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 TurboTax Cash—powered by Neo Financial, or
for additional information on TurboTax's suite of tax solutions,
visit turbotax.ca.
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.
About Intuit
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.
Survey Methodology
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.