Once again, tax season is upon us, and I’m pulling out the TurboTax to file my return. A couple of years ago, Intuit rebranded the Canadian tax software from the previous QuickTax name. This was done to align all Intuit global tax programs under the TurboTax name. So, if you are wondering what happened to QuickTax, the answer is this: It’s now TurboTax. Same program from the same company.
TurboTax Review
While only so much can change with tax software from year to year, TurboTax does make improvements each year, and it’s important to realize that tax law changes as well. As usual, TurboTax has upgraded its step-by-step guidance, including better tracking of where you’re at while filling out your return. (You should also know that TurboTax is NETFILE certified so you can file your return quickly and easily, and get your refund faster.)
I have been using TurboTax for a couple of years, and have found it useful. One of the most useful features is the ability to flag pages to easily come back to them later. This helps me as I often find myself missing some number or piece of paper. Instead of trying to find the appropriate place in the program again or pausing for an hour while I try to track down the right information, I just flag it and move on to the next step. When I get what I need, it’s easy to return the problem place.
TurboTax Versions
TurboTax Standard is likely to cover the needs of most Canadians, and is reasonably priced at $39.99. In fact, I almost missed a deduction once, and just getting that helpful advice more than made up the cost of my outlay. For those with average tax returns, particularly families and couples with a fair amount of deductions, the Standard version is likely to be your best bet.
If you have a very simple tax return, you can use the Basic version of TurboTax for $19.99. I’ve never tried it but it appears to be stripped down to a walk through for just T4s and donations. It can be an upgrade from doing your taxes on paper, and you get the NETFILE option. However, if your taxes are really that simple, you might also consider the lower cost UFile or even the free StudioTax. You won’t get the same level of personalized help preparing your return, but if your taxes are simple (or if you are very experienced) these other options can benefit you and save you money.
Other versions for those who have more complicated taxes include:
- Premier: Get tax help with investments and rental properties. If you have investment income, this is the software to get, although it will cost you $69.99.
- Home & Business: Do you run a business? This version of TurboTax includes everything from the Premier version, and adds functionality to help you maximize your business deductions and expenses. You will pay $99.99 for this software, and it can be ideal for the home business owner.
- TurboTax 20: If your business has taken the leap beyond being “just” a home business, this version of the tax software. You can file up to 20 returns with TurboTax 20, for the cost of $129.99. If you need help navigating the tax landscape, and you will file multiple returns, it can make sense to pay the cost for this version.
It is worth noting that the Standard version can handle investments and business income and expenses. So, if you are fairly knowledgeable about taxes, there isn’t a need to upgrade. You won’t get any wizards or optimizers for investment/rental/business income and deductions when you use the Standard version. If you know that you will have questions, and you want the extra help, it makes sense to upgrade. You can compare TurboTax versions on Intuit’s site.
I recommend TurboTax and continue to use it to prepare my family’s taxes. It’s a great program and worth the money if you want the smoothest experience while doing your taxes.
TurboTax 2012 Review for TurboTax Standard and Basic,
I’m probably gonna go with that package when I do my taxes. I haven’t really decided yet but I better decide soon.
I have used the Intuit program since I started on line filing about 10 years ago. Old name Quick TAx.
I have nothing but praise for the product and for years now it connects seamlessly with Ottawa and the refund is in the bank in days.
Earlier problems were likely at K1A. :>)
For the past two tax years, I have come across a problem with QuickTax/TurboTax that could penalize large charitable donors. If you make charitable donations that create a non-refundable tax credit that exceeds your tax payable, there is no warning from TurboTax. Unless you go in and manually carry over a portion of the charitable donations to a later year such that you use only the non-refundable tax credits you need in the current tax year, you will lose the excess non-refundable tax credits forever. I found this out last year when I added in one final charitable receipt and the refund did not increase. In determining why that happened, I discovered that I was about to lose non-refundable tax credits that I could save by deferring charitable donations to a later year. I have no problem with the tax rule – the point is that TURBOTAX GAVE NO WARNING that this was happening. I would think it would be easy to incorporate this into the program.
