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How to Complete a Business and Personal Income Tax Return Using GenuTax Standard

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After downloading and installing GenuTax Standard 2013 it was time to give it a test. I reviewed how it works to complete a business and personal income tax return. Then I did a real tax return and submitted it using NETFILE.

Would I Use GenuTax Standard to Do My Taxes Again?

Yes. Although the interview technique of entering data is slow and boring it works. The questions for the comprehensive interview are detailed and they ensured I entered all of my income and deductions properly.

Which is Better GenuTax Standard 2013 or StudioTax 2013?

As I often say to my children about other topics, one is not better or worse, they are just different.

GenuTax Standard is best for someone who prefers an interview-style tax program. The questions make it more difficult to forget to enter information.

GenuTax Standard also integrates some of the new required information for NETFILEing (such as how much of the declared interest income was earned from Bank interest; Bonds interest; and Mortgage interest) directly into the initial parts of the program. This makes it a bit faster to NETFILE than using StudioTax which requires you to check and/or add the information to a form called NETFILE after completing the main data entry screens and before NETFILEing.

StudioTax is simpler and faster for someone who already knows exactly which tax forms to fill out and where they need to enter their data. However, it is easier to miss entering some information in StudioTax. For example, it doesn’t prompt you to remember the fitness and art amounts for dependant children if you don’t select the Dependants option during the wizard process. It also never prompts you to enter interest for which you did not receive a T-slip, such as for a small bank account interest amount.

How to Use GenuTax Standard for a Business and Personal Income Tax Return

Start GenuTax Standard 2013.

Click to select the radio button beside the option: Create a new taxpayer file.

Click the Ok button.

In the appropriate fields, type your

  • Social insurance number
  • Full name
  • Date of Birth
  • And select Male or Female

Click the Ok button.

Save Taxpayer File Screen
Select where you want your file saved, and if desired change the name of the file, then click the Save button.

Create Tax Return Screen
Select the year, for example 2013, for which you wish to create your tax return file.

Click the Ok button.

Tax Interview Screen
Click to select the radio button beside Yes if you want more information about how GenuTax Standard will interview you.

Otherwise click to select the radio button beside No.

Click the button: Next (F8)

Type of Interview Screen
Click to select the radio button beside Comprehensive interview.

Click the button: Next (F8)

Marital Status Screen
From the drop-down list select whether you are single, separated, divorced, widowed, married or living in a common-law relationship.

Click the button: Next (F8)

Marital Status Changes Screen
Click to select Yes/No for whether your marital status changed during 2012, 2013 or 2014.

Click the button: Next (F8)

Dependent Because of an Impairment Screen
Click to select Yes/No for whether you depended on a spouse or partner because of a physical or mental impairment.

Click the button: Next (F8)

Marital Situation for 2013 Screen
Click to select Yes/No for whether you were ever not with your spouse or partner in 2013.

Click the button: Next (F8)

Involuntary Separation Screen
Click to select Yes/No for whether you had a separation for medical reasons.

Click the button: Next (F8)

Preparing Returns Together Screen
Read the information. If you wish, you can select to prepare your return and your spouse or partner’s return at the same time. If that is what you want, click on the Prepare Returns Together button. I didn’t want to do that, so I have not evaluated that option.

Click the button: Next (F8)

Resident of Canada Screen
Click to select Yes/No for whether you were resident at year end.

Click the button: Next (F8)

Province or Territory of Residence at the End of 2013 Screen
From the drop-down list select where you were living on December 31 2013.

Click the button: Next (F8)

Date of Move from One Province or Territory of Residence to Another Screen
If applicable, enter the date you moved.

Click the button: Next (F8)

Home and Mailing Address Screen
Click to select Yes/No for whether your mailing and home address are the same.

Click the button: Next (F8)

Current Province or Territory of Residence Screen
From the drop-down list select where you are living.

Click the button: Next (F8)

Immigration Screen
Click to select Yes/No for whether you became a resident in 2013.

Click the button: Next (F8)

Deemed Non-resident Screen
Click to select Yes/No for whether you were deemed non-resident.

Click the button: Next (F8)

Spouse or Common-law Partner Screen
Provide the following information by typing it in the appropriate fields:

  • Spouse’s social insurance number
  • Spouse’s full name
  • Spouse’s date of birth

Click the button: Next (F8)

Spouse’s or Common-law Partner’s Net Income Screen
Type in your spouse or partner’s net income for 2013.

NOTE: If you don’t have this number yet, you can use an estimate and correct it later BEFORE you NETFILE your return.

Spouse’s or Common-law Partner’s RDSP Income Screen
Click to select Yes/No for whether your partner had any RDSP income.

Click the button: Next (F8)

Spouse’s or Common-law Partner’s RDSP Income Paid Back Screen
Click to select Yes/No for whether your partner paid back any RDSP income.

Click the button: Next (F8)

Spouse’s or Common-law Partner’s Capital Gains Screen
Click to select Yes/No for whether your spouse reported certain types of capital gains.

