According to the Financial Consumer Agency of Canada, 44% of Canadians saw an increase in household debt, 40% say they’re just getting by and 31% say they’re short at the end of the month. Whether you’re feeling the pressure at the gas station, with your monthly housing costs, or seeing your bills stacking up—we see you and you’re not alone.
If you’re expecting to get a tax refund, with TurboTax Cash—powered by Neo Financial, you don’t have to wait to put money in your pocket. File your taxes with TurboTax and get quick access to funds, all from the comfort of your own home.¹
How do you maximize your refund?
Receiving a tax refund is like a reward for all the hard work you’ve done throughout the year and you deserve to get your best refund possible. Each time you look at your pay stub, you’ll notice a significant amount of money being deducted for provincial and federal income taxes.
That’s why TurboTax automatically searches over 400 credits and deductions, specific to your tax situation, so you get every dollar back.
How do you receive your tax refund?
You’ve been able to successfully apply your tax credits and deductions, so you’re expecting to see a tax refund. Your diligence throughout the year has paid off!
There are 2 main ways to receive your tax refund:
- Direct deposit set up through your CRA account
- Cheque mailed directly to your address
Depending on your personal situation and how you filed your tax return, it can take anywhere from 2–8 weeks to receive your tax refund. If you’re unsure about some of these terms, you can learn more on what to expect in your tax refund for 2023.
How can you get money in minutes?1
With TurboTax Cash—powered by Neo Financial, you can get fast access to up to 80% of the refund amount (to a maximum of $1,000) after you file your taxes with TurboTax.¹ There’s no cost to you, no impact to your credit score, and 0% APR.²
Open a Neo MoneyTM account with a Neo MoneyTM card (takes 10-15 minutes) after you file your taxes.3 If approved, you get a no–cost loan from Neo Financial, deposited in your Neo MoneyTM account right away.1 When you receive your tax refund from the CRA, you can use the funds to repay your loan.4
Find out more about how to get money in minutes1 with TurboTax Cash—powered by Neo Financial.
With COVID and inflation making things even more difficult for you and your community, you aren’t alone in needing money quickly. If you aren’t able to wait for the CRA, with the help of TurboTax Cash—powered by Neo Financial, you can get a loan to access funds before you get your tax refund.
Money in minutes1
Make the most of what you made this year. After you file your taxes using TurboTax,5 get access to funds with TurboTax Cash—powered by Neo Financial.1
Frequently Asked Questions
This depends on how you filed your taxes and if you’ve registered for direct deposit. If you file your taxes online before the deadline, you can expect to receive your tax refund within 8 weeks.
If you can’t wait, then TurboTax Cash–powered by Neo Financial is here to help.
TurboTax Cash—powered by Neo Financial is a loan provided by Neo Financial at no cost to you with no credit impact and 0% APR.2
After you file your taxes using TurboTax,4 apply for the loan with Neo in a few steps. If approved, get access to the funds. When you receive your tax refund from the CRA, you can use the funds to repay the loan.
You may be eligible to get up to 80% of your tax refund as a loan (to a maximum of $1,000).1 The loan amount may vary based on your tax refund amount, personal information, and any third-party data Neo may consider.
See TurboTax Cash—powered by Neo loan agreement for full terms and conditions.
¹ Average time to receive funds is between 0-30 minutes. May take up to 24 hours. Subject to loan eligibility and lender approval. Internet access required; standard data rates apply to download and use mobile app. Loan amount maximum may be subject to change.
² The loan is a 0% APR loan with no loan fees. Term of loan is from loan agreement effective date to the earlier of the date you receive your tax refund from the CRA or 65 days. Neo may charge a $40 NSF fee. Your credit score may be impacted if the loan is not repaid in full by the end of the loan term. Subject to loan eligibility and lender approval.
3 The Neo Money™ account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Deposits held in Neo Money™ accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor. For more information about CDIC deposit insurance, please consult CDIC’s website cdic.ca.
The Neo Money™ card is a prepaid Mastercard® issued by Equitable Bank pursuant to license by Mastercard International Incorporated. The Neo Money™ card is powered by the Neo Money™ account, which is provided by Concentra Bank.
4 Term of loan is from loan agreement effective date to the earlier of the date you receive your tax refund from the CRA or 65 days. If your refund is not received within 65 days, Neo will attempt to debit your Neo Money™ account or your external bank account for the remaining balance at the end of the loan term. See TurboTax Cash—powered by Neo loan agreement for full terms and conditions.
5 NETFILE accepts returns starting February 20, 2023. Average time to receive funds is between 0-30 minutes. May take up to 24 hours. Internet access required; standard data rates apply to download and use mobile app.
