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.
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