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Taxes are an essential part of living in a society, enabling everything from public education to roads to healthcare. Income tax is the annual responsibility of every Canadian, even if you have no income. While some tax filings are straightforward, others are a bit more nuanced.
Anything from delayed filing to an input error to a miscalculation can result in issues with Revenue Canada. From missed refunds to audits, the repercussions of tax-filing issues are serious. Thankfully, there’s certainly no shortage of tax-filing apps and software — GenuTax being one of them. This article breaks down everything you need to know about GenuTax, so you can determine if it’s the best way to file your taxes.
An entirely free software for Canadians to complete their annual income tax returns, GenuTax makes taxes accessible to anyone with a PC that meets the basic necessary specs. Meeting all the Canadian regulatory standards, it is wholly owned by GenuSource Consulting. An Ontario-based company, it was incorporated in 2002 and focuses on tax technology. Though GenuTax is headquartered out of Kanata, the company offers tax SaaS across the nation.
In order to offer a viable service, GenuTax crafted a software with a range of user-friendly features. The main focus of the technology is intuitiveness; making tax-filing that much easier for consumers. While it is far from the only company offering these services, it aims to stand out through different features such as:
There are a few restrictions to the GenuTax Standard plan. It is designed to handle straightforward tax returns; and, as such, cannot accommodate more nuanced returns. For example, farmers taking part in AgriInvest or AgriStability programs cannot partake. Businesses with locations outside of the province cannot file on this system either. Additionally, Nova Scotia Research and Development Credit recapturing is not covered by this plan.
Other situations where you cannot file a return include post- or pre-bankruptcy bank returns. It’s also worth noting that the software does not support Form T1135. This refers to the Foreign Income Verification Statement. So, if you need to file this, it must be done separately, where you download it and mail the completed version to the CRA headquarters in Winnipeg.
The software does not support Quebec returns, only federal, so any Revenu Quebec returns must be filed separately. Any other restrictions noted on the CRA website also preclude you from filing a return, and refiling is subject to a lot of other requirements. Finally, the software is available only for personal use. You cannot sell the service to another individual or use the service to file on their behalf.
Find out how you can pay fewer taxes in Canada.
Choosing a tax-filing service is a matter of risk management; weighing the benefits against disadvantages. There’s no one-size-fits-all solution to taxes, but analyzing each option lets you make a fully informed choice.
GenuTax, while a decent software, is one of the most basic of its kind. Though the fact that it is available free of charge is handy, it doesn’t compensate for the lack of features. The sheer number of downsides to this service shrink it in comparison to competitors. It won’t allow you to fill out a Revenu Quebec return, so any resident of that province would have to complete two separate returns.
As it is only compatible with PC devices, GenuTax lacks the finesse of more modern options. While it can get the job done, there are many other programs with more to offer for the same price. That said, what matters most is that you file on time; so, as long as your device can support the software, it is a legal and usable solution.
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