Tax Software For Your Unique Tax Situation This Year

TurboTax Review 2022

This is a sponsored post written by me on behalf of TurboTax Canada. All opinions are my own.

In my financial planning practice, I’ve seen the good, bad, and complicated ways that the pandemic has impacted the financial lives of Canadians.

One client works in air transportation and had been sidelined collecting CERB and CRB to stay afloat. Another works in an industry making plexiglass barriers and had a record year, collecting a fat bonus. One bought an investment property in cottage country and turned it into a short-term rental. Several have left their careers behind to start their own businesses. Another received stock options for the very first time.

Speaking of the stock market, many people got caught up trading stocks and cryptocurrencies, or they borrowed money to invest in their taxable investment accounts and now must deal with capital gains, losses, and calculate the adjusted cost base on their investments for the first time.

If any of these stories sound familiar, you know that your tax situation will likely look very different this year. I don’t file taxes for my clients, but I do encourage them to prepare their taxes early using what I call a “first 60 days” assessment.

From Free to Full Service

Use tax software to prepare your taxes for filing and gauge your tax situation. Will you be in a position for a refund, or will you owe money? Armed with that knowledge you can use the first 60 days of the calendar year to potentially make an RRSP contribution and reduce your taxes owing (RRSP deadline is March 1st).

TurboTax has an ever-evolving suite of products to not only help the basic T4 employee file their taxes, but also assist the growing complexities of the self-employed, the stock and crypto traders, the short-term rental owners, and more.

Online software has come a long way and there are options for every tax filer. In fact, you can file a simple tax return for $0 using TurboTax Free. This return includes employment income, pension income, tips, RRSP contributions, childcare expenses, and even COVID-19 benefits and re-payments.

Some returns are more complex, such as those involving donations, medical expenses, investment income and expenses, rental property income and expenses, and self-employed income and expenses.

There’s TurboTax Assist & Review Self-Employed, which gives you tax advice and a final line-by-line review from a tax expert to ensure you get every deduction you qualify for and that your taxes are filed correctly.

You can search for industry specific deductions, and the service covers income and expenses from ride sharing, online sales, consulting, real estate, and more.

This would be a good fit for the first time Airbnb host renting property in cottage country, or for someone that started an online side hustle selling products or courses. TurboTax Assist & Review Self-Employed costs $109.99 per return, and you only pay when you file.

If you’re self-employed and would prefer someone else do your taxes for you, but you’d rather not pay a pricey accountant to do it, then TurboTax Full Service Self-Employed would be a good option. For $249.99 per return, you can turn it over to a team of tax experts with an average of over 10 years’ experience in your specific industry who can find all the deductions to help reduce your taxes.

For those with more complicated tax issues arising from investment income and expenses, such as reporting individual stock, ETF, and cryptocurrency sales, or from rental property income, expenses, and refinancing, there’s TurboTax Full Service Premier.

Here you’ll connect with TurboTax experts with experience in investment and rental property taxes. Whether you’ve purchased your first investment property (or sold one), bought or sold stock in a taxable account, or invested in cryptocurrency (yes, selling crypto for cash or exchanging Bitcoin for Ethereum is a taxable event), your live tax expert will get to know your unique situation, search 400+ deductions and credits for you, and offer a full expert walkthrough before filing.

TurboTax Full Service Premier costs $149.99 per return ($179.99 as of April 1st) and your taxes will be done in just a few days, assuming you have all your documents ready. Your tax expert will help you report sales of stocks, ETFs, and cryptocurrency, calculate capital gains and losses, with adjusted cost basis missing identification and video guidance, and offer step by step guidance reporting rental property income and expenses.

Final Thoughts

While there weren’t a lot of changes to the Income Tax Act in 2021, that doesn’t mean your personal tax situation hasn’t changed.

If you started a new business or side hustle, bought or sold a rental property, traded stocks or cryptocurrencies in a taxable account, or had to deal with a new financial situation that will impact your taxes then I encourage you to assess your situation in this first 60-day window and use a tax software option that aligns with your situation.

