Fairly easy to use and straight forward, a bit complicated when it comes to capital gains and carrying forward capital losses other than that a breeze.
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The software is fairly easy to use and enables you to complete your return in minimal time. It is also easy to review and ensure everything has been entered correctly. There are a few areas where it is alot of data input, for example, if you have a large number of donations.... that can be time consuming to enter them all due to the set up of the input screen... otherwise very easy to work through. One drawback is that I can currently only use this for my wife and children as I earn income in more than one province and Turbo Tax does not has a form T2203 included to complete that part and enable e-filing so I have to manually create the schedule and file a paper version for me...
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I have been using Turbo tax for the las 12 years no started with the basic and now with the premier. Has always made my filing simple.
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Having used Turbotax standard for many years, this year tried the premier version. I am retired with no ability to contribute to rrsp's. the added features that were proclaimed while working through this version did not merit the additional cost. I would have still been able to complete my return using the standard version.
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Mostly easy to use but hard to get questions answered
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I use this for personal taxes, including investments, for myself and my wife. The income part is very straight forward, the investment is more complex and, for me, it means going into forms and then back again to EasyStep. This works great but it leaves you with questions in your mind that can only be answered in Forms. I found no errors in the software and will look forward to using it again - as long as my 81 year old eyes will do it.
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I found te process of filing my taxes very easy with Turbo Tax. There were a few concerns: a proper T4A form appeared to be missing...T4A(LIF)..... Printing was a problem....even indicating that unused forms were not to be printed they were in fact printed... One has to keep well focused at all times as the process is not fool proof....but then it probably can't be as there are so many combinations and permutations that need to be addressed. One problem I encountered was that were an entry was not to exceed a previous entry the program allowed te excess entry, it caught it later on the review prior to filing but led to a distortion of the results until te final filing.
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I find it quite straight forward on all my entries
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it all worked out ok, but could have used Turbo Tax basic, only bought the Premier edition to explore be prepared for the 2022 tax season where there will be buy/sell stocks and dividends to consider(would have given 5 stars if look-up info on T777 vehicle depreciation was better)
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I was glad i finally got this years turbo version to work i had forgotten i bought online version as new laptop not have Disk drive so in error i bought disk again then took month to figure i had purchased online prior year be better if Intuit reminds purchasers they bought last year and maybe provide discount for continued service
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this is the best tax return tool I have ever used.
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Prior Tax Prep Method:Used a tax preparation service (such as H&R Block)
Student:I'm not a student
Overall:
4/5
14727Reviews
Date:Apr. 10, 2022
Complex
Tax returns are simply complex. I have used Turbotax for many years. I did not find the help section as useful as in the past.
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This program is very helpful when encountering the confusion that is CRA's website.
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Have been using for years and never had an issue with the CRA.
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I've been a TurboTax client for years and don't have any concerns doing my filing using this app. The software install and easy-step processes are well thought out and seamless for the end user.
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Misleading treatment by Turbotax Premier of foreign withholding tax on foreign dividend income in the Foreign Tax Credits Worksheet
My wife and I have dividend income from shares of foreign (Swiss) companies, which are held in custody at a Canadian bank. This income is subject to the Swiss-Canadian tax agreement, according to which the Swiss Government is entitled to levy a 35% withholding tax on such dividend income, whereas the CANADIAN GOVERNMENT AGREES TO GRANT A 15% FOREIGN TAX CREDIT, while subjecting the remaining 20% to Canadian income taxation.
The Canadian bank declares both the dividend income and the tax withheld on behalf of the Swiss tax authorities in the T5 slip (Statement of Investment Income), which is copied to CRA.
Upon importing tax slip information from CRA, Turbotax, in the Foreign Tax Credits Worksheet, automatically not only – correctly – lists the entire 35% dividend income under Investment Income (under Foreign Non-Business Tax), but it also - misleadingly - lists the entire 35% dividend income under “Excess tax paid” (Section 20(11)), thus ‘granting’ in effect a 35% Canadian foreign tax credit (in contravention of the Swiss-Canadian tax agreement) !
