Does iBank 4 work for Canadian business' for income tax purposes?
I am running a home based business and need an accounting software that will help me with Canadian Income tax preparation as well general accounting. Does this software support Canadian Income Tax?
- Asked by Brad C from Regina
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1 Answer from the Community
While there's no dedicated "support" for Canadian tax preparation in iBank 4, it does offer you a great deal of flexibility in managing your finances for tax time. U.S. tax codes are built into iBank, but you can also customize tax codes to label transactions according to your business or individual needs, or create categories and sub-categories that help streamline the management of tax-related data. Your data can be exported to TXF format, useful for TurboTax and other tax software in the U.S.; options may differ in Canada. Finally you may wish to export to other formats, such as a Quicken-compatible file (QIF), or drag-and-drop tables of data from iBank's reports into a spreadsheet such as Numbers or Excel.
- Answered by Scott B from Putney