TurboTax is one of Canada’s most popular tax preparation apps. It’s been around for years, is backed with some solid guarantees, is simple to use, and really takes a lot of the pain out of doing your taxes.
As an added bonus it simplifies the whole process by importing previous years’ tax data, and it helps maximize your refund by automatically searching for tax credits you may not realize you qualify for.
TurboTax features
Here’s a quick rundown of TurboTax’s main features.
Why You Want It
Fast, easy tax filing + 100% accuracy guarantee + 20% off your purchase.
Special Features
- Maximum refund guarantee
- Auto-fill available
- Promo: Get up to 20% off your TurboTax purchase
Eligibility
- Canadian citizen
Provinces
ALL
Features
Fee Per Basic Return
$20.99
Free Version Available?
Requirements For Free Version
- Have a simple return
- Comes with limited features
Import Prior Year Data?
Import Prior Year Data From Another App?
Free Support Available?
Accuracy Guarantee
Mobile App?
Access To Tax Expert
TurboTax product rating: 4.0 stars
TurboTax is one of Canada’s most popular tax preparation apps for a reason. It’s super easy to use, imports your previous tax data, keeps running total of your balance while you’re working (saving any nasty surprises at the very end), and has a number of excellent guarantees.
TurboTax scored a perfect score for its import options, NETFILE integration, and excellent guarantees.
It does lose a few points on price, however. Since some competing products are free, we had to knock off a few points for this.
Rating methodology
Our ratings system is pretty simple. We look at all of the product’s features and assign each a score out of 5, depending on how we feel a product scores in that category and against its primary competitors. We then average those together to come up with a final score out of 5.
Learn more about our rating methodology.
The pros of this tax software
TurboTax has some features that make it worth a second look.
Pros
Import options
TurboTax will import both previous tax data (if you used TurboTax last year), and your T4 information directly from the CRA. The convenience of this is incredible and can save you a ton of time.
Real-time refund / owed amount
One of our favourite TurboTax features is their "instant refund ticker", which is simply a running total of your current refund / owed amount that is displayed prominently as you are doing your taxes. It might not sound like a big deal, but having that information available as you go saves you having a (possibly nasty) surprise when you’re finished. It’s just a really nice feature.
Easy online filing
When you’re finished doing your taxes, TurboTax has a super simple one click filing option that will send your tax return to the CRA electronically. Again, the convenience of this is great, although it’s sort of a standard feature for most tax preparation apps these days.
Instant confirmation, fast refunds
Because TurboTax is NETFILE certified, you instantly receive confirmation from the CRA that your tax return has been received. And because your return goes directly into their system, you could receive your refund in as little as two weeks.
4 guarantees to help you feel secure
TurboTax also puts its money where its mouth is. They have 4 guarantees: maximum refund, 100% accurate calculations, 100% accurate expert guidance, and a satisfaction guarantee, all of which they back with actual money. They’ll not only give you a full refund, they’ll also reimburse you for any penalties you pay because of an error they have made.
Good security practices
TurboTax offers multi factor authentication, encrypted data storage, and encrypted transmission of your data to the CRA. It is as secure as something can be on the internet.
The cons of this tax software
Cons
Standard $20.99 price tag
The standard version of TurboTax is $20.99 per return, which is higher than average. And if your tax situation is at all complicated or if you want some professional help, the price goes even higher.
TurboTax alternatives
So how does TurboTax measure up to some of its main competitors?
 |  | |
|---|---|---|
| Account | H&R Block | Wealthsimple Tax |
| Genius Rating | ||
| Why You Want It | Save 25% on your tax filing through moneyGenius. | Easily file your taxes for free + Get a 100% accuracy guarantee. |
| Fee Per Basic Return | $0 | $0 |
| Free Version Available? | | |
| Requirements For Free Version | See Issuer for Details |
|
| Import Prior Year Data? | | |
| Import Prior Year Data From Another App? | |  |
Show More | ||
| Apply Now See more H&R Block products Compare | Apply Now See more Wealthsimple products Compare |
FAQ
Is TurboTax free?
There is a free version of TurboTax but it is a little limited, best for the simplest returns only, and does not allow you to import previous years’ tax data.
Does TurboTax have an accuracy guarantee?
TurboTax does have an accuracy guarantee, that they back up with a full refund and penalty payment reimbursement.
Is TurboTax safe to use?
TurboTax is safe to use. It encrypts the data it stores on its servers, encrypts any data it transmits to the CRA, and includes multi factor authentication for user accounts.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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