Wealth consists not in having great possessions, but in having few wants. - Epictetus https://t.co/a7guf4VCX6
All about Tax Refunds, part 2in Tax Advice Information and Updates
If you have not received your income for 2016 even after waiting the applicable timelines mentioned above, the CRA may have kept some or all of your refund. These are the instances when the CRA may keep some or all of your refund:
- You owe or are about to owe a balance;
- You have a garnishment order under the Family Orders and Agreements Enforcement Assistance Act;
- You have certain other outstanding federal, provincial or territorial government debts, such as student loans, employment insurance and social assistance benefit overpayments, immigration loans and training allowance overpayments;
- You have outstanding GST/HST returns from a sole proprietorship or partnership;
- You have a refund of $2 or less.
Transferring your tax refund
If you would like transfer your refund to your installment account for 2017, you can do so by selecting this option upon filing electronically or attaching a note to your paper return.
Note that the CRA will transfer your FULL refund to your installment account and will consider the payment received on the date that the CRA assesses your return.
Interest on your tax refund
The CRA will pay you compound daily interest on your tax refund for 2016. The calculation will start on the latest of the following 3 dates:
- May 31st 2017
- The 31st day after you file your return
- The day after you overpaid your taxes.
Remember, if you have any issues regarding your Notice of assessment or your tax refund, you can always ask KD for help! We will help you deal with your CRA and tax issues!