Short Takes: Tax Software Accuracy and Cutting Allowances

1. Canadian Financial DIY has done extensive testing of Canadian Web tax software, and has found inconsistencies among the many available CRA-certified products. CRA has replied with an explanation of what CRA certification does and does not cover. It turns out that CRA certification means a lot less than I had assumed. You may be surprised as well.

2. Preet asks whether parents should cut their kids’ allowances during a recession. I can’t see doing this for young children, but it may make a good lesson for a mature 15-year old. The risk is that it will seem like random undeserved punishment without delivering the intended lesson.