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Peter Kupovics, CPA, CMA, MBA

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      • Our Strengths
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      • About Us
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      • Back
      • All Services
      • Accounting, HST, and WSIB
      • Taxes, Tax Planning, and Tax Advice
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Are you expecting a refund this year?

By Peter Kupovics on April 3, 2014 Comment BubbleLeave a comment

You can get a refund if you:

  • paid too much tax throughout the year;
  • paid more instalments than necessary; or
  • claimed more refundable credits than the total taxes you owed.

Important factsCanadian money

  • There are two ways to check the status of your refund:
    • By Internet
      • Use My Account. If you are not registered to use My Account, you can get immediate access to your refund information using the Quick Access service.
    • By automated phone service
      • Call the Tax Information Phone Service (TIPS) at 1-800-267-6999.
  • Here are a couple of points about getting a refund:
    • If your total payable on line 435 of your return is less than your total credits (line 482), the difference is your refund on line 484.
    • Generally, if the difference is $2 or less, you will not get a refund.
  • The Canada Revenue Agency (CRA) usually processes paper returns in four to six weeks.
    • The CRA will start to process returns in mid-February, wait until mid-March to call, even if you filed your return in January.
    • If you filed your return on or before April 15, wait four weeks before you call.
    • If you filed your return after April 15, wait six weeks before you call.
  • You can choose to have your tax refund deposited directly into your account at your financial institution in Canada.

For more information, go to the CRA webpage on refunds.

Sign up for direct deposit and save yourself a trip to the bank!

By 2016, the Government of Canada will be phasing out cheques in favour of direct deposit for all government payments. To get ready for this change, the Government of Canada is encouraging all Canadians to sign up for direct deposit now. With this standard payment method, you will get your money faster and there is no risk that your payments will be lost or delayed. Request direct deposit and your money will always be in your bank account on time. Go to www.cra.gc.ca/directdeposit to sign up.

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