Canadians can now access up to 80% of their refund amount, up to $1,000, at no cost in minutes1
TORONTO, Feb. 27, 2023 /CNW/ - Intuit Inc (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced today the launch of TurboTax Cash—powered by Neo Financial. More than half of Canadians (58%) and three-quarters of Canadian Gen Zers (72%) reported that this year's tax refund is more important than ever before due to the rising costs of living, according to a recent survey. To help Canadians get their hands on funds faster, Intuit TurboTax, in partnership with Neo Financial, is introducing TurboTax Cash—powered by Neo Financial.
This unique offer provides eligible online tax filers, for the first time, the opportunity to get fast access of up to 80% of their refund amount, to a maximum of $1,000 in just minutes, at no cost1. TurboTax is also helping young filers keep more of their hard earned money in their pocket by offering Canadians aged 25 and under the opportunity to file their taxes for free with any TurboTax solution until March 31, 20232.
"For many people the tax refund is the biggest paycheck they will receive in a year. And with nearly half of Canadians looking to get their tax refund faster this year, this money is even more important," said Matt Lisowski, General Manager, Canada & VP Product Management at Intuit. "TurboTax is focused on helping people get access to their refund fast. Only with TurboTax Cash—powered by Neo Financial, Canadians can now get access to a significant portion of that money in just minutes, providing much needed cash in their pockets."
As the first and only offer of its kind available to Canadians filing online, TurboTax Cash provides filers with the opportunity to get up to 80% of their refund amount (to a maximum of $1,000) in minutes1. Filers open a Neo MoneyTM account with a Neo MoneyTM card to get a no-cost loan deposited into their account with no impact to their credit score3. If the refund is deposited by the CRA into the TurboTax filer's chosen account before the end of the loan term, the filer can easily repay their loan using the refund4.
"At Neo, we're always in pursuit of building a better financial future for all Canadians - and our partnership with Intuit enables us to further our mission. Together, we're able to create innovative products that the industry has never been able to do before," said Andrew Chau, Co-founder and CEO, Neo Financial. "Customers have always been at the center of our business. At a time where Canadians need support from their financial institutions the most, we've created a seamless solution to help consumers get access to funds faster."
Regardless of whether filers want to do their taxes themselves with TurboTax Online or get the help from a Tax Expert with TurboTax Assist & Review, customers can take advantage of TurboTax Cash—powered by Neo Financial, to get their money fast.
To be eligible to take advantage of the new TurboTax Cash—powered by Neo Financial offer, you must be the age of majority in the eligible province, use TurboTax Online or Assist & Review to prepare your tax return, and file your return with NETFILE.
To learn more about Neo Financial, visit neofinancial.com.
1 Average time to receive funds is between 0-30 minutes. May take up to 24 hours. Subject to loan eligibility and lender approval.
2 For tax year 2022 products only. Filing must be completed by March 31, 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.
3 Your credit score may be impacted if the loan is not repaid in full by the end of the term. 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 (only if your tax refund is deposited into your Neo Money™ account) or 65 days.
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Neo Financial
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and rewards. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding from top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend, save, and invest. Neo's credit card is issued by ATB Financial and backed by the Mastercard® network, the Neo Money card is a prepaid Mastercard® issued by Equitable Bank pursuant to license by Mastercard International Incorporated and is powered by the Neo Money account which is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Neo is headquartered in Winnipeg and Calgary, and is backed by top investors across North America.
To learn more, please visit neofinancial.com.
These Maru Public Opinion surveys conducted on behalf of TurboTax were undertaken by the sample and data collection experts at Maru/Blue. 1,521 randomly selected Canadian adults who are Maru Voice Canada online panelists were surveyed from February 3rd to February 4th 2023. A second survey was conducted among 1,524 randomly Maru Voice Canada online panelists from February 17th to February 18th 2023. The results of these studies have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding.
SOURCE Intuit Inc.
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