After downloading and installing GenuTax Standard 2012 on your home computer, you are ready to do your 2012 income taxes. Then, before the April 30, 2013 filing deadline you can send your taxes in using NETFILE for free. This review is based on a married employee filling out a tax return. I hope to do a second review later using GenuTax Standard to complete a Business Income return, also for free.
UPDATE: I hope to conduct a similar review using GenuTax Standard 2013 in early 2014. IN the meantime, I hope this article about using last years’s program will be of some use.
To Calculate your 2012 Taxes Using GenuTax Standard 2012
Before You Begin
Please note that GenuTax Standard 2012 does not handle:
- the AgriStability or AgriInvest programs
- a business that has its permanent establishment in a different province or territory than where you were resident
- NS Research and Development Tax Credit Recaptures
- filing a Quebec provincial income tax return
Test Tax Case for GenuTax Standard
Let’s try using it to complete a return for
- An employee with a T4
- A wife with no income
- 2 children
- The children took both arts and sports activities
- Charitable contributions
Start 10:26 a.m.
Now, because some of you readers just want to know the end result, I’m reporting that first, then going back to describe using the program in detail below.
What Was the Result of the Test Case and How Did It Do?
GenuTax Standard 2012 calculated the same return that I did.
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?” With StudioTax I had to remember to manually correct my return by entering my investment income from savings bonds and bank accounts for which I did not receive T5s.
GenuTax Standard 2012 did not pick up on the fact I could claim slightly more in the Ontario children’s activity credit than I thought, like StudioTax did. That is because it asks me to type in the answer for the claim, rather than calculating it based on the answers for the Federal credits. In this case, StudioTax did a slightly better job in maximizing my tax return.
There was one confusing moment. The GenuTax program asked if I had any capital gains or losses to report. I had previously entered some capital gains on T3 slips so I wasn’t sure how to answer. 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.
How Long Does It Take to do Your Taxes Using GenuTax Standard 2012?
It took 95 minutes to fill in the taxes for an employee with a T4, 3 T3s, 3 T5s, some additional interest income, a wife with no income, 2 children who both took arts and sports activities, and who made lots of charitable contributions. (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?
GenuTax would probably work best for someone who is not sure how to do their own taxes and who wants to be prompted by a series of questions to enter the correct information. It also has a faster mode for those who have done their own taxes before and want to skip steps.
GenuTax did a good job of handling all the numbers behind the scenes.
What’s the Best Way to Use GenuTax Standard?
It’s best to have all of your T forms and information handy before you begin. As with any tax software, you should compare this year’s return to last year’s looking for things that you missed.
How accurate is GenuTax Standard?
Well, this is really just my opinion. I’m not a tax accountant nor employed by the Canada Revenue Agency. I did my taxes by hand using a pencil and a calculator. Then I did them again using GenuTax Standard. The answers were identical. So it seems good to me!
Now, here’s the details of the test review:
How to Use Free GenuTax Software to Calculate Your 2012 Taxes and NetFile Online by April 30, 2013
If necessary, to start the program, double click on the GenuTax Standard icon on your desktop.
Click to select Create a new taxpayer file, then click the OK button.
In the Taxpayer Information field, type the information in the following fields:
- Social Insurance Number
- First Name
- Middle name(s)
- Last name
- Select as appropriate Male or Female.
- From the drop-down list, select your Date of birth, or just type it in.
When all of the data is correct, click on the OK button.
You will be asked where to store the Taxpayer file and what to call it. I left it to the default location and the default of using my name. Then click the Save button.
You will be asked which year you want to create a tax return for. I selected 2012. Click the OK button.
The Tax Interview part of the program will begin.
Completing the Tax Interview for Calculating your 2012 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 the Type 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. Click Next.
- you were dependent on your spouse to an impairment. Click Next.
- you were ever not with your spouse in 2012. Click Next.
- you had a medical separation in 2012. Click Next.
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 mailiing 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 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.
- 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. Click Next.
- 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
- Carryforward of RPP contributions
- Contributions to foreign pensions
- Annual union professional dues
- Disabliilty amount
- Disabiity support deduction
- Moving expenses carryfoward
- 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
- Firefighters 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.
Finished 12:01.
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.
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.ca/Donate.aspx
Related Reading
- How to NETFILE your Tax Return for Free Using GenuTax
- How to Download and Install Free GenuTax Software to Do and File Your 2012 Canadian Income Taxes
- How to Use Free StudioTax Software to Complete your 2012 Canadian Income Taxes and File Online
- How to Download and Install StudioTax Software to Calculate and File your 2012 Canadian Income Taxes Online for Free
Join In
Do you use GenuTax Standard? Have you been happy with this software? Please share your experiences with a comment.