Click the button: Next (F8)

Spouse’s or Common-law Partner’s Form RC310 Screen
Click to select Yes/No for whether your spouse is filing a form RC310.

Click the button: Next (F8)

Spouse or Common-law Partner Self-Employed Screen
Click to select Yes/No for whether your spouse was self-employed.

Click the button: Next (F8)

Spouse or Common-law Partner a Resident of Canada Screen
Click to select Yes/No for whether your spouse was a resident of Canada.

Click the button: Next (F8)

Spouse or Common-law Partner Confined to Prison Screen
Click to select Yes/No for whether your spouse was imprisoned.

Click the button: Next (F8)

Spouse or Common-law Partner Died Screen
Click to select Yes/No for whether your spouse died.

Click the button: Next (F8)

Personal Information Screen
Review the information you entered.

If it is incorrect, click on the Change Personal Information button.

When it is correct, c lick the button: Next (F8)

Communal Organization Screen
Click to select Yes/No for whether you live in a communal organization.

Click the button: Next (F8)

Community Volunteer Income Tax Program Screen
Click to select Yes/No for whether your return is being prepared by a volunteer.

Click the button: Next (F8)

Language of Correspondence Screen
Click to select whether you wish to contact the CRA in English or French.

Click the button: Next (F8)

Current Mailing Address Screen
Click to select if your mailing address is

  • in Canada
  • in the USA
  • in another country

Click the button: Next (F8)

Current Mailing Address Screen
In the appropriate fields, type in your complete mailing address.

Changes to Your Mailing Address Screen
Read the information and if necessary stop and correct your address with the CRA using the methods described.

Click the button: Next (F8)

Home Telephone Number Screen
Type your home telephone number.

Click the button: Next (F8)

Deceased Taxpayer Screen
Click to select Yes/No for whether the tax return is for a person who is deceased.

Click the button: Next (F8)

Citizenship Screen
Click to select Yes/No for whether you are a Canadian.

Click the button: Next (F8)

Elections Canada Screen
Click to select Yes/No for whether the CRA can provide your information to Elections Canada to update the Voter List.

Click the button: Next (F8)

Prison Screen
Click to select Yes/No for whether you were imprisoned in 2013.

Click the button: Next (F8)

Bankruptcy Screen
Click to select Yes/No for whether you declared bankruptcy or were discharged from
bankruptcy in 2013.

Click the button: Next (F8)

Dependants Screen
Read the information and select Yes or No.

I selected No so this review will not include information about dependants.

Click the button: Next (F8)

RRSP Deduction Limit Screen
From your latest Notice of Assessment, type in the amount from line A for your RRSP Deduction Limit.

Click the button: Next (F8)

Unused RRSP Contributions Screen
Click to select Yes/No for whether you carried forward any claimed RRSP contributions without deducting them.

Click the button: Next (F8)

Home Buyers’ Plan Repayment Screen
Click to select Yes/No for whether you are required to make a HBP repayment in 2013.

Click the button: Next (F8)

Lifelong Learning Plan Repayment Screen
Click to select Yes/No for whether you are required to make a LLP repayment in 2013.

Click the button: Next (F8)

Income Screen
Read the information.

Click the button: Next (F8)

Income Screen [again]
Read the information.

Click the button: Next (F8)

Employment Income Screen
Answer Yes/No for whether you have any income from employment.

I did not use any employment income for this test so I will not be describing how to enter this type of information.

Click the button: Next (F8)

Pension Income Screen
Answer Yes/No for whether you have any income from pensions.

I did not use any pension income for this test so I will not be describing how to enter this type of information.

Click the button: Next (F8)

Joint Election to Split Pension Income from Spouse’s or Common-law Partner’s Return Screen
Select Yes/No for whether you want to split pension income with your spouse or partner.

I selected No for this test.

Click the button: Next (F8)

Universal Child Care Benefit (UCCB) Screen
Select Yes/No for whether you received any UCCB payments.

Click the button: Next (F8)

UCCB Repayment Screen
Select Yes/No for whether you re-paid any UCCB payments.

Click the button: Next (F8)

Universal Child Care Benefit (UCCB) Screen
Select Yes/No for whether your spouse or partner received any UCCB payments.

Click the button: Next (F8)

UCCB Repayment Screen
Select Yes/No for whether your spouse or partner re-paid any UCCB payments.

Click the button: Next (F8)

Employment Insurance Benefits Screen
Select Yes/No for whether you received any EI.

Click the button: Next (F8)

Investment Income Screen
Select Yes/No for whether you received any investment income from

  • bank accounts
  • term deposits
  • GICs
  • bonds
  • treasury bills
  • dividends
  • etc

For this test, I selected Yes.

Click the button: Next (F8)

T5 Slips Screen
If you have a T5 slip, click on the button: T5 Slips.

A blank T5 form will be displayed.

  • Type the information on your T5 slip onto the screen in the same fields.
  • To add another new T5 slip, click on the Add a New Slip button.
  • When you are sure you have entered the information correctly for all T5s, click on the Close button.

