This TurboTax review provides insight into the TurboTax software for taxation.
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Last Updated: Mar 23, 2023
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Taxes are mandatory payments that the government levies on business profits and workers’ income. However, the filing process can be somewhat daunting. But software like TurboTax streamlines the procedure.
TurboTax is a tax preparation, accounting, and financial software provider. It is one of the most popular tax filing options in Canada.
This popularity largely comes from the variety of features it provides to users. Since the brand has been around for almost 40 years, it has built a good name for itself, which makes it easy to recognize.
With the invention of software like TurboTax, filing taxes no longer has to be a bother. The interface provides users with easy-to-navigate features, thereby eliminating the need for an accountant. You can easily file your taxes online using TurboTax and submit them directly to the Canada Revenue Agency.
Irrespective of your experience with tax preparation, Intuit TurboTax is a great do-it-yourself option. It could also prove helpful for debt repayment or checking credit scores. Moreover, it is presented in an interview format with live, on-screen support options.
Many Canadians use the popular tax preparation software TurboTax. One of the best things about it is that you can import your previous tax information into it.
This feature goes a long way toward easing the stress of bookkeeping. Even though it’s a bit pricey, the features and ease of use make it worth the extra money.
TurboTax provides top-notch customer service, which can be accessed via email, phone, or chat. It is easy to use, with a clean interface that makes self-navigation possible.
The software supports the automatic filling out of fields by uploading your T4 or T5.
The best features of TurboTax are available only in the paid version, and getting the paid version is relatively expensive. Furthermore, the software sometimes fails to load.
Additionally, it seems like bots are responsible for its high rating.
TurboTax is considered to be one of Canada’s top tax software programs. Here are some features that make it number one on the list:
The software provides a built-in support system that integrates into its community forum. You can access training videos, phone support, and an online forum. The support provided focuses on further simplifying the process for you.
The downside of this feature is that the level of support available depends on the edition of TurboTax.
This is another great feature available on the software. You can reduce the time spent doing taxes by granting TurboTax permission to gather necessary information from your CRA.
This way, you reduce the stress of manually adding slips and documents to your file, making things easier.
There is a 100% guarantee that your tax will be filed with absolute accuracy. If a miscalculation results in a penalty charge, you get a reimbursement, including the penalty charge and interest.
This feature focuses on helping you maximize your tax refund. The RRSP Optimizer does this by showing you what would happen to your tax refund if you put in different amounts.
In the long run, it influences your decision on how much to contribute to your RRSP.
TurboTax is certified by CRA NETFILE. Hence, you can safely submit your tax directly to the CRA online. This integration guarantees a quick refund, provided you set up a direct deposit.
A tax professional is available to deal with the CRA if the agency audits a user’s submission. Professional intervention may help ease the users’ tension.
Data on TurboTax is encrypted, and the app requires a multi-factor authentication each time you log in to your account. Be rest assured that your sensitive information will always be protected on TurboTax.
TurboTax offers different levels of service, each available at different prices. It also has an instant refund ticker, which lets you see the amount to be refunded at all times.
It also reflects the amount owed and informs you of all possible deductions you can make.
TurboTax lets users switch between using a desktop, mobile phone, or tablet quickly and securely. Because of this feature, it’s easy to pick up where you left off, no matter what device you’re using.
All TurboTax reviews show it comes in four major versions, and their variations are not too significant. The differences between them focus on certain functionalities. However, each has a different price.
TurboTax Free is most suitable for Canadians without complicated tax situations. If you don’t need the benefits of the paid version, the free version can handle your taxes. There are no hidden fees; it is certified with NETFILE and can take on up to 20 returns annually.
Furthermore, it can take care of students’ credits and offer the best refund. There is a tracker for instant rebates, which helps you navigate through the process. Also, this version provides COVID benefits, RRSP contributions, and repayments. But it can’t handle self-employment, investments, and rental income.
TurboTax Standard is also known as TurboTax Deluxe. It includes all of the features in the free version and other benefits.
It allows you to maximize more tax credits and deductions, like employment expenses, donations, and medical fees. You are also able to transfer data from the previous year.
Turbo Deluxe searches through 400 credits automatically to give you options. This allows you to identify the opportunities to save tax and find the lowest due amount (the best refund). It goes for around $140, depending on your province in Canada.
Under the do-it-yourself option, the federal return cost for this version is $39, and $39 is the state return cost. The TurboTax Assisted option has a federal return cost of $89 and a state cost of $49.
The state return cost for the full-service option is $49, while the federal return costs $219.
Aside from the features in the free version, the Deluxe version adds:
If you have investments or rental properties, TurboTax Premier is the perfect version for you. Investments, in this case, cover bonds, stocks, mutual funds, and cryptocurrency. This version of TurboTax can help you handle foreign income. It also covers capital losses and gains.
As a bonus, it comes with tax optimization features from the Standard version. This addition ensures that you get the best results possible.
