software?     

Subject matter expert: T1 NETFILE certified tax preparation software means that the developer of the tax package has gone through a process with the CRA to make sure that the package is compatible with the CRA’s systems.

Host: There are quite a few products on the shelf during filing season. How do I choose?     

You can visit the website of each T1 NETFILE certified software provider to check the features, advantages, limitations, and price of the product offered. 

There are many products to choose from with a variety of offerings, including some with free software, to suit the needs of most taxpayers. 

The CRA does not endorse or recommend any particular tax preparation software product.

You can go to the T1 NETFILE software page at www.netfile.gc.ca/software, which will take you to a list of certified tax preparation products.

Host: What are the benefits of using tax preparation software? 

Subject matter expert: Well there are several benefits. With the software, you can transmit your return electronically, you get detailed information on deductions and credits to help you decide if you are eligible and you can do tax calculations and add up your information slips.

Tax software also completes the appropriate provincial or territorial schedules from the information you entered on your federal schedules. This is easier than completing a paper return – where you have to write or type the information on each form and perform multiple calculations.

Whether you prepare your return using tax software or manually using the paper method, the completed return and resulting calculations are only as accurate as the information you enter on your return.

Host: So I’ve completed my T1 return using software. How do I file it?

Subject matter expert: There are various electronic filing options, which we discuss in another segment of this video called Filing and payment methods

Remember that if you file your return online, you will get any refund owed to you faster, often in as little as two weeks.

You can also file on paper. If you choose to file a paper T1 return, you can complete it manually or with tax preparation software. Then you simply print it and mail it, along with all of the applicable information slips and receipts, to your local tax centre.

For more information, go to the CRA’s webpage called Where to send your T1 return.

The link is included in the Related links for this segment.

Host: Thank you Frank.

This concludes the segment on using tax preparation software, part of the CRA’s Preparing Your Income Tax and Benefit Return video.

Thank you for watching.

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