Here in the USA we have efile not Ufile but it might be
similar. The program allows people to file taxes electronically and TurboTax is one of the options to use. Unfortunately, it is only free for Federal taxes so people have to pay for the state return or file that with pen and paper. I recommend to my friends to just upgrade to the home and business deluxe version because it is much more comprehensive.
I have used QuickTax for as long as I can remember – likely 1996 – and have used Turbotax for the last year (or two?) . Anyway, I cant imagine a worse product. It honestly sucks. QuickTax used to let you go the line numbers and see forms.. I cant find out where to put my T1204 (box 84) if my life depended on it. No, I am looking for something else this year. I have a PhD in maths and have loved doing my own taxes.. but this software is possibly the worst I have ever come across.
I got tired of the spam and will probably be attempting to get a refund.
Every year this software gets worse. From text on a 24″ monitor that is so small you can barely see it to a more ridiculously confused interface each year for the last twelve years I swear I will do my taxes on the paper forms. It would be much easier. I have never beenone to like fully automatic software when problems arise but…
This year I got roped into spending almost $40 to use the auto-calc pension splitting version. Last year it was included in the cheap package but an incorrect slip from my previous employer had already been put through, on it. Well TurboTax can’t do correction submissions and after using it to calc the best pension split I submitted the result by hand. Next thing I get back bills from the governement to pay more taxes! Turns out that TurboTax forgot some of my slips on the new calculation and calculated using old totals before some of the slips were entered. I reviewed this for days trying to figure out what happenned only to find some slips that I verified, as entered were forgotten in the latest save.
This year (2011) I have entered all my slips into their fancy, easy entry, method and finally gave up with the confusion, and self promotion spam included, having to guess what deduction slip entries I would make. I saved the files and exited out of TurboTax, then reopened to see if I would get a fresh choice of the entering slips method, instead. Eventually I found the menu to switch and now all my entries are gone. Two complete tax returns filled with zeros! Again TurboTax didn’t save the latest information to the file I had designated.
This thing has no recollection of carry forward or carry backward investment losses from other years and each year it has to be re-entered, after you find your income tax forms from 2003 to 2010. I hope you have them all in printed form, ’cause not likely you can ever open your old files…assuming you have never had a computer crash in the last seven or eight years. Old versions are nt assessible from the latest version and the old versions don’t install in Win 7 due to poor code writing habits from these guys.
Assming you get past all these hurdles you will have to put up with Intuit’s spamware on every third page asking you to buy one of their products. After the experiences I have had with this “junk” I wouldn’t touch another Intuit product if it was free. I have been looking for other Tax prep software companies, for the last few years, but Intuit owns them all. All other have been purchased and shut down. hmmmmm… H&R just got involved. Next year I will be looking or just do it by hand with a calculator! I was always good with math anyway.
I have been thinking of getting the deluxe version to do my own taxes but after reading this and some of the comments I am not so sure. I run a small part time business so its a bit more complicated. Now may just get it done professionally as usual for peace of mind!
Of all the software out there, Quick Tax is probably the best for “normal” tax returns.
My wife and I have a few T4′s each, T5′s for our investments, some deductions for the kid, Home Buyers Tax Credit, charity donations, and a little bit of Tuition credit left from our university days.
If you’re any more complicated than that, I’d suggest going to a tax professional (a real accountant, NOT one of those mall front places that mushroom up at this time of year)
I used QuickTax and now TurboTax for about ten years with no problem, until this year. When I filed a few weeks ago, TT told me I would get a refund from Quebec of about $850. The other day I got the notice of assessment telling me I owe nearly $1400! I contacted TT customer service. They want me to send my stuff so they can check it. Their English isn’t very good and their instructions, while clear, aren’t working. I am losing confidence in them.