Tax season is rarely a fun time. None of us likes to fill out our returns and file them. However, it doesn’t have to be too hard, either. What you really need is help filing your taxes. But you don’t have to go to an accountant to get it done. If you have
If you have TurboTax, you can do your taxes on your own, for a relatively small cost. Here's what you need to know:
Features of TurboTax
TurboTax offers a number of helpful features. You start off by answering a few simple questions and entering basic information. Once you get underway, the answers to your questions indicate which forms you will need to fill in. TurboTax helps you fill in these forms quickly and easily. If you check that you have made RRSP contributions, TurboTax automatically finds the appropriate form for you to fill out. The same is true if you have investment income and business income.
One of the great features of TurboTax is that you have the ability to get more information and help if you need it. If you aren’t sure about something (such as a spousal contribution), a box pops up providing you with more information about what qualifies. It’s a very helpful feature that educates as well as helps you fill out your tax forms.
If you have further questions and need clarifications, you can contact TurboTax via live chat, email, or phone. This makes it easy to solve problems that you can’t figure out on your own. It’s also helpful that you can see your progress through the tax return and know exactly how far toward completion you are.
Another helpful feature of TurboTax is the ability to bookmark certain items. You can “flag” an item to return to later. You don't have to leave your return to look for what's missing, or try to find your place later. It's a great way to keep the momentum going and then find what you need and fill it in when you have time.
You can also benefit from the ease with which you can import last year's information into this year's forms. This reduces the amount of time it takes to prepare your tax return each year, as long as you keep using TurboTax.
TurboTax is also NETFILE certified, so you can file your return electronically. TurboTax comes with a satisfaction guarantee, so you can be sure that you get accurate results and the refund that is coming to you.
How Much Does TurboTax Cost?
There are two options with TurboTax. You can do a web-based TurboTax Online version (you can save your progress and come back to it later), or you can download the software or order the CD to install. The web-based options are a little less expensive than the software version.
You can start the process for free, and upgrade anytime if you need to. There is a completely free version of TurboTax that you can do online. However, it is extremely basic, and is ideal for those who don't have much in the way of needed forms or complexity of situation. Plus, it doesn't come with much support. On the plus side, though, it's possible to use the Free version on your phone or tablet, while other versions are best used on a desktop or laptop.
There are more options with the software version of TurboTax, even though they cost more:
- Basic: Simple returns that consist mainly of T4s and donations. This is only available as a download or CD. The cost is $14.99.
- Standard: For couples and families with more deductions, this is one of the most popular versions of TurboTax. You can get this for $19.99 online, or $34.99 for download or CD. You can enter investments in this version, but you don't receive extra support, so it can be a hassle.
- Premier: Add in investment and rental income support with this version. You will pay $34.99 for the online return, or $69.99 when you get it via download or CD.
- Home & Business: Self-employment income on top of everything else, which can be helpful if you are interested in reporting your side gig or full-fledged business. The online version costs $49.99, while the download or CD costs $109.99.
- TurboTax 20: This software is great for the all-out business owner. If you will file up to 20 returns, this can be a cost-efficient way to take care of your taxes, costing $129.99. It's only available as a download or CD.
If you only have one return, and it doesn’t get too complicated, it makes sense to use the web-based versions of TurboTax. It's important to note that the online prices are per return. That means that if you have multiple returns to file, you are better off getting the download, since those versions allow you to file between four and 20 returns, depending on the version you get.
TurboTax Review Bottom Line
TurboTax is a great option for many Canadian filers. It is priced reasonably, and it makes figuring your taxes fairly simple. The interview questions can get a little tedious for old hands at preparing their taxes, and if your taxes are really complex you might consider hiring an accountant or other tax professional for help. But, for the majority of Canadians, TurboTax will work well.