The core of the problem is that Turbotax automatically and indiscriminately ‘grants’ a Canadian foreign tax credit for the entire amount of foreign tax paid !!
There are two possible solutions:
SOLUTION A TURBOTAX SHOULD – MINIMALLY - ADD AN EXPLICIT WARNING IN THE FOREIGN TAX CREDITS PANEL that 1) the income amount automatically entered under “Excess tax paid” may not be justified and may indeed have to be overridden by $0.00, and 2) that only a fraction of this amount can be claimed under “Tax treaty exempt amount”, depending on (any) tax treaty with the withholding tax levying foreign country.
SOLUTION B Even MORE HELPFUL: While Turbotax probably is not in a position to do justice to all (192) foreign countries (UN members), where the issue might arise, it should COMPILE AND DISPLAY (under “Foreign Tax Credits”) A LOOK-UP TABLE (FROM KNOWN TAX TREATIES WITH CANADA) OF THE PERMISSIBLE TAX-TREATY EXEMPT AMOUNTS (percentages) of tax-treaty bound foreign countries. Even better, since the foreign country at issue is, at the latest, identified by the time EasyStep reaches “Foreign Tax Credits”, the permitted exempt amount COULD AUTOMATICALLY BE ENTERED!
Rest assured that many users would consider this extremely helpful. A case in point: For many years I had been confused about, and wasted a lot of time with, this issue (mess). Since I had accepted the automatic 35% foreign tax credit (‘granted’ by Turbotax), we were subjected to a CRA review every year, until - after a great deal of sweat and numerous unanswered letters to CRA – one of the senior CRA officers took the time to explain the nature of the problem.
Thank you for your understanding and cooperation in fixing this problem for Turbotax 2022.
Sincerely withholding tax victim
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Sorry to burst the bubble!!! BUT!!! Please stop the software from asking in the "Review" if those of use who are retirees have children. Once we have said "NO" that should be the end of it. The software should be able to recognize when a person is retired (for the the vast majority of us) by the birth date that is entered in the personal interview at the beginning. Very few retirees have dependant children and those that do answer yes when they select the radio button in the interview process will have input that info.
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I found the TurboTax rental property confusing - the "shared" percentage did not adjust amounts but did show a "partner portion" of gross rent. I had to enter the share portion of taxes ONLY
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The program is much easier than using the old tax return booklets. My mother still prefers to do hers using the the printed forms, as she doesn't have a computer, but I double check everything with Turbo Tax and there is a 100% match.
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In general, Turbotax works but 'EasyStep' tends to override the selection for who claims the medical and donations. Then you have to manually delete and override the 'Easy Step' choice, even after you have chosen who you want to claim the expenses!!?? On the review section, it again overrides your selection!! You have to delete the choices and re-enter the data under the chosen claimant! I had to do this several times as Turbotax kept overriding my selection.
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I normally buy the Standard version, but this year it didn't say anything about handling stocks. So I bought the Premier for twice the price. I have a suspicion that the Standard would have done the job for my relatively simple stock needs but didn't want to take the chance.
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products works okay xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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As usual the programming was easy to use and very helpful, keep up the great work.
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OK if you know forms and don't forget provincial considerations
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It would be helpful if co-owner information was not lost everytime you went into rental property information
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I have been using Turbo Tax for years. I upgraded to Premier this year because of some investments I have. Not sure if it is this particular version or because of my taxes being more complicated, but I found it all a bit more confusing to do my taxes than in past years. I needed to access the forms quit often because key fields did not show up in the Easy Step mode.
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All went well throughout the preparation of the returns but, in the end, there was some difficulty getting the confirmation page printed out after filing. Have never had this problem in a lot of years using QuickTax/Turbotax.
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Overall very good, but stuck several times when downloading the temporarily NOA at the end
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Have used TurboTax for years - very satisfied. Upgraded to premier this year to help w investments but didn't find it offered much difference in the help provided.
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Explain that Premier doesn't add any noticeable value if investments are downloaded from CRA and T5008 is used for Capital Gains and Losses.
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