Submit the Netfile in StudioTax

StudioTax is the popular free tax reporting software in Canada which we mentioned previously. Here we just give a sample of submitting the generated netfile  (transmit to CRA of Canada).

How to Generate tax report files in StudioTax?

We do not need to separately generate tax report files in StudioTax. Because StudioTax uses NETFILE wizard to generate .tax file and then transmit the file to government CRA in the wizard and all steps can be finished automatically during the wizard processing.

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Free 2016 Certified Tax Report Software can be Downloaded Now.

We posted “Free Certified Tax Report Software 2016 Preview” previously. We mentioned part of good tax report and returning software were not ready because they were still on Government and related organization verifying and certifying process.

But we just found most of popular software have finished certifying process. Though still there are several of them have not been done, but most of software have gained CRA and Quebec Certified yet, So Canadian residents and all related taxing residents can download and start to use them.

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Free Certified Tax Report Software 2016 Preview

It will be in February tomorrow. Will you want to prepare something for the tax report for 2015 ? February maybe still earlier for a tax reporting work but we can start to collect related information and prepare something now. The one of important things is getting a Tax Report Software.

If you trust a traditional software which you used to use it and you paid every year. such as TurboTax, you can buy now from several retail stores, or you can purchase from Amazon online, the price is around $29.96 with free shipping, also it sold by Amazon itself, not 3rd party business. Check below image to buy one:

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Free Certified Tax Report Software 2015

The tax report season comes again, we need software to help us reporting.

We tried to share the free and certified tax reporting software annually, here is the software for last year.

Compared with the last year, we found seems there are fewer full free but certified tax reporting software this year. However, we believe there are stronger functional software for mobile devices in this year.

Check Canada Revenue Agency official site to get the free with certified tax reporting software.

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Find Monthly and Annual Average Exchange Rates for Tax report

When you report annual tax, you might need to check all kinds of rates, such as the US to CA dollar convert rate.

Canada Revenue Agency actually lists All Rates here.

About money convert rate, check Currency exchange rates in the list, You will be accessed to Bank of Canada official website, then you have to search the rate type which you wanted.

You can find Monthly and Annual Average Exchange Rates here .

Free Certified Tax Report Software 2014

There are more and more free and certified tax report software in Canada. So people do not need to buy a software to do NETFILE report.

Every year Canada Revenue Agency official site provides a list including free and non-free tax software. And, this list is longer that previous year.

The interesting thing is that this year we see there are even several software for mobile devices, you can use your iPhone, or iPad to report tax.

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Again, Legal Free Tax Report Software with Government Certified

In last year, we posted an information about “Why you have to buy a tax software”, the title was not correct actually, we wanted to say “You do NOT need to buy a tax software” because there are multiple free software with government certified. If you just claim your personal tax, they are enough to you.

This year, certified tax software listed in here. You can choose a software which fit on your system.

for example: if you are using Windows system, then you can click “Windows” and choose one, for most popular free and great software is still StudioTax.

The big changing in this year is that there might be new software for mobile platform, you can choose apps for your Apple or Android devices. Unfortunately, at the moment when this blog posted, there is NO any mobile software listed on the website, but just an empty category title “Mobile devices”

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Why You Have To Buy A Tax Software ?

In Canada, you have to report annual income tax return. Some people paid professional financial person or company to help the tax stuff; but some people report the tax by themselves, they bought tax software to generate tax returns files  and then use Canada Revenue Agency official online service to submit the generated file (Normally, the file has an extension name .tax).

However, you might not need to buy a commercial tax software because there are more and more free but "NETFILE-certified" software packages which you can choose. and they are listed on CRA official site also.

I think for personal and family tax stuff, the free software package is enough. because most of people do not need to very powerful software. The important thing is: those free software got Canada CRA certified already, so normally you can use them without too many worries.

OK, for 2011, the following software are free to use:

StudioTax
Tax Chopper 2011
AceTax 
AceTax Online
AceTax MAC
eTaxCanada
MBOTax
EachTax.com
5 Dollar Tax
easyCTax
Impôt Professionnel
FASTnEASYTax.com
FileTaxOnline.ca
H&R Block At Home
TaxFreeway
TaxFreeway for Mac
TaxFreeway for iPad
Taxnic.ca
Turbotax Online
Ufile Online
WebTax4U.ca
FutureTax 2011
myTaxExpress

freeTaxSfw

You can find more detail information from CRA site.

Visitors in Canada Should Do Income Tax Reporting ?

In Canada, not only Canadian citizen, Permanent Resident, but also some visitors need to report income tax.

For visitor, if you are a deemed resident for tax purposes. you should report income tax, most of time, you will get money back, not pay money to Government if you do not have income but just spent money when you visit or travel in Canada.

So how do you know you are a deemed resident for tax purposes or not ?

You are a deemed resident for tax purposes for the entire tax year if you:

– stay in Canada for 183 days or more in that tax year;
– do not have significant residential ties with Canada; and
– are not considered a resident of another country under the terms of a tax treaty that Canada has with another country.

The 183-day rule

When you calculate the number of days you stayed in Canada during the tax year, include each day or part of a day that you stayed in Canada. These include:

the days you attended a Canadian university or college;
the days you worked in Canada; and
the days you spent on vacation in Canada, including on weekend trips.
If you lived in the United States and commuted to work in Canada, do not include commuting days in the calculation.

Residential ties

Residential ties include:

a home in Canada;
a spouse or common-law partner or dependents in Canada;
personal property in Canada, such as a car or furniture; and social ties in Canada.
Other ties that may be relevant include:

a Canadian driver’s license;
Canadian bank accounts or credit cards; and
health insurance with a Canadian province or territory.

About more detail, please read Canada Revenue Agency official site.

Tax Year vs Calendar Year vs Fiscal Year in Canada

Tax Report in Canada is very important. Every year, each Canadian and valid resident has to report tax.

When report tax, we need to know some concepts, here we talk about Tax Year, Calendar Year and Fiscal Year in Canada.

Tax Year:

In Canada, normally Tax Year means the year period of income tax reporting. It very similar with Fiscal Year. In Canada, a Tax Year start from January 1 to December 31.

The amount of income tax that an individual must pay is based on the amount of their taxable income (income earned less allowed expenses) for the tax year.

Fiscal Year:

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). Fiscal years vary between businesses and countries. The "fiscal year" may also refer to the year used for income tax reporting.

(above from Wikipedia)

Calendar Year:

Calendar Year is from Calendar, it is start from January 1 to December 31 normally. Please read Wikipedia for more detail.

 

Above all, in Canada, looks like the period of Tax Year, Fiscal Year and Calendar Year are the same.