Radha Maharaj’s efforts to buy Canadian extend to tax season, and as a finance professor at the University of Toronto, she’s been evangelizing the use of Canadian tax preparation software among her students and family this year.
Do-it-yourself tax software is a standard way for most Canadians to file their income taxes – the Canada Revenue Agency said 93 per cent of Canadians filed their taxes online either themselves or through software in 2024.
However, one of the most established companies in Canada is TurboTax, which owned by American company Intuit. H&R Block, another well-known resource for tax advice and software, is also American owned.
There are several Canadian-owned and -operated tax software companies. With the help of Ms. Maharaj, we listed four well-known companies and their price points below. A full list of both Canadian and non-Canadian software companies can be found here at the Canada Revenue Agency’s website. Ms. Maharaj said any of the software listed is adequate for most tax filers.
Wealthsimple Tax
Price: Free, or pay what you want.
Wealthsimple is one of Canada’s foremost robo-advisers and online investing platforms, with more than three million users and $50-billion in assets managed. In 2019, the Toronto-based company started offering tax preparation when it acquired SimpleTax.
Unlike some of its competitors, Wealthsimple Tax operates on a pay-what-you-want model for all users. You’ll be asked how much you want to pay after completing their tax return and can pay nothing if you wish.
UFile
Price: $20.95 for standard tax returns, returns for self-employed individuals or people with investments and properties. Free for students or people filing a Canadian tax return for the first time.
UFile is owned by Thomson Reuters, which is majority owned by the Woodbridge Company, a holding company of the Canadian Thomson family. (The Woodbridge Company also owns The Globe and Mail).
It offers standard tax preparation that helps you find applicable tax credits for a similar price point as TurboTax at $20.95. People with investments or self-employed people pay the same price, while service tailored for these kinds of individuals pay more at TurboTax.
FutureTax
Price: $21.99 for 10 returns.
FutureTax is Ms. Maharaj’s preferred tax software, and she says the program is pretty intuitive to use. Unlike some of the other companies listed here, FutureTax is a relatively small operation based out of Richmond Hill, Ont.
The cheapest offering from FutureTax allows you to use the software for 10 returns in a given tax year, meaning it could be ideal for people who complete returns for their family.
TaxTron
Price: $19.99, or free for students and those with an income under $31,000
TaxTron is another notable tax preparation company that Ms. Maharaj recommends. While many tax websites offer free software for low-income filers, the threshold to qualify as low-income for TaxTron is relatively high at $31,000. Full-time students can also use TaxTron for free.
