Category Archives: Finances

How to Download and Install StudioTax Software to Calculate and File your 2012 Canadian Income Taxes Online for Free

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How to File Your 2012 Taxes by April 30, 2013 Using StudioTax Software: Part 1: Getting the Software

The Canada Revenue Agency is sending clear signals that it wants us all to file our taxes electronically. For instance this year they are not sending the paper tax forms out by mail, you have to telephone (1-800-959-2221 M-F 8:15-5:00) to order them, visit a post office to pick them up, or order them online. So I decided to check what software I can use for FREE to file my taxes online. This article is about one of the two approved FREE programs. The article describes how to download and install the software.

In the next article I will describe what happened when I used this software to calculate my husband’s taxes.

Here are some limitations of the StudioTax 2012 software as listed on their website:

  • StudioTax software only runs on Microsoft Windows operating systems. It is compatible with most Windows versions including Windows 7 and Windows 8.
  • If you are not running Win 7, 8 or Vista, StudioTax will attempt to download and install the required .Net 2.0 SP2 if it’s not already installed on your computer.
  • The following form is not handled by StudioTax
  • Form T1273 STATEMENT A – Harmonized CAIS Program Information and Statement of Farming Activities for Individuals

To Get the StudioTax Software to Calculate Your Canadian 2012 Income Taxes

  1. Go to http://www.studiotax.com/
  2. Click on English or French as applicable. Read the information about StudioTax.
  3. Click on the Download link.
  4. If you want the file installed in a specific directory, you may want to make the New Folder before downloading.
    The program can be downloaded in two formats.
    If you want to download the file using the least bandwidth download the Zip file. The ZIP file is about 23 MB.
    If you don’t want to have to unzip the file, download the Exe file. The Exe file is about 25 MB.
  5. To download, click on the EXE or ZIP link in the Latest 2012 row.
  6. If you click on EXE:
    1. Click on the Save File button.
    2. Select the directory within which you want the file saved and click the Save button.
  7. If you click on ZIP:
    1. Select the radio button beside Save File.
    2. Click on the OK button.
    3. Select the directory within which you want the file saved and click the Save button.
    4. Unzip the file. For example: Navigate to the StudioTax2012Install.zip file. From the File menu, select Extract All.

To Install StudioTax Software on your PC

  1. Complete instructions are given on the StudioTax website at: http://www.studiotax.com/en/?page=2 .
  2. Navigate to the folder where you stored the EXE file.
  3. Double click on the EXE file called StudioTax2012Install.exe.
  4. If you receive a message asking if you want to run this file, click on the Run button.
  5. If you receive a message that says Please select a language:
    from the drop-down list select English or French and click the OK button.
  6. The Welcome to StudioTax 2012 Setup wizard will open.
    Click on the Next button.
  7. It will suggest storing the program in C:\Program Files\BHOK IT Consulting\StudioTax 2012\
    You can browse to select a different location, if desired.
    When the correct folder is listed, click on the Next button.
  8. Review the license agreement and Click to set the radio button to I accept the terms in the License Agreement or I do not accept the terms in the License Agreement.
  9. Then click the Next button.
  10. To install the program, click on the Install button. Wait.
  11. After the program installs, if you want to open StudioTax 2012 immediately, click to check the box beside Launch StudioTax 2012.
  12. Click on the Finish button to exit the Setup Wizard.

The Welcome to StudioTax 2012 window will open.

You have now downloaded and installed StudioTax 2012 the free program to calculate your 2012 Canadian Income taxes before the April 30, 2013 deadline. You can use this program to file your taxes online, also for free.

Please consider making a donation to Bhok It Software if you like the product so that they can keep offering this product.

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Are you using StudioTax for your return this year? Did it work the way you expected? Have you ever used any other programs? How did they compare? Please share your experiences with a comment.

Does It Cost Anything to Transfer Part of my ING Direct RRSP to Another Institution?

