Since QuickTax Standard reduced the number of returns to two this year, I decided to try out UFile for filing our 2007 tax returns instead. UFile is available for download from the vendor’s website for $29.99 but you can also pick it up at Future Shop or Best Buy for $19.99. I picked up a copy from Future Shop over the weekend and here are my impressions from trying it out:
- You can easily substitute one tax software for another because all CRA approved software is tested thoroughly before being certified. Even if you are filing just two tax returns, UFile’s retail price is at least $10 cheaper than QuickTax Standard.
- If you are preparing more than 2 tax returns, UFile is even more cost-effective as it allows you to file up to 8 returns.
- I was able to import data such as names, addresses, SIN numbers, RRSP contribution room etc. from QuickTax 2006 into UFile 2007. It’s not too much work to enter all this information but it’s nice not having to do this chore.
- UFile uses the interview method to enter tax information. I tried out entering some T4s, RRSP contributions, charitable donations, childcare expenses, tuition amounts etc. UFile supports self-employment income, investment income, rental income, capital gains etc. As far as I can tell, UFile should be able to handle complicated tax returns.
- The biggest knock against UFile is that it doesn’t allow you to directly enter information bypassing the interview method. For example, in QuickTax you can bring up the T4 slips by clicking on line 101 of the T1 General. I personally like this method of entering tax information but UFile does not support it.
- A minor quibble with UFile is that your tax return is not automatically updated when you enter information. You’ll have to click the results tab before an update is triggered.
Despite the minor quibbles, UFile is a strong competitor to QuickTax Standard. If you are preparing more than two tax returns, you might want to consider switching to UFile – it’s cheaper and will get the job done just as well.