Author Archives: BetCrooks

How to Download and Install Free GenuTax Software to Do and File Your 2012 Canadian Income Taxes

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There are currently two Windows-based programs that will let you calculate and NETFILE you 2012 Canadian Income Taxes online, for free! The first program I reviewed is called StudioTax. This second program is called GenuTax Standard 2012.

UPDATE: I hope to review GenuTax Standard 2013 in early 2014. In the meantime, here’s the results of my work with GenuTax Standard 2012 in early 2013.

How to File Your 2012 Taxes by April 30, 2013 Using Free GenuTax Standard Software

GenuTax software runs on Microsoft Windows XP, Vista, 7 and 8 operating systems.

GenuTax does not handle a few specific situations, including

  • It is not suitable for a farmer in the AgriStability or AgriInvest programs.
  • It is not suitable if your business has its permanent establishment outside of the province or territory where you were resident on December 31, 2012.
  • It is not suitable if you are reporting a NS Research and Development Tax Credit Recapture.
  • While it can be used to NetFile federal taxes for residents of Quebec, it cannot file the Quebec provincial income tax return. That must be sent to Revenu Quebec.

The program is 37.05 MB. You will probably need a broadband (high speed) internet connection to download the file successfully. Users with only dial-up connections may find the time to download the file makes it difficult or impossible.

System Requirements for GenuTax Standard 2012 Software

If you want to check the computer system requirements and specifications before downloading the file, you can see them at http://www.genutax.ca/SysReq.aspx

To Get the GenuTax Standard Software to Calculate Your Canadian 2012 Income Taxes

To Download the Program

  1. Go to: http://www.genutax.ca/Downloadp.aspx
  2. Click on the link for the operating system for your computer. For example, click on Windows
    • 8
    • 7
    • Vista or
    • XP.
  3. For the purposes of this article, I will continue with the details for downloading to XP.
  4. Click on the Download GenuTax Standard link.
  5. When prompted, click on the Save File button.

To Install the Program

  1. Navigate to the directory where you want to store the program, then click on the Save button.
  2. Open the directory where you saved the file, and double click on the GTStandardSetupV138.exe file.
  3. When prompted, click on the Run button.
  4. When prompted by the GenuTax Standard InstallShield Wizard click on the Next button.
  5. Read and review the License Agreement.
    If you agree, select the radio button for I accept the terms in the license agreement.
    If not, click on the radio button for I do not accept the terms in the license agreement.
  6. Click on the Next button.
  7. If you agree with installing the program in the suggested directory, click on the Next button.
  8. Click Install.
  9. If desired, click to select
    Launch GenuTax Standard and/or
    Show the Read Me file
    Then click the Finish button.
  10. Review the ReadMe rtf (rich text format) file. When you are done, you can close the file.

For further information on downloading the software, please consult the GenuTax website at  http://www.genutax.ca/Downloadp.aspx

Remember you can make a donation to support the software if you like it. Information is at https://www.genutax.ca/Donate.aspx

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Have you used GenuTax Standard to file your taxes? Do you like the interview style for data input? Please share your experiences with a comment.

Book Review Enough Bull How to Retire Well Without the Stock Market, Mutual Funds, or Even an Investment Advisor, David Trahair

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After reading an interesting article about GICs and David Trahair on Boomer and Echo, when I saw a book by Mr. Trahair at the library, I signed it out. The book, Enough Bull: How to Retire Well Without the Stock Market, Mutual Funds or even an Investment Advisor, made an interesting quick read. Here’s what I found when I cracked it open.

What’s Inside “Enough Bull”

This book was inspired by the market crash of 2008/9.

David Trahair’s 6 Point Plan for Financial Freedom

  • Avoid personal financial disasters. (Ponzi schemes; credit cards; using a HELOC to invest; chasing stocks; falling for tips from friends)
  • Don’t invest in the stock market or stock mutual funds. Invest in CDIC-insured GICs. (Stock market cycles; fees; deferred service charges; labour-sponsored investment funds; CDIC; GICs including ladders, rates, deposit brokers, no fees, fiscal agents, future rates)
  • Buy a home if you can afford it and pay off the mortgage. (Can you really afford a house; save your down payment; credit reports; your house as an investment)
  • Cut expenses painlessly. (Reduce interest on debt; reduce taxes by pension income splitting, spousal RRSPs, self employment)
  • Do not invest in RRSPs until your debts are paid. (Math to show that later large deposits to a RRSP when in a higher tax bracket can be just as beneficial as small early deposits in a lower tax bracket)
  • Decide whether you need an investment advisor.

Other Topics In “Enough Bull”

  • CPP: How it works, how to get the most from it.
  • Money Maximizer: A spreadsheet for testing examples of how and when to make purchases and contribute to an RRSP.
  • How to Recover from the [2008] Stock Market Crash. (Pension splitting; delaying retirement)
  • RRSP Alternatives: Real estate; Your own Business; TFSAs; the Home Buyers Plan; Corporations.

Tone
The book is written in a slightly cynical tone. It appears to be aimed at readers in their 30s-50s. It is targeting readers who want fully safe investments.

Practical
Although this book had some practical information in tables, it is now a bit outdated. It does still provide some good examples though.

Who the Book Won’t Help
This book won’t help people who are in debt.

Who this Book Should Help
This book is aimed at those who have either lost faith in the stock market or who never had any. For them it will provide some guidance on how to plan their financial future.

What Did I Personally Take Away from the Book?
I’m not sure this book made a lasting impression on me because I’ve already invested a hefty amount of our retirement savings in GICs, which is what he recommends. We also paid off our house before maximizing our RRSP contributions, which he also recommends.

Conclusion
It’s worth reading. It will challenge you to defend your ideas if you disagree with his.

  Book   Kindle Version