The wait between filing taxes and receiving refunds is one of the most excruciatingly annoying aspects of adulting. But thanks to Neo Financial’s latest offering through TurboTax, that wait for accessing cash has plummeted down to just a few minutes. In fact, most Canadians can access funds within 24 hours! The offering in question: TurboTax Cash—powered by Neo Financial.

 

View this post on Instagram

 

A post shared by Intuit TurboTax CA (@turbotaxcanada)

A Unique Offering

So, TurboTax Cash—powered by Neo Financial is a unique offering that gives eligible online tax filers (subject to lender approval), in certain provinces in Canada access of up to 80% (to a maximum of $1,000) of their refund amount in a matter of minutes (0-30 minutes avg, up to a maximum of 24 hours!). And it does so for no cost!

A recent TurboTax survey suggested that, courtesy of the rising cost of living, 58% of Canadians and 72% of Gen Zers confirmed this year’s refund is more important than ever. Now, Intuit’s popular tax filing solution has developed this innovative offer to help Canadians get their hands on these funds faster.

 

View this post on Instagram

 

A post shared by Intuit TurboTax CA (@turbotaxcanada)

“TurboTax is focused on helping people get access to money while they wait for their tax refund. With TurboTax Cash—powered by Neo Financial, after filing their taxes with TurboTax, Canadians can now get access to funds within minutes, providing much-needed cash in their pockets,” said Matt Lisowski, General Manager, Canada & VP Product Management at Intuit.

So, how exactly does TurboTax Cash – powered by Neo Financial work? Well, file your taxes through TurboTax Online, and apply through Neo Financial.
Once you are done filing your taxes, the funds will be deposited in the Neo Money account in the form of a no-cost loan. If you receive your refund from the CRA within 65 days, use it to repay your loan.

Who knew filing taxes could be this instantly gratifying, eh?

To top it all, the loan does not impact your credit score unless it is not repaid in full by the end of the term.

Related articles from Curiocity

Here’s how much income you need to get a mortgage in Canada (curiocity.com)

Here is the cost of living alone in 4 of Canada’s biggest cities (curiocity.com)

Now, here’s some more good news

If you are 25 years or under, you can file your taxes for the 2022 year for free*. Yes, TurboTax is also giving Canadians aged 25 and under the opportunity to file their taxes for free until May 1, 2023. This offer includes all TurboTax solutions (including TurboTax Live Full Service and Assist & Review) until March 31, 2023, with all TurboTax Online DIY solutions free until May 1, 2023.

Head over to the TurboTax Cash—powered by Neo Financial website below to learn more and check your eligibility.

TURBOTAX CASH—POWERED BY NEO FINANCIAL

*For tax year 2022 TurboTax Online products only. Filing with TurboTax Live Assist & Review and TurboTax Live Full Service products must be completed by March 31, 2023. Filing with TurboTax Online Self-Prepared products must be completed by May 1, 2023. Age is determined as of December 31, 2022. If filing a spousal return, both spouses must be 25 or under as of December 31, 2022. Excludes Premium Pack. Offer subject to change.

Curiocity Staff

With a curated slate of what matters in your city, Curiocity presents you with the most relevant local food, experiences, news, deals, and adventures. We help you get the most out of your city and focus on the easy-to-miss details so that you’re always in the know.
Read articles