Similarly for this year, I plan to use a tax software to file my personal income taxes. For the previous years I have normally used Quicktax. This year they seem to have other versions that fall into the $20 line which I suppose is trying to better compete against products such as Ufile.

I am normally tend to stay with one product, but I wasn’t too happy about the drastic price increase in the T2 version of the Quicktax software and so that made me consider trying something new for my personal returns. I think at this point unless I find a coupon or something to make the purchase worthwhile I’ll probably use something like Ufile instead this year.

A lot better than filing paper returns though I must say.

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There are a lot of people that decide in preparing their taxes right now and one topic that came up was how people can save money by creating an incorporated company to enable themselves to write off a lot of expenses while receiving more tax breaks.

I actually had an unrelated conversation with a person recently about setting up an incorporated company as I wondered why he didn’t register his company that way instead. His answer was a pretty common one where he thought it was only for large companies that generate say millions of dollars a month while costing thousands to do so.

While you should consult with a professional, creating an incorporated business can be a very straight forward process. Some examples of people incorporating themselves even though they are the only person are photographers or even say actors.

The money then earned goes to this corporation that you created and can be retained with tax benefits. Afterwards, you can either pay yourself a wage or say dividends. People usually only do this if they have an excess amount of funds to handle as the paper work and accounting can get a little redundant if you don’t exactly save a lot of money.

Everyone’s situation is different though, so you should definitely research thoroughly beforehand.

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