When to expect your tax refunds?

 You will receive a refund whenever the Canada Revenue Agency collects more income tax than you. It is like savings you had and didn't know about. A refund is assessed based on the total income, the taxes you paid, and whether you are eligible for deductions and credits to warrant a refund.

When can you get your tax refund?

The revenue agency of Canada aims to send the refund within a few weeks. You can get a refund in 2 weeks when you file online. When you file a paper return, you can expect the return in 8 weeks.

As per experts working at income tax Toronto, the timelines are valid only for the returns received before the due date. If you live outside Canada, the returns might take up to 16 weeks. The CRA might take a little longer if your return is selected for a detailed review.

Can the Canada Revenue Agency withhold a tax refund?

In simple terms, there can be several reasons for the Canada Revenue Agency withholding the tax refund. Professionals at cloud service Toronto claim that the cause can also include an outstanding balance on the amount owing. The revenue agency can withhold a tax refund if you have failed to file for specific tax years. Lastly, if your details are incorrect, the Canada Revenue Agency also has the right to withhold your tax refund.

You need to know that even a tiny detail like an incorrect apartment number leads to delays in your tax refund.

Finally….

You can calculate your tax refund amount by calculating the total annual income and adding all the employment and investment earnings. Then apply all the deductions that you are eligible for. Lastly, you can subtract the full credits from the total payable amount.

Benefits Of Cloud Bookkeeping In 2022

 Cloud-based software solutions helped several industries over the last few years realize their true productivity. The same applies to the accounting sector, too. Cloud accounting and bookkeeping have become the primary mode of accounting. 

Even income tax consultants now rely on cloud systems to upgrade their accounting processes. But, in what ways do they do that? In this blog, we answer that question by listing a few benefits of cloud bookkeeping in 2022. 

1. It improves the speed

The most obvious benefit is that it increases the speed of accounting. Traditional accounting entailed long hours of manual data entry. However, with automation tools forming an integral part of the cloud systems, the accounting process becomes easier and faster. 

2. It offers better security

Conventional accounting offers little to no data security. But cloud bookkeeping lets you store a backup of all your data offsite. So, even if your in-house systems go faulty, the accounts and data remain secure elsewhere.

3. It enhances accessibility

With cloud-based systems, you can access the data from any device with a browser at any time. All you need is an internet connection. The digital storage of these accounts lets you make quick decisions even when you are not using the office hardware. It also helps both financial and accounting stay on the same page.

4. It prevents data duplication

Traditional accounting witnessed several errors, especially when filing for income tax, because of data recurrence. With cloud bookkeeping, you can totally eliminate that. Your employees stay in the know and they never make the mistake of entering the same data again.

Finally…

A cloud bookkeeping solution bridges the gap between various teams. You can integrate it with third-party apps and reduce the data entry time significantly. Thus, it becomes vital for any business in 2022 to have an efficient cloud bookkeeping solution.