Click the button: Next (F8)

T3 Slips Screen
If you have a T3 slip, click on the button: T3 Slips.

A blank T3 form will be displayed.

Type the information on your T3 slip onto the screen in the same fields.
To add another new T3 slip, click on the Add a New Slip button.
When you are sure you have entered the information correctly for all T3s, click on the Close button.

Click the button: Next (F8)

T4PS Slips Screen
If you have a T4PS slip, click on the button: T4PS Slips.

A blank T4PS form will be displayed.

Type the information on your T4PS slip onto the screen in the same fields.
To add another new T4PS slip, click on the Add a New Slip button.
When you are sure you have entered the information correctly for all T4PSs, click on the Close button.
Click the button: Next (F8)

T5013 Slips Screen
If you have a T5013 slip, click on the button: T5013 Slips.

A blank T5013 form will be displayed.

Type the information on your T5013 slip onto the screen in the same fields.
To add another new T5013 slip, click on the Add a New Slip button.
When you are sure you have entered the information correctly for all T5013, click on the Close button.

Click the button: Next (F8)

Quebec RL Slips Screen
Click to select Yes/No for whether you received any Quebec RL slips.

Click the button: Next (F8)

Dividend Income Screen
Click to select Yes/No for whether you received any unregistered dividend income without receiving a tax slip.

Click the button: Next (F8)

Interest and Other Investment Income Screen
Click to select Yes/No for whether you received any other investment income for which you did not receive a tax slip.

**This is a great question and one that StudioTax does not ask. For example, if you have earned interest on a bank account but earned less than $50, you may not have received a T5 but you still must report this income. **

I clicked to select Yes.

Click the button: Next (F8)

Interest and Other Investment Income from Canadian Sources Screen
Click to select Yes/No for whether you received any other Canadian investment income for which you did not receive a tax slip.

For my test, I selected Yes.

Click the button: Next (F8)

Canadian Investment Income Screen
Type in the information about who paid you income, the amount received, and if applicable the amount as a percentage earned by yourself and some other individual such as a spouse.

Click the button: Next (F8)

Canadian Investment Income Screen [same name different questions]
Click to select

  • There are no further entries to make
  • Add another entry
  • Edit details for an entry
  • Delete an entry

If necessary, complete other screens.

Click the button: Next (F8)

Interest and Other Investment Income from Foreign Sources Screen
Click to select Yes/No for whether you received any other foreign (including USA) investment income for which you did not receive a tax slip.

For my test, I selected No.

Click the button: Next (F8)

Sources of Interest Income Screen
Type in the amount of interest paid as

  • Bank interest
  • Bond interest
  • Mortgage interest

NOTE: They mean if you loaned someone money as a mortgage and they paid interest to you, you should report the amount. It does not mean how much you paid a bank or other lender in interest for your own mortgage.

**This differs from StudioTax. In StudioTax you have to complete this information on the NETFILE form after you finish your other tax forms. This method by GenuTax Standard is more convenient. **

Click the button: Next (F8)

Partnership Income Screen
Click to select Yes/No for if you were in a partnership that received a T5013 slip.

Click the button: Next (F8)

Partnership Income Screen [two]
Click to select Yes/No for these other partnership questions.

Click the button: Next (F8)

Rental Income Screen
Click to select Yes/No for whether you had income from renting property or items.

Click the button: Next (F8)

Self-Employment Income Screen
Click to select Yes/No for whether you have self-employment income to report.

For this test, I selected Yes.

Click the button: Next (F8)

Multiple Jurisdictions Screen
Click to select Yes/No for whether your business had a permanent establishment outside of your province of Residence during 2013.

Click the button: Next (F8)

Farming Income Screen
Click to select Yes/No for whether you had farming income.

Click the button: Next (F8)

Fishing Income Screen
Click to select Yes/No for whether you had fishing income.

Click the button: Next (F8)

Business Income Screen
Click to select Yes/No for whether you had income not from farming or fishing.

For my test, I selected Yes.

Click the button: Next (F8)

Name of Business Screen
Type in your business’s name.

Click the button: Next (F8)

Type of Business Screen
Click to select whether your type of business is

  • Professional (doctor; dentist; lawyer; accountant; etc)
  • Self-employed commission sales
  • Other

For my test, I selected Other.

Click the button: Next (F8)

Business Address Screen
Type the correct information in the fields for the address for your self-employment business.

Click the button: Next (F8)

Fiscal Period Screen
Type in the start and end dates for your business fiscal period.

For example, for my test, I typed 2013 01 01 and 2013 12 31.

Click the button: Next (F8)

First Year of Operation? Screen
Click to select Yes/No for whether this was your first year of operation for this business.

For my test I selected No.

Click the button: Next (F8)

Final Year of Operation? Screen
Click to select Yes/No for whether this was your final year of operation for this business.

For my test I selected No.

Click the button: Next (F8)

Industry Code Screen
From the drop-down list select the industry code for your business.

