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Nov 27, 2023 · From that point, the equation is: Step 1: total income - total deductions = taxable income. Step 2: taxable income x average tax rate = tax on taxable income. Step 3: tax on taxable income - (sum of all credits x 0.15) = tax payable. Step 4: tax payable - tax already paid + other refundable credits = refund.
- Overview
- On this page
- When to expect your refund
- Check the status of your refund
- Understand your refund
- Transfer your refund
Reminder: The Canada Revenue Agency has resumed its work to address taxpayer debt. Benefit and credit payments, and tax refunds may be applied to pay down outstanding balances. If your debt repayment causes significant financial hardship, contact the CRA directly to discuss your options even if you already have a payment plan in place. For more inf...
•When to expect your refund
•Check the status of your refund
•Understand your refund
•Transfer your refund
How you file your return can affect when you get your refund.
The CRA's goal is to send you a notice of assessment, as well as any refund, within:
•two weeks, when you file online
•eight weeks, when you file a paper return
These timelines apply only to returns that are received on or before the due date.
Refunds may take up to 16 weeks if you live outside Canada and file an Income Tax and Benefit Return for Non-Residents and Deemed Residents of Canada.
How to check your refund status
If you reside in Canada, wait eight weeks before contacting the CRA for an update on your tax return and refund status. If you reside outside Canada, wait 16 weeks. Online: My Account gives you secure online access to your tax return information. Sign in to My Account to check the status of your tax refund. Sign in to My Account Register Alternative: MyCRA mobile app By phone: Check your refund status by phone Before you call To verify your identity, the CRA may ask for: you social insurance number your full name and date of birth your complete address line 15000 from your most recent notice of assessment Telephone number 1-800-959-1956 Hours Always open (automated line) No wait times
If you don't understand how the CRA calculated your refund, read your notice of assessment or call the CRA for help.
By phone: Get help understanding your tax refund
Before you call
To verify your identity, the CRA may ask for:
•your social insurance number
•your full name and date of birth
Transfer your refund to an instalment account
You can ask the CRA to transfer your refund to your 2023 instalment account by: choosing this option when you file your tax return electronically attaching a note to your paper return The CRA will transfer the full amount of your refund directly to your instalment account. It will go toward any amount owing on your tax return. The CRA will consider this payment received on the date your return is assessed. For more information, see Payments for individuals.
Note
The CRA will not transfer your refund to pay another person’s amount owing.
Jun 27, 2024 · A liquid asset is anything that can be transformed into cash quickly in a short amount of time and with no loss in value. Examples of liquid assets include cash, inventory, accounts receivable, marketable securities, tax refunds, and cash alternatives. Cash is the most liquid asset in the world.
Nov 15, 2024 · How liquid inventory actually is depends on the market and how fast a business is selling its products. If things are slow or you've accidentally overbought supplies, your inventory assets may be less liquid. Tax refunds. People or businesses that have a tax refund coming may be able to treat it as a cash asset.
waiting for a lump-sum tax refund after you file your income tax return. Conclusion There are numerous ways you may choose to use a tax refund. Your choice will depend upon your priorities and your personal financial situation. You can use your refund for many purposes including: saving for education or retirement, reducing
May 4, 2022 · By using your tax refund to replace outdated energy-hog appliances, buy a more efficient furnace, or install better insulation or new windows and doors that prevent air leakage, you could lower your gas, electricity or oil bill. Those savings, over time, could then find a home in your investment portfolio.
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What is a liquid asset?
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The CRA can let you amend your tax returns for 10 previous years. So, if you are currently filing your 2023 tax return, you can amend tax returns back to 2013. You can request amendments to a tax return through the CRA’s “Change my return” service or by filling out and mailing a paper T1ADJ form.
