TurboTax is Canada’s most popular online tax software.
Electronic filing of tax returns has increased significantly in recent years. For the 2022 tax season, more than 91% of tax filers submitted their tax returns electronically using mostly the NETFILE and EFILE filing methods.
These days, you can easily jump online regardless of your tax situation and utilize quick and reliable tax software to process your income and benefits tax return.
With the tax season here, TurboTax can help you file your own taxes, get the maximum refund and save on fees. And not only that, but they are also approved by the Canada Revenue Agency and are NETFILE-certified.
Want to better understand your finances and the taxes you are paying? Preparing your own taxes will give you a ton of insight into the Canadian tax system, your money habits, and more.
What is TurboTax Canada?
TurboTax is a tax preparation software that is available in Canada and the United States. As of this writing, more than 45 million Canadians have filed their tax returns using TurboTax.
Its parent company, Intuit, is one of the most trusted names in the finance space and has been well-reviewed by countless publications across North America.
TurboTax is certified for use by the CRA, and their service comes with multiple guarantees, including 100% accuracy, maximum refund, and data protection. It is available in all provinces and territories in Canada.
TurboTax Products and Pricing
TurboTax Canada offers a variety of tax software products to meet the needs of most tax filers. From simple to complicated and even self-employed income tax returns, there’s a TurboTax software that can do the job.
The paid versions of TurboTax offer an added advantage for users unfamiliar with how the tax system works in Canada. When you combine the savings from over 400 deductions and credits the software helps you find, you could easily save more than the fee you have paid.
TurboTax Free is simply just that. You can file your tax return online using TurboTax and pay nothing ($0).
For simple tax returns, TurboTax Free offers the following:
- Up to 20 free tax returns per year.
- Tax filing on any device, including smartphones, via browser and iOS and Android apps.
- All CRA forms and schedules.
- Auto-fill my return to directly import your current year information from the CRA, e.g. T4 slips.
- Express Notice of Assessment (NOA) so you can immediately view your NOA after submitting your return using NETFILE.
- Submit your T1135 foreign income verification statement.
- Data security and protection.
- Ability to amend and re-submit your tax return from previous years.
- Access to community support.
TurboTax Free is very user-friendly, and the step-by-step process utilized by the software ensures that even those who are not technology-savvy can file a tax return online.
This is their most popular product. The TurboTax Standard edition is great for individuals, families, and student returns. Here’s what it offers:
- Searches through 400 available credits and deductions to maximize your return
- A step-by-step interview that automatically fills out your return
- All the benefits available through TurboTax Free, plus
- Access to one-on-one live assistance from a TurboTax specialist
- Easily transfer your tax information from previous years and enjoy the step-by-step guidance
- Store your tax return online for seven years
- Access to professional guidance on RRSP contributions, tuition, medical expenses, pension splitting, childcare expenses and other family benefits
TurboTax Standard costs $20.99 per return. You can save 15% by signing up here.
TurboTax Premier contains everything you find in TurboTax Standard and adds support for tax filers who earn income from rental properties and other investments. If you’re a Landlord or an investor, you will benefit from using TurboTax Premier.
TurboTax Premier normally costs $34.99 per return; however, you can get a 15% discount.
This package makes your life easier if you are a freelancer, earn income from multiple sources, or own a home-based business.
TurboTax Self-Employed is designed to help you utilize all the deductions relating to your business to keep more of your profits. If you use QuickBooks to manage your business income and expenses, it makes the process even easier.
TurboTax Self-Employed costs $44.99 per return; however, you can get it at a 15% discount.
TurboTax Live is a service you can choose to use if you want a tax expert to conduct a customized review of your tax returns.
If you feel that you may need an accountant but would rather save on the cost of an expensive CPA, this service is for you. The experts who assist you have several years of experience (an average of 12 years) and are thoroughly vetted by TurboTax for their tax knowledge and trustworthiness.
TurboTax Live is available seven days a week during the tax season (i.e. February to April) from 9am to 12 midnight EST (for English support) and from 9am to 9pm EST (for French support).
How To File Your Taxes Using TurboTax
TurboTax is built with the idea that everyone should be able to file their tax returns easily online.
To start, gather all your paperwork and sign up for TurboTax.
The software takes you through a short questionnaire to determine the forms you need to complete. Once your profile is completed, the rest is a guided step-by-step process that ensures you can get the maximum tax refund possible.
Before you submit your return, TurboTax checks that everything is good to go. The electronic submission of your tax return to CRA via NETFILE is immediate, and your tax refund is usually deposited in your bank account within eight business days.
TurboTax System Requirements
TurboTax is available on computers, tablets, and smartphones (both iOS and Android devices).
For computers, the following browsers are supported:
Microsoft Windows Computers: Google Chrome, Mozilla Firefox, Microsoft Internet Explorer, and Microsoft Edge.
Mac OS X: Google Chrome, Apple Safari, and Mozilla Firefox.
Ensure you have the latest versions of these browsers installed on your computer.
Benefits of TurboTax
Here are some of the reasons why TurboTax is considered one of the best tax software available:
NETFILE-Certified: TurboTax is certified by the CRA to use the 2021 NETFILE program and electronic tax return submissions.
100% Accuracy Guarantee: They guarantee that all the calculations carried out by the software are accurate. If you have to pay a penalty due to an error made by TurboTax, they will reimburse the penalty and any interest incurred.
Maximum Refund Guarantee: If you get a larger refund or pay a smaller tax through another tax software, TurboTax will refund your purchase price.
Auto-Fill My Return: TurboTax is compatible with the Auto-fill my return service, which makes it easy to import your 2019 tax slips from the CRA into your TurboTax.
Security: They use TLS encryption to protect your information. You can also set up additional multi-factor authentication for added security.
Available Canada-Wide: The tax software is for residents in all provinces and territories of Canada.
Access to Support: You can find answers to your questions through AnswerXchange or via live chat with a tax expert. On their website, you can also access tax return calculators and various tax tips covering different topics.
Audit Defense: If you are audited by the CRA, you can use TurboTax’s professional representation to manage your file. To utilize this service, you must purchase it with your package before submitting your return.
TurboTax provides an easy, efficient, and cost-saving way to file your online tax return for the 2022 tax year (i.e. 2023 tax season).
They offer a variety of tax preparation products that suit most tax situations, whether you are a student, employee, or self-employed.
TurboTax Standard, Premier, and Self-Employed are not free, but they guide you through a series of interviews that can lead to money-saving opportunities that far exceed the cost of the software.
If you don’t have time or just don’t want to prepare your own taxes, TurboTax Live offers a low-cost full-service tax preparation offering. You provide your information, and they take care of the rest.
Be sure to book this service early as it sells out when the tax return deadline becomes close.
TurboTax is offering significant discounts to readers of Savvy New Canadians. If you plan on using a paid TurboTax package, you can grab a 15% discount.
TurboTax Canada Review: How To File Your Tax Return Online
TurboTax Canada is the most popular tax software for filing tax returns online in Canada. Here’s how to file your 2022 taxes for free or get a 15% discount on a paid plan.
- 100% Accuracy Guarantee
- Maximum Refund Guarantee
- Auto-Fill My Return
- Available Canada-Wide
- Access to Support
- Audit Defense Available
- Options are limited for TurboTax Free