Click the button: Next (F8)

Main Product or Service Screen
Type in your main product.

Click the button: Next (F8)

Identification Numbers Screen
If applicable, type in our 15 character CRA id number.

Click the button: Next (F8)

Type of Ownership Screen
Click to select the appropriate radio button beside

  • Sole Owner; or
  • Partnership

Click the button: Next (F8)

Internet Business Activities Screen
**This is the new required information on a T2125 for 2013.**

Type in the number of websites from which your business earns income.

**For more information on this topic, see the CRA T2125 Form and Guide.**

Click the button: Next (F8)

Business Internet Addresses Screen
Type the URLs of your websites or of the 5 websites that earn you the most income.

Click the button: Next (F8)

Internet Business Activities Screen
Type the percentage of your gross income that was generated from those websites.

Click the button: Next (F8)

Business Income Screen
Read the screen.

Click the button: Next (F8)

Sales, Commissions, or Professional Fees Screen
Type the amount of income your business earned.

Click the button: Next (F8)

GST and PST, or HST Screen
Type the amount of the taxes. For details see the CRA guide.

Click the button: Next (F8)

Quick Method of Accounting for GST/HST
Click to select Yes/No for whether you are using the Quick Method of accounting for your HST/GST remittances.

Click the button: Next (F8)

Returns, Allowances and Discounts Screen
Enter the amount of returns, allowances and discounts if not already included in your gross amount.

Click the button: Next (F8)

Reserves Deducted Last Year Screen
If you deducted any allowable reserves for 2012, type in the amount.

Click the button: Next (F8)

Other Income Screen
If you received any other income for the business, type it in.

Click the button: Next (F8)

Cost of Goods Sold Screen
Click to select Yes/No for whether this business buys goods for resale or manufactures goods.

Click the button: Next (F8)

Business Expenses Screen
Read the information.

Click the button: Next (F8)

Advertising Screen
Type in your advertising costs.

Click the button: Next (F8)

Bad Debts Screen
Type in the amount of your bad debts.

Click the button: Next (F8)

Business Tax, Fees, Licences, Dues, Memberships, and Subscriptions Screen
Type in your costs.

Click the button: Next (F8)

Delivery, Freight and Express Screen
Type in your costs.

Click the button: Next (F8)

Fuel Costs Screen
Type in your costs.

Click the button: Next (F8)

Insurance Costs Screen
Type in your costs.

Click the button: Next (F8)

Interest Costs Screen
Type in your costs.

Click the button: Next (F8)

Maintenance and Repairs Screen
Type in your costs.

Click the button: Next (F8)

Management and Administration Fees Screen
Type in your costs.

Click the button: Next (F8)

Meals and Entertainment Screen
Type in your costs.

Click the button: Next (F8)

Motor Vehicle Expenses
Click to select Yes/No for whether you have business motor vehicle expenses.

Click the button: Next (F8)

Office Expenses Screen
Type in your costs.

Click the button: Next (F8)

Convention Expenses Screen
Type in your costs.

Click the button: Next (F8)

Supplies Screen
Type in your costs.

Click the button: Next (F8)

Legal, Accounting and Other Professional Fees Screen
Type in your costs.

Click the button: Next (F8)

Property Taxes Screen
Type in your costs.

Click the button: Next (F8)

Rent Screen
Type in your costs.

Click the button: Next (F8)

Salaries, Wages, Benefits, and Employer Contributions Screen
Type in your costs.

Click the button: Next (F8)

Travel Screen
Type in your costs.

Click the button: Next (F8)

Telephone and Utilities Screen
Type in your costs.

Click the button: Next (F8)

Business-use-of-home Expenses Screen
Click to select Yes/No whether you have home office expenses.

Click the button: Next (F8)

Other Expenses Screen
Type in your costs.

Click the button: Next (F8)

Capital Cost Allowance Screen
Click to select Yes/No whether you want to claim CCA.

Click the button: Next (F8)

CCA Class Number Screen
Type the number of the first CCA Class you need to claim.

Click the button: Next (F8)

Undepreciated Capital Cost (UCC) Screen
Type your UCC.

Click the button: Next (F8)

CCA Additions Screen
Click to select Yes/No for whether you acquired assets in this class in 2013.

Click the button: Next (F8)

CCA Dispositions Screen
Click to select Yes/No for whether you disposed of any assets in this class in 2013.

Click the button: Next (F8)

CCA Class Has Assets Left?
Click to select Yes/No for whether any assets remained in this class at the end of 2013.

Click the button: Next (F8)

CCA Classes Screen [a different one]
Click to select the following option

  • There are no further CCA classes to enter
  • Add details for another CCA class
  • Edit details for a CCA class
  • Delete details for a CCA class

Click the button: Next (F8)

Limit CCA Claim? Screen
Click to select Yes/No for whether you want to limit the CCA claim for this business to a certain amount for this year.

Click the button: Next (F8)

Land Screen
Click to select Yes/No for whether you bought or sold land.

Click the button: Next (F8)

Eligible Capital Property Screen
Click to select Yes/No for whether you are claiming on ECP for this business.

