What you need to know about your tax refund, part 1

by in Tax Advice Information and Updates
What you need to know about your tax refund, part 1
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 return. Please note these timelines are only applicable to returns received on or before their filing due dates.
2. Not receiving your tax refund within the mentioned timelines: If you do not receive your tax refund within the timelines mentioned above, the CRA may have kept some or all of it because of any of the following reasons:
• 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 an outstanding GST/HST returns from a sole proprietorship or partnership.
• You have a refund of $2 or less.

There are more important things you have to know about your tax refund. Please check back for part 2!

And remember, contact KD if you have any concerns regarding anything about your taxes.

Source: https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/doing-your-taxes.html
Rate this blog entry:
KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Monday, 18 March 2019