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ING Direct, now Tangerine.ca, offers a great service for quickly making a new RRSP contribution. You can make the contribution into a daily interest savings account RRSP, a cashable RRSP GIC, or a RRSP “Streetwise” Mutual fund by simply logging in to your online account and “moving” your money from your chequing or savings account into the RRSP investment you want. You can print your RRSP receipt immediately if the cash was already in your account, or as soon as the hold clears if your cash has to be transferred in from another non-Tangerine bank account. This convenience means we often make our new RRSP contributions to our ING Direct Tangerine RRSPs. Sometimes, though, a better investment opportunity comes up later and we want to move some of that RRSP money elsewhere. When that happened recently, I contacted ING Direct Tangerine to check whether it costs anything to move part of my RRSP to another institution.

Tangerine To Start Charging a Fee to Transfer Out RRSPs and TFSAs!

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

ING Direct Tangerine Does not Charge Transfer Out Fees for RRSPs

Here’s a direct quote from ING Direct Tangerine: “We don’t have unfair fees, so there’s no charge from us to transfer out your RSP funds. Before making the move, check with your other bank for any unfair fees they may charge you for an RSP transfer in the future. You don’t want the fee to eat away at your retirement savings.”

Their advice is sound. Most “big banks” charge a hefty fee to transfer money out of an RRSP at their bank.

How Do I Transfer some of my RRSP funds from Tangerine to Direct Investing, InvestorLine or Investor’s Edge?

Don’t take the money out of your RRSP to move it! You can NOT add it back to your RRSP. And you will have to pay a non-refundable tax on the withdrawal.

To move the money, you must transfer it, not withdraw it. The money will move directly from one RRSP to the other.

I’m going to quote ING Direct Tangerine again on this one:
“To transfer out your RSP funds from ING Direct Tangerine you will need to submit an RSP Transfer Form (T2033) to the other bank that will be receiving your RSP funds. You can find this form at your local bank branch or online at cra-arc.gc.ca. Once they’ve received your completed form, they’ll communicate on your behalf to move your money.”

In any situation where you are transferring an RRSP, you must have an RRSP account at both locations BEFORE you can make the transfer. If you want to transfer out, first set up the new account at the new bank or trust company so there is somewhere to send it to!

Where Can I Get a RRSP T2033 for Direct Investing, InvestorLine, Investor’s Edge or ING Direct Tangerine?

To get the T2033 form to move an RRSP from anywhere TO BMO InvestorLine, go to
https://www.bmoinvestorline.com/ILClientWeb/marketing/accountTransfer.do?method=displayMarketingForm&lang=E
or
https://www.bmoinvestorline.com/public/pdf/Trans_SD.pdf

To get the T2033 form to move an RRSP from anywhere TO CIBC Investor’s Edge, go to
https://www.investorsedge.cibc.com/ie/pdf/2033.pdf

To get the T2033 form to move an RRSP from anywhere TO RBC Direct Investing, go to
http://www.rbcdirectinvesting.com/transfer-an-account.html

To get the T2033 form to move an RRSP TO ING Direct Tangerine from another institution, login to your existing Tangerine account. From the menu on the left, click on the link Transfer RSPs to open the form.

How Long Does It Take to Transfer Money from One RRSP to Another?

And quoting once again:
“An RSP transfer takes 3-6 weeks to complete.”

Actually, that’s a bit on the quick side. It has taken me as long as 8 weeks to transfer an RRSP, and that was from one bank to that same bank’s self-directed brokerage firm!

So if you were thinking of moving the money fast enough to take advantage of a special GIC rate, it may not be fast enough. Call the bank or brokerage with the good rate and find out if there’s any way to have them “hold” that rate for you. (It’s not very likely, though, unless you’re bringing in a very large amount of money.)

If it’s for a quick investment opportunity like a low stock price, you likely won’t be able to move the money fast enough. In that case, consider whether you could make a new contribution to your brokerage account in time to make the purchase.

Please remember you will pay a fee to transfer your money out of Tangerine to InvestorLine or any other financial institution. BEFORE starting any transfer talk to the institution that will receive the money and ask them to pay the transfer fee. Get any agreement in writing BEFORE beginning the transfer process.

UPDATE: Please be aware that as of January 2015, Tangerine plans has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

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Do you ever use a strategy of quickly contributing to your RRSP at one location, then shifting it later to another? What was the longest you had to wait for a transfer to take place? Please share your experiences with a comment.

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