The federal return cost for the do-it-yourself option is $69, and the state cost is $39. For TurboTax Assisted, the federal return cost is $139, and $49 is the state return cost. The full-service option costs $49 for state returns and $329 for federal returns.
Besides the features in TurboTax Deluxe, the Premier version adds:
TurboTax Self-Employed is the version for you if you are self-employed, have a full-time job, or have a part-time side hustle.
It allows you to search for deductions that are specific to your industry to get you the best tax option. The work that the TurboTax Self-Employed version covers goes from ride-sharing to online sales to real estate.
Furthermore, an online interview can help you determine your expenses and income.
The federal return cost in the do-it-yourself option costs $89, while the state costs $39. The TurboTax Assisted option costs $169 for federal return and $49 for the state return cost.
Full-service option carries a federal cost of $359 and a state cost of $49.
Keeping aside the features of TurboTax Premier which it includes, the TurboTax Self-Employed version also includes:
These are options that can assist you while filing taxes:
TurboTax has an in-built community that provides answers to questions asked by users. Perhaps you have a question peculiar to your experience; someone else has likely had a similar experience.
This increases your chances of finding an answer to your question on the community platform.
You’ll find answers to these questions from tax experts and TurboTax customers alike. And as an added benefit, the community feature is available even on the free version of TurboTax.
This feature is available only on the Deluxe, Premier, and Self-Employed versions of TurboTax. Users can call TurboTax on working days from 9 in the morning to 6 in the evening EST.
Users can opt for two language choices, namely French and English.
There are several alternatives to Intuit TurboTax available to Canadians. Maybe TurboTax isn’t well suited to you; you can try a few others. Here are a few suggestions
Wealthsimple Tax is another software program you can consider. It ranks as one of Canada’s top-ranked free tax software programs because it offers a wide range of features at zero cost. The software interface is aesthetically pleasing. Plus, users can complete the entire tax return process on one screen.
Using this, you can handle investments, rental income, and even self-employment.
H&R Block is another popular tax software, and it is somewhat similar to TurboTax, though TurboTax is relatively more expensive. The similarity hinges on both software’s offering more features and added support in their paid versions.
Using the paid version of H&R Block, a tax professional can review or complete your tax return. The self-employed feature is an advantage that TurboTax has over H&R Block. The self-employed feature makes the process of tax filing for business owners easy.
This is yet another free tax software program available to Canadians. GenuTax is NETFILE-certified software that can handle most tax situations, even complex returns. It provides users with stepwise guidance and has the “auto-fill my return” feature.
The only problem with GenuTax is that it only works with Windows 7 and later versions. The software is neither available for mobile devices nor for MacBook users.
If you are looking for paid yet cost-friendly software, AdvTax just might be the best option. It is a NETFILE-certified tax filing software available in free and low-fee versions. One of the most interesting things about it is that it lets low-income people get a free tax return.
CloudTax is yet another one of many NETFILE-certified tax filing softwares. However, the software doesn’t work in some Canadian regions, such as Québec, Nunavut, the Yukon, and the Northwest.
CloudTax is available in both the free and paid versions, though the free version is limited to basic tax returns.
The paid version caters to rental income, investment income, and self-employed tax returns. And as is common with a lot of tax filing software, CloudTax also offers support to users.
Creating an account with TurboTax in 2023 is relatively straightforward. In just a few steps, you can comfortably create yours. Here’s an outline of the simple prompts you need to follow:
Many people in Canada trust TurboTax, which is probably the best tax preparation software available. No matter your tax situation, you will likely find a feature that makes it easier to file your taxes.
If the free version doesn’t have what you’re looking for, you can easily switch to the pro version. This TurboTax review gives a clear and comprehensive picture of what the software entails.
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Though relatively expensive, TurboTax in 2023 ranks as one of the best software for tax filing. It offers a wide array of features that simplifies the tax filing process, presenting it in a quality user interface. One of its most attractive features is the availability of added support and the possibility of getting professional help.
Users of TurboTax need not worry about the safety of their data. This is because the software encrypts data on its server and requires a sign-in process with more than one form of authentication. Data sent to the CRA via the software is also encrypted. In addition to the aforementioned, TurboTax is CRA-certified, which increases the security of the data stored on the software server.
Yes, Intuit TurboTax Canada is one of the top tax services trusted and used by many Canadians. You can easily file your Canadian tax with no hidden charges by following simple, stepwise prompts. The software does the math for you and stores your information on the TurboTax server so that you can get to it easily.
TurboTax is certified by the Canada Revenue Agency (CRA) and is recognized by the Canadian government. This shows that Intuit TurboTax is legitimate tax software and not a fraud site.
Yes, getting the premium version of TurboTax is definitely worth it. This is because the premium version lets you access certain awesome features that are unavailable in the free version. You’ll certainly get value for your money using TurboTax Pro.
It usually takes 48 to 72 hours for your tax return to be accepted. If it takes longer, it’s likely because extra time was needed to check your personal information. This is to ensure that your details match their records.