Understanding the cost of TurboTax Canada can feel like navigating a maze, especially with different versions, online vs. desktop options, and varying features. This comprehensive guide will break down "how much is TurboTax Canada" and help you choose the right solution for your tax needs.
Step 1: Ready to Conquer Your Taxes? Let's Find Your Perfect TurboTax Fit!
Before we dive into the nitty-gritty of pricing, let's figure out what you need. Are you a simple T4 earner? Do you have investments, rental properties, or a thriving side hustle? Knowing your tax situation is the first, crucial step to understanding which TurboTax Canada product is best suited for you and, consequently, its cost.
Step 2: Deconstructing TurboTax Canada: Online vs. Desktop
TurboTax Canada primarily offers two main ways to file your taxes:
TurboTax Online: This is a web-based service, meaning you access and prepare your taxes directly through your internet browser. It's convenient for filing from anywhere with an internet connection.
TurboTax Desktop (CD/Download): This version is installed directly on your computer. It allows you to prepare taxes offline and often includes multiple returns, which can be cost-effective for families.
The pricing structure and available features can vary significantly between these two platforms.
Step 3: Understanding the Different TurboTax Online Editions and Their Costs
TurboTax Online typically offers several tiers, each designed for different tax complexities. Prices can fluctuate throughout the tax season, with early bird discounts often available. Here's a general breakdown of the common editions and what they typically cover (note that exact pricing for the current tax year, 2025, may be finalized closer to tax season, but these ranges provide a good estimate based on previous years):
Sub-heading 3.1: TurboTax Free
Cost: Free!
Who it's for: Individuals with very simple tax situations. This usually includes:
Employment income (T4 slips)
Pension income
RRSP contributions
Child care expenses
Unemployment (EI) and social assistance
What's typically included: Basic income reporting, deductions like RRSP contributions, and access to Auto-fill My Return (downloading tax info directly from the CRA). It's a great option if you have straightforward finances.
Sub-heading 3.2: TurboTax Standard (or Basic/Deluxe Online)
Cost: Generally in the range of $20 - $40 per return.
Who it's for: Individuals with slightly more complex situations than what the free version covers, but still relatively straightforward. This might include:
Donations
Medical expenses
Dependents
Some common credits and deductions not covered by the Free edition.
Key features: Step-by-step guidance, optimization for certain credits, and accuracy guarantees.
Sub-heading 3.3: TurboTax Premier (or Deluxe/Premium Online)
Cost: Typically ranges from $40 - $70 per return.
Who it's for: Individuals with investments, rental property income, or more varied income sources.
Key features:
Guidance for stocks, mutual funds, bonds, and other investments.
Support for rental property income and expenses.
Often includes Donations Optimizer and Pension Optimizer (if applicable).
Access to more specialized deductions and credits.
Sub-heading 3.4: TurboTax Self-Employed (or Home & Business Online)
Cost: Usually the most expensive online option, ranging from $70 - $100+ per return.
Who it's for: Freelancers, independent contractors, small business owners (sole proprietors), and anyone with self-employment income.
Key features:
Specialized guidance for reporting business income and expenses.
Helps maximize industry-specific deductions.
Support for home office expenses, vehicle deductions, and more.
Often includes tools to simplify reporting of T4A and 1099-NEC income (if applicable).
Sub-heading 3.5: TurboTax Assist & Review (Live Assisted)
Cost: Can range from $70 - $150+, depending on the complexity of your return and the time of year.
Who it's for: Those who want the convenience of filing themselves but desire expert help and a final review of their return.
Key features:
Unlimited expert help via chat or video as you prepare your return.
An expert reviews your return before you file to ensure accuracy and maximum refund.
Often includes audit support.
Sub-heading 3.6: TurboTax Full Service (Expert Does Your Taxes)
Cost: This is the premium service, with prices often starting around $150 - $400+ or more, depending on the complexity.
Who it's for: Individuals who prefer to hand off their taxes entirely to a professional.
Key features:
A dedicated tax expert prepares and files your return for you from start to finish.
Maximum refund guaranteed and audit protection.
Peace of mind knowing your taxes are handled by a professional.
Step 4: Exploring TurboTax Desktop Editions and Their Costs
TurboTax Desktop products are a one-time purchase and often allow for multiple returns (e.g., 8-12 returns), making them a good value for families or those who file for others. Prices for desktop versions can vary by retailer and sales.
TurboTax Basic Desktop: Similar to the online Free/Standard, for simple returns (T4s, RRSPs). Often costs around $20 - $40.
TurboTax Standard Desktop: Offers more features than Basic, suitable for slightly more complex situations with some deductions and credits. Typically priced around $40 - $60.