TurboTax Giveaway!

Four lucky readers can enter for a chance to win a complimentary tax code, valid for ANY online tax product at, valued at up to $279.99 each!

To enter, leave a comment below and share something (anything!) about your taxes this year. Are you an early tax filer, or a procrastinator? Will you owe money, or do you expect a big refund? Did your tax situation change over the past 1-2 years?

This contest is open until Sunday February 27th at 5 p.m. EST. 

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  1. Kathryn on February 24, 2022 at 11:00 am

    I would LOVE to win a TurboTax code to access the Full Service Premier version. I need to do some adjusted cost base calculations for my taxes this year. Gulp.

  2. Andy Shum on February 24, 2022 at 11:12 am

    Had been using TurboTax for a number of years after my retirement. It is quick, simple and the netfile gets my tax refund real quick.

  3. Brenda Alexander on February 24, 2022 at 11:12 am

    Hi. I normally don’t procrastinate but I have to take some time to figure out whether to U.S. capital losses this year or carry forward. I sure could use the premier Edition

  4. Bryan on February 24, 2022 at 11:13 am

    I was hoping to try out the TurboTax online tax software this year, but alas the Home & Business version still seems to only be available as a download.

    • Margaret on February 24, 2022 at 2:03 pm

      Hello. I would like to win a code. Tax changes this year. Retired, age credit, pension credit, pension splitting. Thanks.

      • JimG on February 24, 2022 at 4:01 pm

        I’m in the same boat Margaret. I’ve used Turbotax for years, and am now about to see how user-friendly it is for the things you had mentioned now that I am retired. Winning that code sure would be nice !

      • Timo Kontkanen on February 25, 2022 at 9:54 am

        1st year receiving RIFF, I wonder how that’ll make a difference.

  5. Kerry Marincich on February 24, 2022 at 11:13 am

    I would dearly love to win a Turbo Tax code! I do tax returns for my immediate family, including a student from whom I can transfer tuition credits and also non-registered investment activity so it is getting more complicated! Fingers crossed 🙂

  6. Jerry on February 24, 2022 at 11:14 am

    I have used Turbo Tax Standard for many years and can attest that it is an excellent product.
    The only negative is that there is not a MAC version for Canada.

    • Ted on February 24, 2022 at 11:52 am

      Studio Tax has a mac version.

  7. Braden on February 24, 2022 at 11:16 am

    Hi there,
    Tax time usually stresses me out. I do it all myself but am a perfectionist.
    Like turbo tax though and hope to win.

    • Ted on February 24, 2022 at 11:50 am

      I’ve been a long time tax software user from the early 90s. I’ve been using Studio Tax for at least 12 years. It costs $15 and is the best tax software I’ve used. I have compared it to the others and there is no contest for usability and price. Forget Turbotax.

  8. Mario R on February 24, 2022 at 11:19 am

    I think using a service like TurboTax would permit to ensure we get all credits and deductions needed. My wife and I retired last year and our taxe situation has changed slightly. Great column.

  9. James on February 24, 2022 at 11:32 am

    I have been happy with Turbotax for years. Starting for 2021 tax year i believe they have pulled a fast one on us the consumer. The deluxe model is not able to enter T3s anymore. The software actually freezes. Then you are forced to upgrade to Premier. So i paid for the deluxe for 8 returns. Now that is wasted. Premier for 8 returns would be more than 8 times the price. I don’t need 8 returns but just to illustrate the price difference. For the 4 family returns i do it will be 4 times the price. I don’t have a complicated return with stock trades or rental income. Just T3 T4 T5. So buyer beware. I would like a MAC version too.

    • Ted on February 24, 2022 at 11:53 am

      Use Studio tax. 20 returns for $15. I’ve been using it for years!

