can I prepare an estimate for 2025 taxes?

[TurboTaxSusan]

Yes, you can. While we don't have our 2025 software out yet, you can put your 2025 information into a 2024 TurboTax Online return to get an estimate. 

You can also do that with TurboTax Desktop too, or you can use the built in Planner mode. To use planner mode, open or create a return, go into Forms mode, and then select Tools>Planner Mode for 2025 from the top grey  menu.

For a quicker estimate, you can also use our Tax Calculator, which you can find here: 2024-25 Canada Income Tax Calculator

 

[tasu1945]

Thanks for prompt reply.  Starting entering data into 2024 return and started wondering if data I was entering was going to over-write current data.  Did not see where one could save "new" information as a separate return.  I do not want to lose my previously submitted return.  What happens when I enter new information?

Also tried the 2024-2025 Canada Income Tax Calculator.  Could not see how to enter deductions (medical, donations, investment expenses) to give a truer estimate of taxes owed.

[TurboTaxSusan]

When you login to TurboTax Online, you'll see an option to start a new return at the bottom of the list of your existing returns. Just click continue to start. Or you can click on "copy" under an existing return to make a duplicate that you can change without touching the original. Any return that has been filed through NETFILE will have a "ReFile" button instead of a "Continue" button.

The Income Tax Calculator is for a quick estimate, so it doesn't have everything that might be in a full return.