Click the button: Next (F8)

Details of Equity Screen
Type in the following amounts for the business

  • Total business liabilities
  • Drawings in 2013
  • Capital contributions in 2013

Click the button: Next (F8)

Reconciliation of Business Income Screen
Click to select Yes/No for whether you filed a T1139 for the business for 2012.

Click the button: Next (F8)

Businesses Screen
Click to select option

  • There are no further businesses to enter.
  • Add details of another business.
  • Edit details for a business.
  • Delete details for a business.

Click the button: Next (F8)

Employment Insurance (EI) Premiums on Self-Employment Earnings Screen
Click to select Yes/No for whether you are using the EI special benefits program.

Click the button: Next (F8)

Capital Gains and Losses Screen
Click to select Yes/No for whether you have any capital gains or losses to report for the year.

Click the button: Next (F8)

Support Payments Received Screen
Click to select Yes/No for whether you received support payments in 2013.

Click the button: Next (F8)

Social Assistance Payments and Workers’ Compensation Benefits Screen
Click to select Yes/No for whether you received either in 2013.

Click the button: Next (F8)

Working Income Tax Benefit (WITB) Advance Payments Screen
Click to select Yes/No for whether you received any in 2013.

Click the button: Next (F8)

Other Income Screen
Click to select Yes/No for whether you received any other sources of income in 2013.

Click the button: Next (F8)

Retroactive Lump-Sum Payments Screen
Click to select Yes/No for whether received any.

Click the button: Next (F8)

Foreign Property Screen
Click to select Yes/No for whether you hold or held foreign property, outside of your RRSP, with a total cost of more than $100 000 CAD including nonregistered US stocks or mutual funds.

Click the button: Next (F8)

Canadian Indians Screen
Click to select Yes/No for whether a status Indian.

Click the button: Next (F8)

Deductions and Tax Credits

Deductions and Credits Screen
Read the information.

Click the button: Next (F8)

There are many, many screens. I will not report them.

In general, read the screen, click to select Yes or No to the questions, and when applicable type in the required amounts before clicking on the Next (F8) button.

When you have completed the deductions section, it is time to save your file and check everything.

To Save Your GenuTax Standard Tax Return File

To save your GenuTax Standard file, click on the Floppy Disk icon on the top navigation bar.

Next Steps:

  • Review your tax return for errors and omissions.
  • Use NETFILE to send it to send your tax return to the CRA.
  • Pay any taxes owing before May 1, 2014 to avoid any penalties and interest.
  • Make a donation to GenuTax to keep the developer alive and willing to create another version for your 2014 taxes.

Related Reading

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Have you used GenuTax Standard to calculate your income tax return? Did you like what it did? Please share your experiences with a comment.

Using Free GenuTax Standard 2012 for a Simple Business Income T2125 and Personal Tax Return

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First I downloaded and installed GenuTax Standard 2012 to my Windows PC. Next I calculated a typical personal income tax return for a married person with two children and a spouse who was not receiving any employment income. It seemed to go well, and the results matched what I calculated using a pencil and paper. Next, I decided to test GenuTax Standard with a simple business income, T2125, and personal tax return. Here’s what I found out:

UPDATE: I hope to review GenuTax 2013 once it is approved by the CRA sometime in February or March 2014. For now, you may wish to read this review of the 2013 software to get an idea of how the program works.

Testing GenuTax Standard 2012 with a Basic Small Business Tax Return

This test case is very simple. The person runs a not very profitable small business. Their product is documents delivered electronically, so there is no inventory or stock. The person is paid, claims some expenses for office stationary, some capital cost allowance on capital items that have already been partially depreciated, some advertising expenses, and some professional management dues. It’s a very, very simple return. (I’m not qualified to test the program for a complex return, unfortunately. I think either a business owner with lots of personal tax filing experience or a tax accountant would have to do that type of review.) Before describing in detail how I entered the data and how the program responded, I will report on the items most likely of interest to readers. Then I’ll provide the details.

How Did GenuTax Do On the Test Case?

GenuTax Standard 2012 calculated the same tax return that I did for the business and personal income.

GenuTax Standard 2012 differs and is better than StudioTax 2012 because it asks “Did you receive any interest and other investment income for which you did not receive an information slip?” Without that prompt I may have forgotten to report my income under $50 from bank interest.

It did not “notice” that I could claim slightly more in the Ontario children’s activity credit than I thought, like StudioTax did. It prompted me to type in the answer for the claim, rather than calculating it from the Federal credits.

It was a bit confusing when GenuTax asked if I had any capital gains or losses to report. I didn’t know if it meant in addition to those I had reported from T3 slips or not. I selected that NO. It turns out that it did properly calculate my capital gains and losses using the information from the T3 slips.

Another negative quirk: When I reached the “Type the best industry code for your business” prompt I tried to type 519100 for Other Information Services, based on the CRA website. But GenuTax gave an error message. The nearest I could select was 519110 which does not exist on the CRA site! I will report this to GenuTax.

