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As we wrap up the tax filing season, we will be looking at some of the things you will need to know after you have filed your income tax return. One of the more important topics related to wrapping up the tax season is the TAX REFUND. Here are some important pointers you need to know about your tax refund for 2017 (if you are expecting one).1. Receiving your Tax Refund: The CRA aims to issue a notice of assessment, including any applicable refund, within 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed...
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Why haven’t you received your tax refund? 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...
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Once you have filed your tax return, when can you expect to receive your tax refund for 2016? After you have filed your tax return, you can expect to receive your notice of assessment and any applicable refund from the CRA within: 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed return. Please note that these timelines are only applicable if you have filed your tax returns on or before the filing deadline and that it may take longer to process a return if it is selected for a more detailed review. It is...
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As mentioned in the previous blog, we are going to look into the major tax changes that involve interest and investments. 1.    Tax Free savings account – The amount you can contribute to your TFSA every year has been lowered to $5,500. 2.    Dividend tax credit – The rate that applies to other eligible dividends has changed for 2016 and later tax years. 3.    Investment tax credit – Eligibility for the mineral exploration tax credit has been extended for flow-through share agreements entered into before April 2017. 4.    Labour-sponsored funds tax credit – The tax credit for the purchase of shares...
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