Filing tax returns through electronic platforms has become increasingly easier in recent years, particularly with new integration through the Canada Revenue Agency (CRA) website.
TurboTax is Canada’s most popular and best-selling income tax software, used by millions of Canadians for over 20 years. Owned by Intuit Canada.
If you’re considering filing your tax return online yourself, keep reading our TurboTax review below.
How much does TurboTax cost?
There are paid online versions on the website:
Standard: $19.99 to return
Prime Minister: $34.99 to return
Self-employed: $44.99 to return
For most people, the Standard package is enough.
The Premier Package is for you if you need advice on capital income and expenses, rental income and/or land expenses.
The Turbo Tax Self-Employed edition is designed for self-employed people and includes tips on reporting income and expenses. This is an ideal solution for home-based businesses and people working on the side.
Why is it worth using Turbotax?
TurboTax is one of the cheapest tax apps with the best features to make filing your taxes easier. Let’s take a look at some of their best features:
NETFILE certificate
Once you complete your tax return, it can be automatically submitted to the CRA for processing via NETFILE in TurboTax. NETFILE is CRA’s secure electronic tax delivery platform. This automatic transition means your refund will be received faster, sometimes within seven business days.
Comprehensive, built-in support system
An area where TurboTax excels is that there are many types of support available. Users gain access to an online forum, telephone support and training videos. Although the level of support you can access depends somewhat on the version of TurboTax you are using, support is always available, even with the free version.
TurboTax is very simple
About 50% of Canadians feel intimidated by the thought of filing their taxes on their own. Unless you’re an accountant used to seeing numbers, you certainly don’t think your quiet weekend should be spent manually generating a complicated tax return. TurboTax has created a very simple, easy-to-follow, step-by-step tax filing process.
CRA will automatically complete my return
Automatically collects all available tax stubs on your TurboTax return, so you’re logged in to My CRA Account and don’t have to enter data manually. Contains separate sections for T3, T4 and T5.
TurboTax Help & Review
While most people can file their tax return without any help, you also have the opportunity to check your tax return before filing with real tax advisors. It costs $69.99 and helps ensure you get the best bang for your buck. The price is slightly higher for self-employment returns at $84.99.
Full TurboTax support
TurboTax Full Service has your back if you choose a professional option to file your return but want to file it online. For $99.99, simply submit your tax documentation and you’ll have access to a TurboTax specialist who will handle your return from start to finish. Business owners can pay $179.99 for the same service.
Secure software
The creators of TurboTax made sure that the software’s security was of high quality. It has multi-factor authentication and data encryption to protect your privacy. Your private data is safe!
Additional resources
There are many other tools on the TurboTax website, including an updated blog, tax and refund calculators, self-employed expense report calculators, tax tips and more.
Is it worth using TurboTax?
You can file all provincial and federal returns for free if you have a simple return. Turbo Tax is owned by Intuit. Intuit is also the company behind QuickBooks and the Mint group. All three programs fall under Intuit.
If you’re still unsure about TurboTax, consider how valuable your time is. Find out what version of TurboTax you need and how many add-ons you’ll need.
Try the software for free. You don’t have to pay anything before you’re ready, so you can see exactly how much the company is charging you before you make a decision.
In 2020, TurboTax will continue to be the number one tax return software option in Canada. The combination of unique features, extensive support systems and a highly intuitive user interface makes it impossible to beat. TurboTax Free is for everyone – from students to tax professionals. Check TurboTax if you haven’t paid your taxes yet.