TurboTax Premier Desktop: For individuals with investments (stocks, mutual funds) and/or rental properties. Generally costs around $60 - $90.
TurboTax Home & Business Desktop: The most comprehensive desktop version, designed for self-employed individuals and small business owners. Usually ranges from $100 - $150+.
Keep in mind: Desktop versions are typically purchased as a software download or physical CD. Updates for the tax year are usually included, but future year's software requires a new purchase.
Step 5: Factors That Influence TurboTax Canada Pricing
Several elements can impact the final price you pay for TurboTax Canada:
Your Tax Situation Complexity: As outlined above, the more intricate your income sources and deductions, the higher the edition you'll likely need, and thus, the higher the cost.
Time of Year: TurboTax often offers early-bird discounts at the beginning of tax season (January/February) and may increase prices as the tax deadline approaches (April 30th).
Promotions and Discounts: Keep an eye out for special offers from TurboTax directly or from retailers like Costco, Staples, or Best Buy. These can significantly reduce the cost.
Online vs. Desktop: As discussed, the pricing models differ. Online is typically per return (except for Full Service), while desktop is a one-time purchase for multiple returns.
Add-on Services: Features like Audit Defence or specific tax advice beyond the scope of your chosen package might come with additional fees.
Provincial Taxes: While federal taxes are covered, some provinces might have specific requirements or forms that could influence the recommended TurboTax version.
Step 6: Making the Right Choice: Which TurboTax Canada is for YOU?
Choosing the right TurboTax version is essential to avoid overpaying or, conversely, not having the necessary features.
Analyze Your Income Sources: Do you just have a T4? Or do you have T4As, T3s, T5s, T2202As (tuition), self-employment income, or rental income?
Identify Your Deductions and Credits: Are you claiming medical expenses, donations, childcare, or home office deductions?
Consider Your Comfort Level: Do you want to do it all yourself, or would you prefer expert assistance or even have someone else handle it entirely?
Budget: While you want the right features, also consider what you're willing to spend.
Pro-Tip: Many TurboTax online versions allow you to start your return for free and only pay when you're ready to print or file. This is a great way to explore features before committing financially.
Frequently Asked Questions (FAQs) About TurboTax Canada Pricing
Here are 10 related FAQ questions, all starting with "How to," along with quick answers:
How to get TurboTax Canada for free?
You can get TurboTax Canada for free if you have a simple tax return consisting mainly of employment income (T4s), pension income, RRSP contributions, or EI/social assistance. TurboTax offers a "Free Edition" online for these situations.
How to know which TurboTax Canada edition I need?
To know which TurboTax Canada edition you need, assess your income sources and deductions. If you have investments, rental properties, or self-employment income, you'll likely need a higher-tier paid version like Premier or Self-Employed. For basic T4 income, the Free or Standard edition might suffice.
How to find current TurboTax Canada promotions?
To find current TurboTax Canada promotions, check the official TurboTax Canada website, major retailers like Costco, Staples, and Best Buy, and look for tax season sales (often in January-April).
How to save money on TurboTax Canada?
To save money on TurboTax Canada, file a simple return with the free version, buy desktop software (if you have multiple returns), look for early bird discounts, or purchase during sales events.
How to upgrade my TurboTax Canada edition if my tax situation changes?
If your tax situation changes and you need a higher edition, TurboTax Online typically allows you to upgrade seamlessly within the software as you enter more complex information. The system will prompt you if a different edition is recommended.
How to pay for TurboTax Canada?
You can pay for TurboTax Canada online using a credit card or, for some versions, deduct the fee from your tax refund (additional processing fees may apply for this option). Desktop versions are paid for at the time of purchase from a retailer.
How to use TurboTax Canada Desktop for multiple returns?
TurboTax Canada Desktop editions often come with a license for a specific number of returns (e.g., 8 or 12). You simply use the installed software to prepare each return, and it counts against your available returns.
How to get expert help with TurboTax Canada without paying for Full Service?
To get expert help with TurboTax Canada without paying for Full Service, consider the TurboTax Assist & Review option. This allows you to prepare your own taxes with the benefit of unlimited expert support and a final review before filing.
How to re-file my taxes with TurboTax Canada if there's an error?
To re-file your taxes with TurboTax Canada if there's an error, you can typically use the ReFILE service directly within the software (if eligible and for the current or recent tax years). TurboTax will guide you through the process of amending your return.
How to import last year's tax data into TurboTax Canada?
To import last year's tax data into TurboTax Canada, if you used TurboTax previously, the software usually offers a year-over-year transfer option. You can also use the CRA's "Auto-fill My Return" service to import slips directly from the CRA.