One drawback is that it is not easy to review your tax return without printing it out. I would prefer to be able to review my return on screen to save ink.

How Long Does It Take to do Your Taxes Using GenuTax Standard 2012?

It took about one hour and a half to fill in the taxes for a self-employed person with business income and a T3, 4 T5s, some additional interest income, and a spouse with an income who got to report the children and their credits. (No child support; no business income; no medical expenses) That includes some time to check a few things before typing them in and to read over the final tax report.

Who is GenuTax Standard 2012 Best For?

If someone is not sure how to do their taxes and wants to be interviewed by a series of questions to enter the correct information, GenuTax Standard is a good choice. It also has a faster mode for those who have done their own taxes before and want to skip steps.

GenuTax handled all the math nicely behind the scenes.

What’s the Best Way to Use GenuTax Standard?

You’ll need all of your T forms and small business information nearby before you begin. Always compare this year’s return to last year’s looking for things that you missed.

How accurate is GenuTax Standard?

I can only give my opinion. I’m not a tax accountant nor do I work for the Canada Revenue Agency. I did a set of taxes by hand first using a pencil and a calculator. Then I did them again using GenuTax Standard 2012. The answers were identical. So it seems good to me! Now back to the details:

How to Use GenuTax Standard 2012 to Calculate a Business Income and Personal Tax Return for Canadian Income Taxes and NETFILE Online for Free by April 30, 2013

Since the software is already downloaded and installed, double click on the GenuTax Standard icon. Click to select the Create a New Taxpayer file button, then click the OK button. In the Taxpayer Information form, type in the correct information for:

  • Social insurance number
  • First name
  • Middle name(s)
  • Last name
  • Date of Birth

And Click to select Male or Female Then click on the OK button. The system will prompt you to Save Taxpayer File with a filename of the First and Last name. If the name of the file and the location for the saved file are acceptable, click the Save button. From the Create Tax Return list, click the appropriate year. For example, select 2012. Click the OK button. The Tax Interview part of the program will begin.

Completing the Tax Interview for Calculating your 2012 Business Income and Personal Taxes Using GenuTax Standard

If you want to read more information about the interview, select the Yes button, then click on the Next tab at the bottom of the screen. There are 2 ways to use the program. One asks many questions to ensure you capture all of your deductions. The other way is for experienced tax filers who already know exactly what they want to input. This review will use the Comprehensive Interview. I want to see if it identifies any new deductions or fails to prompt me for any that I already know about. On theType of Interview screen, select Comprehensive Interview and click on the Next tab. From the drop-down list select your Marital Status on December 31, 2012. Click Next. Select Yes or No for whether

  • your martial status changed in 2012.
  • you were dependent on your spouse to an impairment.
  • you were ever not with your spouse in 2012.
  • you had a medical separation in 2012.

Click Next after each selection. Click on the Prepare Returns Together box if you want to prepare returns to share credits to maximize their value. I did not select this option. Click Next. Select Yes or No for whether you were a resident of Canada. Click Next. From the drop-down list, select where you were resident in Canada at the end of the year. Click Next. If you moved within provinces or territories, state the date of your move. Click Next. Select Yes or No for whether your mailing address is your residential address. Click next. From the drop-down list, select where you currently are resident. Click Next. Select Yes or No for whether

  • you entered Canada during 2012 as a new resident. Click Next.
  • you were deemed non-resident in 2012. Click Next.

Type your Spouse or Partner’s

  • Social Insurance Number
  • First Name
  • Last Name
  • Date of Birth

Click Next. Enter your Spouse or Partner’s net income from line 236 of their return. Click Next. (Note: unlike StudioTax it does not advise whether you can enter an estimate.) Select Yes or No for whether your Spouse or Partner

  • reported any registered disability income. Click Next.
  • repaid any registered disability income. Click Next.
  • reported any capital gains from mortgage foreclosures and conditional sales repossessions. Click Next.
  • is filing a form RC310. Click Next.
  • was self-employed. Click Next.
  • was a resident of Canada. Click Next.
  • was in prison. Click Next.
  • died in 2012. Click Next.

Review your personal information. If you need to change it, click the Change Personal Information button. If it is correct click Next. Select Yes or No for whether

  • you are a member of a communal organization. Click Next.
  • this return is being completed by a volunteer on your behalf. Click Next.

Select whether you prefer to deal in English or French with the CRA. Click Next. Select whether your mailing address is in Canada, the USA or another country. Click Next. Type in your mailing address and click Next. (A warning message tells you how to change your address with CRA.) Click Next. Type in your home telephone number, if desired. Click Next. Select Yes or No for whether

  • the taxpayer is deceased. Click Next.
  • you are a Canadian citizen. Click Next.
  • the CRA can give your information to Elections Canada. Click Next.
  • you were in prison in 2012. Click Next.
  • you declared bankruptcy in 2012. Click Next.
  • you have any dependents not including a spouse or partner. Click Next.

