Yes, TurboTax Online Student is free for students.
Please note: if you require features not included in TurboTax Student edition you will be prompted to upgrade. For example, if you enter self employment income you will be prompted to upgrade to TurboTax Home & Business.
Here is a list of the features included in the different versions of TurboTax: http://turbotax.intuit.ca/personal-tax-software/online-tax-software.jsp
