Filing Joint return for 3 people using Turbox Standard or Premier edition

Depending on your personal tax situation will determine which edition you should choose (Standard or Premier).

• You can use the downloaded version/Standard edition, as this gives you the option to file up to 8 returns.
• And the downloaded version/Premier edition gives you up to 12 returns that can be filed.  
• Any of the online version of the software you pay per return filed.

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This doesn't help as I want to create a single file with tax returns for 3 people (for example myself, my wife and my daughter) so that I can transfer tuition credits and if needed split investment income across 3 persons. I currently see an option to have max 2 people per file (specifically two spouses only).

That’s correct, you can only prepare returns for a single individual or for a married/common-law couple together. Children or other family members would be in separate returns. This is true in both TurboTax Online & TurboTax CD/Download.

You can still transfer tuition credits and split investments, but you can’t have 3 returns open at the same time.

FYI: All returns are filed separately, even if your prepare a couples return together. There is no "joint filing" in Canada like there is in some other countries.