On the Dependent Information screen, enter

  • First Name
  • Last Name
  • Date of Birth
  • Social Insurance Number, if applicable

From the drop-down list, select your Relationship. Click Next. Enter the Dependent’s Net Income and click Next. Select whether the Dependent lived with you at any time in 2012 and at the end of 2012. Click Next. Select Yes or No for whether the dependent

  • lives at your address. Click Next.
  • has an impairment. Click Next.
  • has a spouse or partner. Click Next.
  • has children. Click Next.
  • has unused tuition, education or textbook amounts. Click Next.

Select whether you have any additional dependents. Click Next. Read the details about the Amount for Children born in 1995 or later and select how many children are applicable. Click Next. Select which spouse or partner will be claiming the children. Click Next. Enter your RRSP Deduction Limit for 2012 from your Notice of Assessment. Click Next. Select Yes or No for whether you

  • have unused RRSP contributions. Click Next.
  • made an RRSP contribution in the first 60 days of 2012 for specific conditions. Click Next.
  • need to make a HBP repayment. Click Next.
  • need to make a LLP repayment. Click Next.

Completing the Income Section Select Yes or No for whether you have any T4, T4A, T4PS or T5 slips. Click Next. For each type of form, if you have it, click the button for it. A typical form with empty boxes on it is displayed. Type the numbers from your form in the same boxes. If you have two or more of the same type of form, click the Add a New Slip button. Repeat. Then click the Close button. Click Next. Complete this step for each form you have. Select Yes or No for whether you have any Quebec RL Slips. Click Next. Enter any tips you received. Click Next. Select Yes or No for whether you received

  • a research grant. Click Next.
  • a housing allowance for clergy. Click Next.
  • an employee GST/HST rebate. Click Next.

Select Yes or No for whether you

  • filed a Quebec Provincial return. Click Next.
  • have any foreign income. Click Next.
  • have any other employment Income. Click Next.
  • want to make any additional CPP or QPP contributions. Click Next.
  • have any employment income from a major shareholder. Click Next.
  • have any pension income which may be reported on a T4A(OAS), T4A(P), T4A, T4RIF, T4RSP, T3 or T5. Click Next.
  • want to split pension income with a spouse or partner. Click Next.
  • have any UCCB payments. Click Next.
  • have any UCCB repayments. Click Next.

Select Yes or No for whether your spouse had any UCCB payments. Click Next. Select Yes or No for whether your spouse had any UCCB repayments. Click Next. Select Yes or No for whether you received

  • any EI. Click Next.
  • any investment income in 2012. Click Next.

If you have a T3, T5, T5013, T5013A, Quebec RL or other form click the button for the form. A typical form with empty boxes on it is displayed. Type the numbers from your form in the same boxes. If you have two of the same type of form, click the Add a New Slip button. Repeat. Then click the Close button. Click Next. Complete this step for each form you have. Then click the Close button. Click Next. Select Yes or No for whether you received any Dividend Income. Click Next. *** In this respect, GenuTax Standard 2012 is better than StudioTax 2012 because it asks “Did you receive any interest and other investment income for which you did not receive an information slip?”*** Select Yes or No for whether you received

  • any additional investment income. Click Next.

When I accidentally went too far forward I was prompted by the Sources of Interest Income screen to indicate what portion of my interest and investment income was from bank interest, bond interest and mortgage interest. I wanted to go back and report more bank interest. When I clicked the Previous Button, it would not allow me to move back until after I input a false value for the bank interest. After that it let me use the Previous Button and make my corrections. When I arrived at this screen again, I was able to type over my false answer with the correct one.

  • any foreign investment income. Click Next.

Select Yes or No for whether you

  • were in a partnership. Click Next.
  • had rental income. Click Next.
  • had self employment income.

Select Yes. Click Next. Reporting Your Self Employment Business Income Select Yes or No for whether

  • Your business had a permanent establishment outside of Ontario in 2012
  • You  had farming income
  • You had fishing income
  • You had business income not from fishing or farming

Click yes and next. On the Name of Business screen, type the name of your business and click Next. On the Type of Business screen, select

  • Professional
  • Self-employed commission sales; or
  • Other

I had to select OTHER for this example. Click Next. On the Business Address screen, type the correct information for the mailing address. Click Next. Type the dates for your business fiscal period. Click Next. Select Yes or No for whether

  • This was your first year of operation of the business
  • This was your final year of operation of the business

Click Next. Type the best industry code for your business. ***When I tried to type 519100 for Other Information Services, based on the CRA website, it gave an error. The nearest I could select was 519110 which does not exist on the CRA site!*** Click Next. Enter your business account number from Revenue Canada. Click Next. Select Sole Owner or Partnership and click Next. The Business Income Section Enter the amount of income earned and click Next. If applicable, enter the amount of HST etc and click Next. Enter the amount or Returns, Allowances and Discounts, and click Next. Enter the Reserves Deducted Last Year and click Next. Enter the Total Other Income for the business and click Next. Select Yes or No for whether

  • The business buys goods for resale or makes goods for sale

And click Next. The Business Expenses Section Enter the amount for each of the following

  • Advertising
  • Bad Debts
  • Memberships
  • Delivery, Freight
  • Fuel
  • Insurance
  • Interest
  • Maintenance and Repairs
  • Management fees
  • Meals

Click Next. Select Yes or No for whether you

  • Had motor vehicle expenses to claim

Click Next. Enter the amount for each of the following

  • Office expenses
  • Convention expenses
  • Supplies
  • Legal etc fees
  • Property taxes
  • Rent
  • Salaries, etc.
  • Travel
  • Telephone etc.

