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It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty. Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus...
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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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