Quicktax vs. Ufile: A Tax Software Comparison

Well, it looks like tax season is fast approaching yet again. As an accountant, I've done taxes (here in Canada) for a number of years and I've had a chance to use different software programs. Two packages that I've recently used are Quicktax and UFile. Which one is better? Read on.

DIFFERENT VERSIONS

The first package I ever used was Quicktax and I continued to use it for many years. It comes in several different versions – Basic, Standard, Platinum, Unincorporated Business and Suite. Quicktax suite is the most expensive but includes Quicktax Platinum and Quicken Home Business financial software - for this review, I won't deal with this one.

Ufile comes in two versions – Basic and Plus.

HOW TO USE EACH

Both packages deal with entering data quite differently. With Quicktax you can just jump in and start entering financial data if you know what schedules you need and where to look. There is also an interview option which can help you decide which forms you need.

Ufile, on the other hand, uses an interview system, so you have to answer a set of questions first, to get access to the forms you need. For example, if you answer 'no' to rental income, the forms will not pop up.

Which did I prefer?

Being an experience accountant, I have to admit, I prefer Quicktax in this respect. I can simply enter the data quickly and the taxes are quickly recalculated. Also, the data entry screens look exactly like their paper counterparts.

With UFILE, you have to manually 'recalculate' each time you change data and for some reason, sometimes I've noticed it gets stuck and won't do it. Also, the data entry screens do not look like tax forms.

Both do offer the ability to perform 'what-if' calculations to maximize certain deductions like retirement contributions - except with Quicktax Basic, which only does simple returns.

FINAL VERDICT

At the end of the day I now use Ufile because it does everything I need. I stopped using Quicktax because they kept jacking up the price and lowering the amount of returns you can file. If you look at the price, UFile Standard is $20 cheaper than Quicktax Standard. If you need more returns, UFile Plus is only $10 more.

Regardless of where you live, here are a few things to consider when buying tax software:

1. Tiered pricing – do you really need the extra 'features' when it comes to the premium-priced versions?
2. Number of returns – how many returns can you file? This could be an issue if you have a big family or lots of friends
3. Method of data entry – are you experienced with taxes or a novice?
4. What-If Scenarios – these can help with tax planning and minimizing taxes payable.

Both have online versions, but I have not used them before so I cannot comment.

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Owing Taxes and Dealing With the CRA

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