Click Next. Select Yes or No for whether you Had business use of home expenses. Click Next. On the Other Expenses screen, type in a description and an amount paid for any other expenses. Click next. If you are claiming CCA, select Yes or No and click Next. Enter the CCA Class and click Next. After answering the questions about that asset, if needed select Add details for another CCA class and repeat the procedure. When complete, click there are no further CCA classes to enter and click Next. Select Yes or No for whether you

  • Want to defer claiming some of your CCA credit. Click Next.
  • Bought or sell any land. Click Next.
  • Are claiming an allowance on any eligible capital property. Click Next.

Complete the Details of Equity screen and click Next. Select Yes or No for whether you

  • Filed form T1139

Click Next. If you have any other businesses, select Add Details for Another Business. Otherwise select There are no further businesses to enter, and click Next. Select Yes or No for whether you

  • Had EI premiums on self-employment earnings.

Click Next. Select Yes or No for whether you

  • have any capital gains or losses to report. Click Next.

***I had previously entered some capital gains on T3 slips. Here I selected that NO I did not have any capital gains or losses to report. After the test was complete I checked and GenuTax Standard 2012 did properly calculate my capital gains and losses using the information from the T3 slips.*** Select Yes or No for whether you received

  • any support payments. Click Next.
  • any social assistance or workers’ compensation. Click Next.
  • WTIB. Click Next.

Select Yes or No for whether you

  • have any other income not yet reported. Click Next.
  • had any retroactive lump sum payments. Click Next.
  • held more than 100000 of foreign property. Click Next.
  • are a Status Indian. Click Next.

Completing the Deductions and Credits Section Select Yes or No for the following then click Next

  • SPP contributions
  • RRSP contributions
  • RPP contributions
  • Carry forward of RPP contributions
  • Contributions to foreign pensions
  • Annual union professional dues
  • Disability amount
  • Disability support deduction
  • Moving expenses carry forward
  • Moving expenses
  • Support payments made
  • Carrying charges and interest expenses
  • Exploration and development charges
  • Employment expenses
  • Deferred security option benefits
  • Losses from prior years
  • Northern residents’ deduction
  • Income amounts paid back
  • Legal fees
  • Refund of unused RRSP contributions
  • Excess RPP transfers withdrawn
  • Canadian films
  • Tax treaty exemptions
  • Vow of poverty
  • Employed by International Corporation
  • Prospector
  • Securities from a DPSP
  • Other deductions
  • Do you wish to claim the spouse or partner amount, if applicable?
  • Family caregiver amount
  • Various spousal/partner related claims
  • Firefighter’s amount
  • Children’s Fitness amount
  • Children’s Arts amount
  • Home Buyers’ amount
  • Adoption expenses
  • Tuition, Education, Textbook amounts
  • Tuition fees
  • Student Loans
  • Medical Expenses
  • Donations and Gifts
  • Gift of land
  • Gift of Cultural property
  • Gifts to country
  • Gift of securities
  • Donations of capital property
  • Want to limit gifts for this year?
  • Overseas employment tax credit
  • Minimum tax carryover
  • Carrying charges
  • Foreign tax credit
  • Political contributions
  • Labour-sponsored funds
  • Investment tax credit
  • Tax paid by installments
  • Other Income Tax Deducted
  • WTIB
  • GST.HST Credit
  • Ontario property tax credit
  • Northern Ontario credit
  • Child activity fees
  • Healthy homes
  • Political contributions
  • Balance of tax unpaid
  • Special elections

Phew, you’re done! From the File Menu, select Save. Click Exit. It got the same results that I did using a pencil and paper.

WARNING: Although you have now completed your tax return, you have not yet sent it in to the Canada Revenue Agency! You must either print it and mail it in, or NETFILE it. Even more importantly, if you owe money you MUST pay it before April 30, 2013, or the government will start charging interest on May 1 and may also charge a penalty. If you need a remittance form to fill in and take to the bank to pay your taxes you can print one from the CRA website at http://www.netfile.gc.ca/fq_rfnd-eng.html#balance_owing.

Click this link for instructions on how to submit your return to the CRA by NETFILE for free using GenuTax Standard 2012. The CRA website has information about how to pay at http://www.netfile.gc.ca/fq_rfnd-eng.html#balance_owing with links to various payment tools.

Supporting the Development of GenuTax If you liked the product, you can make a donation to support the software. Information is at https://www.genutax.cadonate.

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