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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.

How to Sell a Mutual Fund in a BMO InvestorLine Account

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I’m not a big fan of mutual funds but I have a few old ones that I brought into our BMO InvestorLine account while rounding up all the bits and pieces of our RRSPs. This week I sold one of them as it was seriously underperforming although it had done reasonably well over the long term. Here’s how to sell a mutual fund you’ve been holding in a BMO InvestorLine account.

Selling any stock-based mutual fund, especially an index one like this, is a speculative venture.

You don’t know what price you’re selling it at until long after you make the sale. Since the underlying index (or stocks) can go up or down in the hours after the cutoff time, your profit (or loss) can be unexpectedly high or low. I think that’s part of what makes ETFs popular: you know exactly what price you’re agreeing to sell an ETF for before you make the sale.

To Sell an InvestorLine Mutual Fund

To receive today’s price submit the order before 2 p.m. ET.

  1. Sign in to the InvestorLine account that holds the mutual fund.
  2. From the Trading menu, select Mutual Funds.
  3. In the Fund Symbol field, type in the fund’s code.
    For example, type: PHN110
  4. In the Amount area, select
    • All; or
    • type the amount to redeem in dollars or units and select Dollars or Units from the drop-down list.
  5. In the Contact Phone # field, type your phone number.
  6. If desired, click on the Recent Closing Price button.
  7. Click on the Review Order button.

Review the description of your order to ensure it is accurate and complete.If it’s ok:

  1. In the Password field, enter your trading password.
  2. Click on the Submit Order button.
  3. Print or copy and save the Mutual Fund Order Confirmation including the Order Reference Number.

The next business day you will see the order has filled if you check the order status. The cash will not be in your account yet, though, and the mutual fund will still be listed under My Holdings.

The second morning after I made the sale (which was a Saturday morning) the cash was available in my account and the transaction history reported the volume and price of the sale of units. The mutual fund name and price was still reported under My Holdings, but the number of units held was reported as 0. I expect that listing will also be erased on the next business day.

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Did you sell any under-performing mutual funds in your InvestorLine account? Or perhaps sell one to crystallize a fabulous gain? Please share your experiences with a comment.