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TurboTax has four automated versions (Free Standard Premier Self-Employed) and two premium versions (Assist & Review Full Service) that include assistance and oversight from tax professionals. There have been a number of tax changes in the past tax year, especially with COVID-19, so make sure you take advantage of them all.

One thing I like about TurboTax is its tax-savings opportunities screen, which will list and describe any and all tax-savings opportunities available to the user.

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TurboTax also guarantees that its income tax software is error free-if you come across any errors that lead to a penalty with Canada Revenue Agency, TurboTax will cover the penalty with interest. TurboTax guarantees that you’ll get the biggest refund possible (provided you answer its prompts accurately) and it makes it easy to keep track of your refund amount by displaying it on the top left of the screen throughout the filing process. If you want to receive your refund faster (usually within 8 days), you can send your return via NETFILE, for which TurboTax is certified by the CRA. Once you’ve worked your way through the credits and deductions, you’ll do a final tax review to make sure your return is complete.Īfter finishing your tax return, you pay TurboTax and file with CRA. Some of these prompts may seem redundant, but answering them helps TurboTax figure out exactly what tax slips are necessary. donations to a charity, medical expenses, etc.). There are also sections that cover whether you’re a student, if you own real estate or other property, and that identify credits and deductions you may be entitled to (e.g. At the end of each interview section you can review the information before submitting, ensuring accuracy.Īfter completing this basic tax profile, you’ll answer questions about your income and RRSPs. If you filed your tax return with TurboTax last year, you can save yourself some time by transferring your personal and other important information that you entered previously (depending on the version you used). You’ll then be prompted for personal information to identify you, such as your first and last name, date of birth, SIN and home address. Do you have any dependents (children, family members with disabilities or elderly parents), etc.

For whom are you preparing the tax return (yourself, your spouse or someone else)?.

The interview will start with a few simple questions: When you return you’ll come back to your home screen, where you can switch between tax returns (if you’re working on more than one simultaneously) and view previous years’ returns as well. If you need to take a break during filing to gather information, you can save your place in the filing process and come back later. Once you choose the version of the platform most appropriate for you, TurboTax will walk you through its ‘interview’ process. If you’ve used a paid TurboTax version to file in previous years, you can sign in with your existing login information.

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For this review I chose the self-employed version, which has most of the same features as the other versions, plus some added questions related specifically to self-employment. The benefit of this is that you can give the platform a test run to see if you like it before committing.

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TurboTax adopts the business model where it’s free to try, and you don’t need to pay until you file. How Does TurboTax Compare to Competing Tax Prep Software?.

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