How to Get StudioTax 2013 Software to Do your Canadian Income Taxes for Free

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If you’re cheap spending-averse like me, you may have been doing your taxes by hand for years. Now that the government is pushing us all to NETFILE our forms, I’ve finally caved in and started using a program to submit my return to the CRA. (I still calculate it by hand, though, to stay in practice.) When I went looking for a free way to NETFILE, I found StudioTax. It’s approved for NETFILEing and the only cost is a voluntary donation to the programmer. Since I support small businesses, I make the donation. Here’s how you can get the free StudioTax 2013 software for Windows to calculate and file your own income taxes.

StudioTax is certified by both the CRA and Revenue Quebec for NETFILE. You can also print returns to mail in.

How to Use StudioTax 2013 to NETFILE Your Taxes by April 30, 2014: Part 1: Get the Program

Future articles will talk about using the software to do the math and how to NETFILE once you’re sure your return is accurate.

StudioTax 2013 isn’t for everyone. Here are some of its limits as listed on the website:

  • It needs a Microsoft Windows operating system to run.
  • It can’t handle Form T1273 AgriStability  AgriInvest Programs STATEMENT A – Harmonized CAIS Program Information and Statement of Farming Activities for Individuals. (Neither can I.)

How to Download StudioTax 2013

  1. Go to http://www.studiotax.com/
  2. As desired, click on English or French. Read the details.
  3. Click on the Download link.
  4. If you want to save the program in a specific folder on your hard drive, make the folder now.
    • If you download the file as a ZIP file you will have to unzip it.
    • If you download the file as an EXE file you will not need to unzip it.

    To start the download, click on the EXE or ZIP link in the Latest 2013 row.

  5. If you click on EXE:
    1. Click on the Save File button.
    2. Select the directory where you want the file saved and click the Save button.
  6. If you click on ZIP:
    1. Click to select the dot beside Save File.
    2. Click OK.
    3. Select the directory where you want the file saved and click the Save button.
    4. Unzip the file.
      For example: Navigate to the StudioTax2013Install.zip file.
      From the File menu, select Extract All.

To Install StudioTax 2013 Software on your PC

Complete instructions are given on the StudioTax website at:  http://studiotax.com/en/?page=2

  1. Go to the folder where you saved the EXE file.
  2. Double click on the EXE file named StudioTax2013Install.exe.
  3. To run the file, click on the Run button.
  4. Select a language from the drop-down list and click the OK button.
  5. The Welcome to StudioTax 2013 Setup wizard will start.
    Click Next.
  6. It will suggest storing the program in C:\Program Files\BHOK IT Consulting\StudioTax 2013\
    You can use the Browse button to move to a different folder if you want.
    When the folder is ok, click Next.
  7. Review the license agreement (it’s short!) and select the dot beside I accept the terms in the License Agreement or I do not accept the terms in the License Agreement.
    Click Next.
  8. Click Install. Wait.
  9. Click Finish.

The program is now installed in the folder you chose (or in the default folder on C:\ drive.)

An icon has been added to your Desktop called StudioTax 2013. It’s a dark red X in a Blue circle over a maple leaf.

To use the program, you double click on the StudioTax.exe in that folder or double click on the icon.

Please make a donation to Bhok It Software if you like the program so that they can keep offering it each year.

Related Reading

Coming soon, once I use the program:

  • Using StudioTax 2013 to Do Your Tax Forms
  • Sending a NETFILE Return Using StudioTax 2013

Join In
Is this your first year using StudioTax or your fifth? Have you ever tried another program? Please share your experiences with a comment.

Online Brokerage Price Wars Spell Savings for Investors

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It’s been an interesting two months for investors trying to pick an online brokerage. RBC Direct Investing decided to start a price war and it soon heated up – the best thing is that the fighting has resulted in savings for investors.

RBC Direct Investing Drops the Trading Fee for All Customers

RBC Direct Investing was the first company to make a major price change recently. This January, they reduced the cost to execute a trade to $9.95 for all of its clients, regardless of their account balances. So if one of their clients wants to buy 57 shares of BCE it will cost them just $9.95 plus the current trading price for 57 BCE shares.

TD (Waterhouse) Direct Investing Follows Suit

The next to drop its fee to $9.95 for all customers was TD Direct Investing. They changed their fees in February.

BMO InvestorLine Folds

InvestorLine has now also dropped its fee to $9.95.

Scotia iTrade and CIBC Investor’s Edge Are Still Studying Their Hands

As of today, February 11, 2014, iTrade and Investor’s Edge still require a minimum balance or a certain activity level or other related assets for their clients to qualify for $9.95 trades.

I give it about another week before they see the way the cards are falling.

Warning! Check for Minimum Balance and Inactivity Annual Fees

Don’t let the price per trade be the only factor in your decision to pick a brokerage. Look at all of the costs, including any fees for having a small balance or for not being an hyper-active trader.

I discuss the required minimum RRSP balances for most brokerages in Questrade Has the Lowest Annual Fee RRSP Brokerage Account with No Minimum Balance: Or Does It? but you should always double check for changes before opening an account.

Discount Online Brokerages Vs Big Bank Online Brokerages

There are a variety of other brokerages available to Canadians some of which offer trading fees which are even lower than $9.95. Their offerings vary considerably so you should check the details carefully. It’s also a good idea to look for reviews of their services and for any complaints before enrolling. (That holds true for all brokerages, independent or bank-affiliated.)

What Are Some Other Key Cost Differences Between Online Brokerages?

  • RBC Direct Investing has a good RRSP offer: If you sign up for pre-authorized contributions of $100 or more per month, the fee for having a low balance in your RRSP is waived.
  • CIBC Investor’s Edge has a no annual fee, no minimum, RESP account.
  • RBC Direct Investing and BMO InvestorLine let you have a USD side to your RRSP for no fee.
    CIBC Investor’s Edge and TD (Waterhouse) Direct Investing do not have a USD side to their RRSPs.
    Scotia iTrade charges a fee for a USD side to their RRSPs.

Related Reading

Join In
Are you pleased to see the costs to trade stocks and ETFs dropping for low asset investors at the “Big Bank” online brokerages? Please share your views with a comment.