QuickTax, now called 2011 Turbo Tax, is a personal business application that helps Canadians in filing their income tax returns. The program helps users prepare for multiple returns. It has the Pension Income Splitting Optimizer for distributing personal income with one’s spouse. Its other features include a step by step guide in preparing personal and business returns that are not incorporated, tracking of investment sales, stocks, bonds, and income deductions from rental properties. Guidance in calculating and reporting capital gains and losses, and guidance and preparation in the deduction of business expenses are also provided.
QuickTax guides the Canadian users with interview-type questions and automatically does the rest of the fill-up process. Likewise, the program double-checks the user’s returns for errors and completeness of answers and accordingly alerts the user on such matters. The program guides the user on the impact of life changes (raises, home sales, birth of a child, marriage/divorce, etc.) within the taxable year, and helps in the management of such. It also provides guidance for investments and retirement (stocks, bonds, mutual funds, etc.) with tools to help maximize the user’s return on investments. The program has a Deductions Toolbox with tools to search for deductible items for better tax returns, including a detailed deduction summary. There is also a list of quick tips on getting more money back.