  10. Connie Komarnisky on February 24, 2022 at 11:35 am

    I have used turbotax free for a number of years. I work & farm. Unfortunately they want to make me use a paid version this year for the farming end so am looking for another provider (wealthsimple)? Of course if I win I will use turbotax one more year

  11. Frito on February 24, 2022 at 11:42 am

    I’ve been using TurboTax for upwards of 20 years and wouldn’t buy anything else. I have a background in accounting and tax prep so am always conscious of my tax situation now that I’m retired and 100% in charge of how I take in my income. Now all I have to do is wait for BMO to calculate T3s which they leave right to their filing deadline!

  12. John Storjohann on February 24, 2022 at 11:45 am

    Been working on my taxes with TurboTax since before Christmas. Am almost done for 2021, but have a few sticky issues to clarify. Would be great to get the version that provides help.

    In general, been using TurboTax for years, since it was called Quicktax. Once I switched to a full accountant for a few years and when I happened to do my return a few years later with TurboTax, found the accountant missed a deduction for the years I wasn’t using the software. Cost me a few $! Since then been using it exclusively.

  13. Gerald on February 24, 2022 at 11:47 am

    Diligent! But Turbo would help
    Enter please

  14. CanTex on February 24, 2022 at 11:48 am

    I live in Texas and use the U.S. version of TT for us, my son, his son, and a trust. It’s well worth the money. I buy TT for Canada to do my sister’s return – the only commonality is the Turbo Tax name. Even the colo(u)rs are correct to the paper forms. I use TT to dial into the CRA website and it just downloads the CPP/OAS and investment information to the proper locations. Bam it’s done. Slick! Her return has mild complexities but it’s no problem for TT. To think I used to do it manually for years…

  15. Ye on February 24, 2022 at 11:49 am

    Thanks Rob for the overview! With all the side jobs and crypto trading, the need to have proper tax software is going to peak big time with these extra T5008 and T2125 forms. TurboTax’s offer from free product to paid version is a good range services for different group of Canadians.

  16. Gerry Chiasson on February 24, 2022 at 11:54 am

    I’ve been using Turbo Tax and its predecessors for at least a dozen years. I started my own communication consulting business a couple of years ago when I retired. Turbo does all the work — its really a fill in the blank and file program that takes away the headaches of tax filing.

  17. Tony I on February 24, 2022 at 11:58 am

    Turbo Tax Standard has been my go to tax software in the past few years. It is an an excellent and reliable product. Easy to understand and to use!

  18. Chris on February 24, 2022 at 12:01 pm

    I have been using TurboTax, first on physical media and then downloads for years. Most recently, the ability to import T-slips directly from Revenue Canada has made an easy job even easier.

  19. Antonio on February 24, 2022 at 12:01 pm

    Easy to use. I genuinely appreciate this tax software. Turbo Tax simplifies my annual Tax filing!!! Great service team as well.

  20. Tarek E on February 24, 2022 at 12:03 pm

    My wife and I have been using TurboTax for several years to file our taxes. It’s user-friendly and scalable to capture everyone’s unique tax situation. I also prepared a simplified tax spreadsheet that I use before the RSP deadline to give us an idea where we stand, and how much we need to contribute to our RSPs to not have any tax owing.

  21. Cathy on February 24, 2022 at 12:13 pm

    Turbo Tax is a great product! Thank you for the information.

  22. John Kuzniarz on February 24, 2022 at 12:16 pm

    I am not an early filer since I usually owe money. My tax situation has not changed much in the last few years since I am retired and on a fixed income.

  23. Mark on February 24, 2022 at 12:16 pm

    I generally use uFile but could benefit from the more advanced features in TT.

  24. Arlene Rutherford on February 24, 2022 at 12:22 pm

    We used Turbo Tax last year and had help calculating capital gains on selling a recreational property. We also had help in claiming a credit (available to seniors) for modifying our home to make it safer. We put in hand bars in the bathroom, new door handles for ease in opening doors and a non slip floor in the bathroom. Turbo Tax is a great product.

  25. L on February 24, 2022 at 12:36 pm

    Would love to try TurboTax as I’ve heard how user-friendly it is! I’m an early tax filer 🙂

  26. Ryan on February 24, 2022 at 12:37 pm

    2021 Turbo Tax has been started!

  27. Jamie on February 24, 2022 at 12:51 pm

    I always use Turbo Tax to file. And this year it will be even more helpful since I’m on maternity leave, adding a bit more complication to the process.

  28. Michael Orth on February 24, 2022 at 12:58 pm

    I’ve been using the free version of turbotax for years. Fairly simple and easy to use.

  29. Brittney on February 24, 2022 at 1:02 pm

    I have used turbo tax since I was 18 and find it easy to use however I find it a bit overpriced and may consider using someone else in the future. Also I found taxes on cryptocurrency unclear.

  30. Firas on February 24, 2022 at 1:07 pm

    I know that Turbo Tax can help if you have an investment property such as a rental. But I wonder if it keeps track of the properties’ Capital Cost Allowance, year after year. Does anyone know?

  31. Brita Goldie on February 24, 2022 at 1:49 pm

    I got into Crypto during this last year so that will be a new part of my taxes this year. I’m glad turbo tax has added that into their program.

  32. Bill Silverberg on February 24, 2022 at 1:54 pm

    Turbo Tax
    Great product
    Have used it for years

  33. Richard on February 24, 2022 at 2:04 pm

    Would love to win a free download. My situation changed this year as my wife went into long term care and we are considered to be involuntarily separated.

  34. Murray on February 24, 2022 at 2:37 pm

    have just retired and started a home farm business with my spouse,have always used torbo tax for simple returns and really liked it, would like to try the business one for my expenses and deductions

  35. Tony on February 24, 2022 at 2:48 pm

    Turbo Tax has been my go to for years. Very easy to use and it makes tax time much simpler.

  36. Jane Spratt on February 24, 2022 at 2:53 pm

    Between investment income and deductions for a spouse in long term care I am at sea with income taxes. I’d love to win this draw and get some real professional help (instead of 3rd hand advice from my brother-in-law’s second cousin’s ex!)

  37. Carol A. on February 24, 2022 at 2:54 pm

    Early tax filer would love to try Turbo Tax.

  38. Bob on February 24, 2022 at 3:31 pm

    Do the taxes for all of my extended family, about 8 returns, could use the Turbo Tax help, have never tried but have used other free efile tax software products

  39. Natalya Shulman on February 24, 2022 at 3:33 pm

    I am an early tax filer and use a different tax software, but I would love to
    try Turbo Tax.

  40. Michelle on February 24, 2022 at 3:51 pm

    Last year I retired, we got a rental and I returned to work part-time. Always hired someone to do our taxes but at some point I have to grow up and be a big girl 🙂 and do my own taxes.

  41. Ashley on February 24, 2022 at 4:07 pm

    We use Turbo Tax each year. We usually procrastinate on filing right before the deadline 😉
    Looking forward to seeing what refund we may receive from all of the child care expenses over the last year! Would love to win a code for home & business Turbo Tax as I am both self employed and an employee

  42. Magda on February 24, 2022 at 4:28 pm

    First time doing taxes after my separation, looking forward to educating myself on what I can do to make future years better.

  43. Michelle Janzso on February 24, 2022 at 5:33 pm

    I don’t necessarily file super early, but I do like to enter some prelim numbers using Turbo Tax to understand if I should make additional RRSP contributions before the deadline.

  44. Pierina Nobili on February 24, 2022 at 5:34 pm

    Usually submit mid-March and this would be so helpful!!

  45. Gin on February 24, 2022 at 5:39 pm

    Tend to file as soon as all the documents are ready. Would be great to win a complimentary TurboTax filing this year 🙂

  46. Jen on February 24, 2022 at 5:58 pm

    I’ve never used Turbotax before but have heard of it. Still waiting for a lot of tax slips so not an earlier filer but not late either! Half the battle seems to be collecting the info as the actual data entry is fairly routine. And I always double check to make sure I don’t accidentally record something with too many zeros, or not enough, LOL.

  47. Mike Hilson on February 24, 2022 at 7:54 pm

    I often wonder why we even need to go through the hassle of filing tax returns. Most people, or a large segment of the population have simple tax situations which may not require filing. Many taxpayers in the UK don’t have to file as their tax obligations are met by their employers deductions or their bank or investment company withholding tax at source.

  48. Brad S on February 24, 2022 at 8:17 pm

    Been using turbo tax online for a while. I do an initial quick tax check in January with my pay stubs just to get a feel for my return and any need for additional rsp contributions. Then do the real thing as soon as I have all documents.

  49. Lynda Williams on February 24, 2022 at 8:49 pm

    I’ve been using TurboTax for years. I usually get the box with the code and then do the taxes for the whole family. A couple of years ago I taught my son and daughter how to do their own. Not too difficult. The hard part used to be finding all the receipts that should have been in the file folder. Now all the receipts are found online. Would love to win. Refund seems to be getting smaller and smaller.

  50. Sandra Butchko on February 25, 2022 at 3:46 am

    Tax time causes me stress every year and I may instalment payments – some years, I get a return and other years I pay more. I would like to learn to do my own taxes.

  51. Sandi on February 25, 2022 at 7:58 am

    Thanks for your summary of the different TurboTax offerings – this is exactly what I need for my tax return this year! Winning a complimentary TurboTax service would be a delightful topping on a tumultuous year. Thanks for your column, the content is always so timely and relevant.

  52. John Zinger on February 25, 2022 at 8:03 am

    Had used TurboTax for years until last year when I had a tax situation that needed some professional help but will be returning to using it again this year as I have found it easy to use nd very accurate.

  53. Erick van den Akker on February 25, 2022 at 8:34 am

    We have been using TurboTax for the past 20 years. My wife has a home dog grooming business and TurboTax works well for that purpose. I am a Federal worker and my taxes are easy. TurboTax carried over an overpayment on my RRSP to be used in 2021, very smart. However I made the same mistake again this year and bought too many RRSP’s….more carryover required. Time to retire?

  54. H Black on February 25, 2022 at 9:16 am

    I file as soon as I can (once final receipts come in). Had a revelation this year that Turbo Tax does not do any currency conversion even though they ask you to input the currency of the slip! I will be watching out for that this year.

  55. Timo Kontkanen on February 25, 2022 at 9:55 am

    1st year receiving RIFF, I wonder if that’ll make a difference.

  56. Joyce on February 25, 2022 at 10:06 am

    We’ve been using Turbo Tax for our taxes, our situation has changed somewhat so I do have a few questions, would love to win this contest!

  57. Jed Maddock on February 25, 2022 at 10:50 am

    Long time user, great product. Highly recommended.

  58. Tovah on February 26, 2022 at 7:06 am

    I switched from being a self employed RMT, to a self employed digital content creator. This is all new to me this year. It’s gonna be tricky, for sure!

  59. Rob on February 26, 2022 at 8:47 am

    I have used Turbo Tax for a couple of years and it is very user friendly. I also enjoy not paying our local accounting firm $300 for 15 min of their time!!

  60. Lou on February 26, 2022 at 10:08 am

    Would like to help my 97 year old mother with her rental business that she is still running.
    She normally takes all of the paperwork to her accountant and that costs her a pretty hefty penny.
    Turbo Tax sounds like it can fulfil this task along with a bit of consulting from the people that work there.
    I’ll just have to look at her last years return and walk myself though it this year.
    I’ve been using Turbo Tax for 10 years and like their product. Super simple to use for a simple tax return.

  61. Roger on February 26, 2022 at 5:26 pm

    I hope to complete my mother’s, daughter’s and my tax returns, all for the first time in many years. I was planning on using an online package and looks like Turbo Tax would fit the bill. The returns would vary in complexity from a simple one to more complex involving capital gains/losses and revenue property. If I get too frustrated with it, I’ll have to go back to the person who did our taxes last year. Good luck to everyone!

  62. Cheryl on February 27, 2022 at 7:04 am

    Making a career change so this Turbotax code would help lots!

  63. Guillermo Vargas on February 27, 2022 at 8:38 am

    My daughter first time filing her tax, would be great to start with this software

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